Blockchain Implementation: Comprehensive Guide [2021]

What is blockchain and why is it important?

Blockchain is a ‘fully decentralized’ database that stores data in blocks that are chained together. All new data that comes in is filled into a new block which is then chained to a previous block, thus arranging the data in chronological order.

Traditional databases, on the other hand, store data as tables, which makes them more cumbersome and easily erasable. Today, blockchain is being widely implemented across different sectors, particularly finance, energy, and utilities.

So, why is Blockchain being talked about so much? This is because it has the power to ease financial transactions considerably, particularly because large volumes of data are involved. Also, data stored within a blockchain is permanent and cannot be erased.

However, very few organizations have successfully managed to implement blockchain while many are still in the research phase. The main reason why most blockchain projects don’t take off is that there is still a lot of uncertainty surrounding the technology and how it can be scaled up.

Blockchain Implementation

With the right approach, businesses will be able to put in place a successful blockchain strategy without hindering any of their ongoing projects. Let’s look at a few successful steps to implement blockchain technology effectively:

Understanding Blockchain

Research shows that many organizations have just a rudimentary understanding of what blockchain is. However, to deploy the technology for maximum impact, it is crucial to fully comprehend how it works.

Basically, blockchain makes use of a secure communication channel that collects data and stores them as a ledger in digital form. The integrity of this ledger can be checked by anyone with access to it-thus doing away with expensive third-party verification procedures.

For financial transactions, blockchain helps cut costs and speed up processes in vital areas. Perhaps, the best example of this would be eliminating the need to combine company data from departments, because with blockchain, everyone involved will have access to the same digital data. In fact, everyone who is part of the blockchain network is identified by a public-private key pair, which is also called the ID or address.

·        Developing a roadmap for blockchain use

·        Building a blockchain community

·        Monitoring the regulatory landscape

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