Blockchain– The technology of trust. Blockchain applications have the potential to change the way we transact, interact with the government, and verify the authenticity of goods, ranging from land to vegetables. It combines the power of the internet with the security of advanced cryptography to provide a faster, safer way to verify key information and establish trust. Originally devised for the digital currency, the tech community is now finding other potential uses for the technology. Blockchain, at heart, is a record of transactions. These transactions can be any movement of money, goods, secure data, or assignment of a government ID number.
Key Characteristics of Blockchain
Applications
Consensus – All participants in blockchain must
agree on a single data value to prove the transaction to be valid.
Provenance – Participants of blockchain know the
origin of the asset and how its ownership has changed over time.
Immutability – No participant, even not the
administrator of blockchain can tamper with a transaction once it’s been
written to the ledger.
Finality – Shared ledger provides a single place to ascertain the ownership of an asset or the completion of a transaction. Also, it is the affirmation that once the transaction is recorded, it cannot be changed or reversed.
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applications for blockchain in your business
Blockchain technology is poised to dramatically transform commerce across every industry, including financial and legal services, agriculture, healthcare, and more.
Record-Keeping
Blockchain can be used to maintain the integrity of records. Once these records have been created and signed, they can be written to the blockchain which ensures they cannot be tampered with.
Fitness Tracking
Blockchain technology improves healthcare providers' efficacy, some companies are betting that adding fitness and diet factors to the equation will give patients a more holistic view of their progress toward health goals.
Increased Funding for Blockchain Startups
An initial coin offering (ICO) is a new way to raise funds for blockchain projects. The emergence of ICOs has made it easier for several crypto startups to obtain needed funding. It also plays into the current interest investors have in the next big thing in blockchain technology.
Streamlined Financial Operations
Blockchain is also having a profound effect on global finance. While cross-border payments are complex with today’s banking infrastructure, the use of a shared digital ledger to record and verify transactions simplifies the entire process.
Food Inventory Tracking
For consumers, it is generally only when a foodborne illness outbreak occurs that we question the road our produce, meat, and other foods traveled on their way to the supermarket or restaurant where we consumed them.
Food suppliers must maintain records of the journey from farm to distributor to retailer, a journey that may include multiple stops and transfers, any of which could serve as a breakdown in the food safety process.
If you're considering the benefits blockchain technology could bring your organization, we encourage you to contact us at hello@codezeros.com about our Blockchain app development. We have been working with blockchain technology since its inception, and our software engineers have practical, real-world experience with its implementation.
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