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.


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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.