Learning Of Blog
• Briefing What is Blockchain Technology
• Importance of Blockchain
• Which sectors are taking advantage of blockchain?
• Conclusion
Briefing What is
Blockchain Technology
Blockchain, as the name suggests, is a series of data
"blocks" stored on thousands of computers or servers distributed over
a wide geographic area. It is a decentralized ledger tracking of one or more
digital assets on a peer-to-peer (P2P) network. P2P is a decentralized network
where all computers are connected in some way, and each maintains a complete
copy of the ledger.
Blockchain is gaining popularity in almost all sectors, and
this is due to the unique features that it offers. Be it the government sector,
startups or top multinational companies; Almost all industries are taking
advantage of this technology because of its potential to revolutionize
operations.
The exciting potential of blockchain has changed the way
businesses and industries operate, paving the way for blockchain professionals.
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professional.
Importance of blockchain
To understand the importance of this technology, we need to
understand its key features as these features make blockchain irresistible in
many scenarios and mark itself as the best possible solution.
Transparency
Transparency is one of the important issues in the current
industry. While organizations have tried to introduce more rules and
regulations to rectify this, there is one thing that does not make any system
completely transparent, that is, centralisation. But with the help of
blockchain, organizations can go for a fully decentralized network where a
centralized authority is not required, thereby improving the transparency of
the system.
Immovable position
The blockchain is immutable, which means that no one can
modify the data on the blockchain. This feature enables companies to ensure
that there is no data bottleneck, making their systems more functional in a
highly competitive market.
High availability
As we have already defined blockchain as a decentralized
system of peer to peer network, thus it is highly available due to the concept
of decentralization. It provides decentralized services that provide
unparalleled access to options that are otherwise unavailable.
Security
Unlike traditional databases, blockchain provides a high
level of security to its users. The high security is due to the cryptographic
algorithms that are run behind the blockchain. Instead of relying on a person
or third party in the blockchain, one only needs to rely on cryptographic
algorithms.
Fast Dealing
Traditional banking organizations take a lot of time to
initiate and process transactions and are prone to human error and often
require a third party intermediary. Blockchain can streamline and automate
entire processes without any human intervention and with absolute precision.
Low Transaction Fees
As the blockchain removes the involvement of third parties,
it eliminates the overhead cost of exchanging assets; Thus, it leads to lower
transaction fees.
Which Sectors Are
Leveraging Blockchain
Now, as we understand the importance of blockchain
technology, let's see which industries are using blockchain for good. Although
there are many sectors, here we are focusing on the top 5 sectors.
Supply Chain Management
Blockchain can be implemented to address the challenges in the
current supply chain industry. From complex record-keeping and tracking of
products to creating less corrupt and better-automated alternatives to
centralized databases, blockchain can be seen as a one-stop solution that could
revolutionize supply chain processes.
Automobile Industry
In the automobile industry, blockchain is tracking and
verifying automotive parts. The technology is accelerating data sharing
services, helping to maintain tamper-proof logs of all records such as service
logs, details of wear and tear of spare parts, etc., which provide an estimate
of the actual resale value of the vehicle for the manufacturers. Helpful to
install.
Healthcare Domain
In the healthcare sector, blockchain can be leveraged to
create secure and effective technological infrastructure to enhance
coordination and quality, thus improving the well-being of individuals and
communities. Furthermore, the blockchain platform allows patients to control
who can access their medical records.
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Finance Sector
Blockchain in the finance sector facilitates bilateral
settlement by eliminating intermediary failures, collateral costs, delays,
reducing credit risk, faster implementation of transactions, increasing
transparency in operations, among others.
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