Blockchain is a backlinked, decentralized, and distributed database of encrypted records. It’s a data structure where each block is linked to another block in a time-stamped chronological order. It’s an append-only transactional database, not a replacement to the conventional databases. Every node keeps a copy of all the transactions that happened in the past which are secured cryptographically.
- All information once stored on the ledger is verifiable and auditable but not editable
- Highly fault-tolerant as there is no Single-point-of-failure
Benefits of
Blockchain
The blockchain is nothing short of a game-changing technology
for anyone who chooses to use and master it. Let’s see the benefits of blockchain:
- Transparency
- Security
- Efficiency
- Traceability
- Auditability
- Cost Reduction
Almost all the sectors out there can benefit from the
blockchain. Out of all the sectors out there, the four sectors that we think
benefit the most include Energy, Real Estate, Logistics, Healthcare, Finance,
and Government.
There are already many companies using blockchain technology
actively after realizing the potential of this tech. To get a glimpse of
exactly how different industries are taking advantage of blockchain, let’s
briefly go through each one of them.
Types of blockchain networks
There are several ways to build a blockchain network. They
can be:
- Public blockchain networks
- Private blockchain networks
- Permission blockchain networks
- Consortium blockchain
The Way Ahead: Some Predictions for Blockchain
The future looks bright for blockchain. Here are a few
promising applications of the technology
- DLT-based governments
The Distributed Ledger Technology is not a fad. Dubai has
gone all in to replace all government systems with the ones backed up by DLT.
The transition from a paper-based system to DLT seems the logical next thing
for government institutions.
- A collaboration of blockchains
While there may be different
blockchain networks operating in a single organization, aimed toward different
business purposes, actual benefits for the customer can only be realized when
these networks can be made to collaborate in an open standard.
- Transparency for industries
Blockchain promises that all
transactions are for everyone to view and that any change can only be made when
it is verified by all nodes in a network. Therefore, blockchain will help
industries introduce transparency in operations- at the least.
As blockchain rises far and above our perceived challenges,
it will be put together with the Internet of Things to create trust between
parties, reduce the risk of tampering, lower costs by removing intermediaries,
and accelerate the pace of settlements from days to almost instantaneous.
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