Blockchain technologies: business innovation and application.
Business enterprises consist of various aspects as solid and phantasmal means. This is why determining the social and economic factors is not just enough to cope up with such elasticities and requires more scale and features to stay competitive on the field for the longer run and it comes essentials to keep track of every possible aspect of it. That is why in this blog we are going to cover blockchain technologies and their effect on business innovation and application, one of the most influential, essential, and hyped factors of any certain structure, and bring it into vogue.
What is blockchain?
Blockchain or distributed ledger technology refers to a distributed database that is shared among different nodes of the computer. Blockchain is a systematic database that stores the data in impeccable manner and secure it in the digital form. Blockchains are crucial and popularly known for their contributions to cryptocurrency and markets. The blockchain provides a decentralized data distribution storage method that helps cryptocurrencies such as bitcoin or doge user to ascertain and asses their data without any possible technical breach. The blockchain is a far secure measure opted by any other competitive firewall designed by most of the establishments to keep away the third party and maximize the privacy of the user.
The major difference between a typical database and a blockchain database is the structure and layer oufitted for such data feeding and storage. Here blockchains collects the data in the form of blocks and summarise and organize in the mentioned way and later the series of the continuous process with a different set of a database refers to the blockchain. Pertaining and persisting the ongoing saved data for efficiency and lowering down the risk of loosing the data in any possible manner. Every new data is lately attached to the bottom layer of the blockchain. However, there is no structured route of following up the chain but it is crucial to follow up to keep the data safe and secure.
Irrespective of the typical databases where the storage is based on the basis of rows and columns the blockchain uses blocks as described above and store the following data in vivid time stamps for the better grip and possibly more secure than a singular database where the databases are stored in the form of the chunks which maximize the chance of encryption strength and decreases the chance of data leakage. The timestamp ensures accuracy as the storage time and feeding are exactly the same as the time stamp.
The official blockchain technology act as an intermediary between the users and the bitcoin cryptocurrency which is later replaced with an alternative. There are a variety of uses of blockchain technology but generally, it is opted and recognized for recording the transaction in the ledger to store the different types of data. The data stored in the blockchain are irreversible and can not be changed anyhow which means the recorded data is stored permanently in the blocks.
How does blockchain works?
The main purpose and the objective of the blockchain is to store and present the data except providing any measures to edit the same. In such a way the stored data can not be tamper, altered, and harmed later the storage and help in the maintenance of the immutable ledger.
At first, the blockchain project was initialized by Haber, S., & Stornetta, W. S in the 1900s and later been used by the bitcoin in late 2009. The blockchain technologies since been optimized by a variety of projects as tokens, finance, and cryptocurrencies.
The process of blockchain security begins when the transaction is initiated by the users then the transaction is further processed and forwarded to the computer networks. After the successful verification of the transaction details, the transaction is sent to the chunks which lately transferred to be attached with the blocks and form a blockchain after completion of the transaction.
How secure is it ?
Blockchain technology is an effective tool to be utilized for an unchanged and stabilized form of the database. In comparison to the normal or typical databases, blockchain technology provides an over-the-edge security and safety assurance to the users. Where the databases are generally hardly encrypted and can be easily manipulated, the blockchain databases store the translation once and for all and which can not be tampered by any possible outer interference. Along with simple tokens and projects, the blockchain is widely spread and known to be used for the usage over the multiple double encryption forms of databases.
In other possible or easier manner the blockchain has its own issues as it can be beneficial for one and chaotic for the other but still, it is far more effective than using the singular rows and column database.
Blockchain and Business
Business enterprises involves their own day to day transaction which includes financial, non-financial, personal, miscellaneous, major, and general transaction. Where all can not be elaborated and highlighted under the same page. When some are meant to be recorded in the journals and others are required to be kept carefully under the bold ledgers.
As per the blockchain book: blockchain technology in business organization by Yang LI, Xinyi Wang, and others it is mentioned that the blockchain technologies are often treated along with th crypto term where it has far much more value and utilization attached with it.
The application, usage of blockchain in business organization are as follows:
Seamless uninterrupted contracts,
The blockchain removes the third party between the contract which just does not help the organization to work smoothly but almo enhances the profitability of the orgainzational structure due to reduction in the intermediaries. These contracts are safe, secure and well organized. Oce the both parties agres on the deal the computer system lock and store the same data in the blckchains. In such smart contracts the traces of prepaid installements, regular payments are done as per the coded and descriptive in the contract agreed by both parties. However not all of these contracts are taking into consideration legally until unless it meets up to certain measures.
Financial transactions.
The business organizations handles hndereds and thousands of transactions ofn a regular basis and it is extremely difficult to keep a track of all these datas. Here the blockchain helps the server transactions to maintain a steady and clean record of all the transactions and help the users to identify the details of one party to another in most transparent way possible. Other institutes can also take up the measures to eliminate the process of identification and verification of a user as he/she is already been verified by the other establishment.
Improving the efficiency.
Irrespective of the general record and organizing the database the blockchain helps and easify the process of recording the transactions and help the organizations to focus and work on their core tasks instead on focusing on maintianenace of journals or daily book keeping. The blockchain also involves the process of rectification which dilutes any possible mistakes in the entries been made by the user at both ends.
Payroll management.
The HR of the establishment executes the blockchain technology to give the instructions related to the payments, insurance, benefits etc and turns the wheels as per the requirement and saves a lot of time and proficiency. It also ensures and decreased possibility of any delay , third party service costs, tax benefits etc.
Recruitment efficiency
The business organization is strong as it's member inside that is why it is really crucial to fulfill the manpower requirement in an organization at all time for smooth running of activities. The blockchain helps the business enterprises with such detailed potential employees suitable for their firms. It ensures and enables the organization to find the perfect match for the designated job.
Customer relations.
The blockchains provides a identity management feature which helps to identify and finding out the identification of a person, individual etc. It helps the organization while recruitment process and enhance the possibility of better reduction in the risk of cyber theft.
As the blockchains can not be tampered after the recording the data stored inside the blocks can not be intervene easily. Also it helps in determining loyal customers.
Cloud storage
It is far most recognizable word for most of the millennials. As the organization deals with large number of data the cloud storage comes in handy to the users. The cloud stored data is an effective way to utilize the data from anywhere anytime. This also reduces the storage cost of the establishments.
Faster payment method.
Aside from the typical method of payment the user can opt for the end to end encrypted blockchain payment method. It is not just fast, and time saving but also one of the safest way to transfer data over the internet as the transaction does not take place at a single node . it is almost impossible to find th distress and weak link to get into the transaction process or withdrawal into the different account.
Digital asset management.
As much as land, building, and machines the organization requires to supervise and manage the digital assets available in the enterprises. The digital assets involves all the monetary statual object which is important to keep in the track of the linings. The digital assets are invrsted and distributed in the different layers over the computer network which helps in equal fund management for the future projects and assessments.
It is important to decentralized your assets in every form possible so if one might looses then another can be opted in the place of the other. As per “warren buffett” do not keep all your eggs in a single tray” .
In conclusion
The business enterprises are set of different variety of functions and process which can be done manually but that does not ensure any safety and security. That is why it is extremely helpful to use blockchain technoklpgy in the business organi\ation to get the optimum utilization of all the resources available inside the premises or in the form of digital value.
Blockchain technologies are not just suitable for cryptocurrency (bitcoin) but it can be really useful in the functioning of regular activities of the business enterprises.
