A Comprehensive View on Blockchain Technology

Bitcoins and cryptocurrency is the latest buzz in the world of business and IT services these days. To make the most of its record-breaking benefits must be compiled with proper acquaintance on this field. Expert researchers have already suggested that, Bitcoins was traded for $1 each back in 2011. In the recent past, it has reached to a massive amount of $16,000. Even if a business head is not interested in dealing with the same as a form of investment, one should have a clear view about the dynamic technology that has made Bitcoin a reality. It’s called, the Blockchain.

What is Blockchain Technology all about?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”- Don Tapscott. A pen-name Satoshi Nakamoto is believed to be the one who have brought forward such a adept technology and making it a buzz of the town.  The vital need to bring two trading platforms in a trusted, sequential and secured network so that, there is no third party interruption can be best acquired with it. Some of the crucial features of this technology are:

• For a layman it is a virtual, transparent and also secured way of recording ledgers

• Consents free transfer of cryptocurreny through a safer environment and can be operated by users, themselves. Unlike, traditional banking system

• It is more like a distributed database and is not based on a single central storage location. Hence, comparatively safer from hackers

• Accurate and correct storage of data, etc., where, every single verified transaction gets added to the ledger as a “block”

• It works by replicating distributed system and verifying every transaction known as, “a peer-to-peer network of nodes”

• The best beneficial factor of this technology is that, once a transaction is signed, verified and added to the Blockchain, it cannot be altered
• Works on the basis of unique digital signature known as “keys” (public and private). Here the public key is the identity through which a user gets recognized among others and private key is for sole operation (digital sign, authorizing different actions, etc.)

Blockchain Technology is good For Which Industry?

• Accounting

Accounts and finance is perhaps one of the most strategic fields over where the benefits of blockchain technology can be incorporated. It effectively removes every sorts of human error, virtually. Moreover, the requirement to protect data from any sort of tampering in accounting can also be gained with ease. As transactions gets saved and secured every time it passes from one blockchain node to another, better safety is assured. Higher and better traceability and audit trail is guaranteed, too. Better efficiency, maintenance and integrity in entity’s financial management can be obtained with it, too.

• Energy Supply

This is perhaps one of the most critical domain over which blockchain can be incorporated for its maximum benefits. Through the effectiveness of blockchain-enabled “transactive grids” business bodies can incorporate sustainable energy solutions in a smoother way. In the due course, track usage management in a most transparent way is possible, too. A better mode of tracking clean energy is yet another beneficial aspect of the same.

• Global Transactions

A faster, easier, safer and also cheaper way of transactions is a must for peer to peer global business. With the help of diligent blockchain technology all of these can be achieved in a smoother way. There is no denial that, the industry is attached with a number of payment gateways such as PayPal and others. All of those are safe but added with it are extensive fees per transaction and several other kinds of specific limitations. As blockchain is pacing up with various industry genres, one can also rice above all such boundaries.

• Supply chain management.

Efficient traceability and cost-effectiveness is a must for businesses in the field of supply chain management. All of these factors can be acquired with the help and dynamisms of blockchain technology. It is highly effective for tracking movement of goods, quality, origin and others. In way, it is of immense help for B2B business entities.

• Stock Exchange

So much is the effectiveness of blockchain technology in stock exchange that, Australia’s stock exchange is already set to convert into the same. Its open source yet safer aspect have made things more beneficial for industries in this domain. It is due to the securities and commodities benefits that it brings along.

Blockchain technology has got every dynamic aspects of changing the business industry, vastly. Audit ability, traceability, transparency, security and the other strategic requirement can be best obtained with the same. However, for the best possible utility of this technology it is suggested to consult with experts who have been into this field for years. For further details get in touch with industry best IT consulting and strategy solution experts of Ivan Infotech Pvt. Ltd.