WHAT IS BLOCKCHAIN?
A Blockchain is an electronically distributed ledger. It is similar to traditional ledgers such as spreadsheets and accounting books, in that it is a system of record. It is different than them because it does not exist in any authoritative private copy, instead it is accessible and modifiable by all nodes (i.e., participants) on a network. Accordingly, its management is distributed.
BLOCKCHAIN HOW DOES WORK ?
Let’s say there is an occurrence of an event or a new transaction or there is a change or edit in an existing event/transaction and this transaction/ s or event/s are on the Blockchain. When this happens, there is an algorithm that is implemented that will evaluate and verify the history of that particular block (transaction) of the Blockchain through nodes. When the nodes come to an agreement that the history and signature are valid, only then the transaction is accepted and a new block is added to the chain. If the nodes do not come to a consensus, then the entry is denied and would not be added to the chain. Every node processes such transactions, which, if validated, form a Blockchain representing a consensus among network participants.
Reach out to us to learn more about how to Blockchain could solve your business operational and process problems.
Blockchain is not only about cryptocurrency. What about non-cryptocurrency use cases?
Blockchain is useful beyond Bitcoin et al. for several reasons:
They're immutable, meaning their records cannot be tampered with.
They're transparent, which makes them good for tracking activities.
They're decentralized, preventing any domination by a single gatekeeper.
From the use of specialized Blockchains that verify product origin and authenticity, track development across supply chains to enabling electronic warranty transfers Blockchain has the capacity of ensuring the most robust and secured organizational transactions and activities.
Our Blockchain Services
Product Life Cycle Management-Manufacturing (including both Durables & Non-Durables)
Production Finance-Logistics/Transportation & Supply Chain Management
P2P Communications Management-Smart Automobiles
The Blockchain Advantage
Removes duplicity from multiple sources of information and reduces complexity for IT Operations
Blockchain ensures that there is a single trustworthy data that is incorporated into the business process – reducing the ambiguity of data or erroneous data which consumes a huge amount of resources. This could make the operations of an enterprise more complex. Enterprises that deal with thousands of resources for various purposes, may face challenges when one source has a malfunction, during the time of correlating the information. This has the risk of jeopardizing the whole system, because of that one malfunction, which might need building a bigger IT system and team to mitigate the risk. For legacy systems, this situation is particularly more applicable, and that’s where Blockchain inclusion, would simplify managing complexities, and reduce the extra allocation of high- skilled IT resources. For enterprises, this would mean a more simplified IT strategy, or process design, by eliminating the unnecessary inconveniences.
Transparency as every transaction is recorded
With Blockchain, your organization will have the ability to maintain a high level of privacy through its ability to share transaction information only among designated stakeholders. This ability of Blockchain provides an organization with the highest level of transparency as well with auditable and valid ledger transactions being included in the system. This level of transparency can eliminate many additional checks and processes required by organizations, reduces financial reporting and audit costs, and allows organizations focus on core business areas.
Trust as the transactions are immutable
Blockchain has the ability to provide all stakeholders involved in a transaction, a secured and organized records of all transactional sequence. Thus it provides records that can be trusted since those cannot be changed at any cost. Not just internally, but an organization can offer the same level of trust and confidence to its customers.
Higher degree of Cybersecurity
Blockchain has the capability of improving the cyber defense by preventing fraudulent activities. Through its ability to detect data tampering by taking away the human element which is the core reason for security flaws. With the use of distributed ledger, and diluting the risk of failure originating from a single point, Blockchain would be able to provide your organizational transactions with an end to end privacy and encryption – and yet make it convenient for use.