What is blockchain technology? Blockchain is a database that stores any type of asset you own in a peer-to-peer environment. As the name Blockchain makes clear, your data is stored in blocks, which are linked together in a chain. GoSats co-founder Mohammad Roshan said that blockchain was first conceived in the year 1991. But it has been in the limelight in recent times. There is a lot of discussion about blockchain, especially after the creation of the first decentralized blockchain Bitcoin.
Why is Blockchain important?
Blockchain is necessary because the main reason for creating this innovative technology is to make any record available to the users in a transparent manner. Meaning if you do any transaction, there should not be any kind of fraud in it. For this, all transactions are encrypted in a decentralized manner. When two parties enter into a transaction, there is usually a trusted third party who monitors the transaction. Also confirms that transaction. Due to the presence of such a central authority, crypto transactions become complex. In such a situation, such transactions cannot be hacked. For example, if there is any compromise in the central database, it will impact both parties involved in the transaction. This is the reason why blockchain technology was invented, which is completely decentralized and cannot be tampered with in any way. Every record of this transaction is kept.
How can blockchain technology impact today’s businesses and business models?
Blockchain technology helps in making any business secure. It also reduces security costs. Most importantly, it is working to increase the trust of the existing ecosystem of this blockchain. Let’s take a look at the benefits of blockchain and how blockchain technology can help reshape existing business models. Increasing Speed and Efficiency by Removing Complexity If we look at the business process in the old way, a lot of time is wasted in it. Also, there is scope for human error. But by streamlining these processes without the help of any third party, blockchain can make the entire process fast and effective. In blockchain technology, a single account is used to store transaction details. This makes the process very clear and settlement is instant.
Brilliant transparency
All transactions and business data are recorded on blockchain technology. This data cannot be deleted unilaterally. Any user can access this data from anywhere on any network. With this technology it becomes clear that all the members can see the details of the transactions. This eliminates the possibility of fraud in blockchain transactions.
Increase in security
Business data is extremely sensitive. In such a situation, it becomes important to control the business data so that who can see this data and who cannot. It becomes necessary to ban it. Blockchain technology can help in creating records in this work. All the data in the blockchain is end-to-end guaranteed encrypted and no one can alter this data in any wrong way. In this way it helps in preventing data fraud and illegal activities.Special attention was paid to the issue of privacy and blockchain technology. In this, permission is given for personal data access and option to prevent data access by unknown people.
Better detection capability
It is generally seen that buyers are worried about how a product has been made and whether the product they are purchasing is fake. Blockchain can free you from all these worries. With the help of blockchain technology, information about the track record of any product from its manufacturing to its sale can be obtained. With the help of blockchain technology it is possible to create an audit trail of documents starting from the origin. This can include the entire journey of the product from its origin. Blockchain traceability data can help in identifying and fixing limitations and weaknesses in the supply chain of any product. This can help in reducing the waiting time of the product.
Automation
Business transactions can be done automatically with the help of smart contracts on the blockchain. In this, after fulfilling certain conditions, automatic transactions will be done easily. In this way process and efficiency can be increased.
What does the future of blockchain look like?
A report by Gartner estimates that by 2030, there will be an annual business volume of about $3 trillion with the help of blockchain technology. As it is known that blockchain technology is still in its initial stages. But it is expected that blockchain-based systems will be a strong pillar of economic infrastructure globally.
Trust on internet-based bitcoin
14 years after the founding of Bitcoin, we can see how the Bitcoin blockchain is becoming a neutral trust layer on which applications are built. Blockchain technology guarantees any transaction that it cannot be changed without your consent. Blockchain provides a solid base on which useful applications and protocols can be built. The plus point of Bitcoin is that it has a massive network.
