5 Signs Blockchain Could Help Your
Blockchain trend got on wheels by the middle of 2009. The innovation took birth when Satoshi
Nakamoto published a theory of sending the peer-to-peer type of electronic cash. The concept coined
the possibility of sending the online payments directly from one party to another without going
through any financial institutions or any other third party intermediaries.
The concept got a wide range of acceptance since then. We have witnessed the bitcoins up and down
in the last decade. Bitcoin concept was so simple that it envisioned to stop the concept of double
spending in the market. This was achieved through timestamping transactions via hashing them into
an ongoing chain of hash-based proof-of-work network. The subsequent result was a record of the
transaction that is immutable in characteristic. Under blockchain, no changes can be met without
redoing the entire chain from the beginning.
Each bitcoin transaction is recorded in the blockchain. From the perspective of electronic cash and
transaction, blockchain has much potential in terms of its capacity and can do much more in the
business sector. Even if the trends are widely accepted in the business world, it is important to know
how this blockchain trends could help your business.
Some of the main application includes:
1. Smart Contract
The smart contract is a protocol that is intended to execute some code of lines without the
intervention of a third party. Smart contracts can be termed as a digital form of conventional
contracts, which can now be implied for transacting the digital form of assets. This buzzword coined at
the beginning of the 1990s.
After the introduction of Ethereum blockchain, the smart contract concept became more prominent
among the mass. Ethereum decentralized projects that run on smart contracts opened new
doors-creating applications that perform various transactions without any intervention of censorship,
downtime, fraud or third-party interference. It is seen that a smart contract helps to run
self-automated predefined transactions without any failure.
The smart contract helps to run and record transactions smoothly and efficiently without any failure.
This may reflect in the smooth running of financial transaction and even each term of contract
2. Digital Identity
Keeping digital identity nowadays is risky and proving identity is strenuous. These two woes can be
easily solved by integrating blockchain into our solutions. Blockchain is so secure that if we store our
identity, for example, our ID card, employee details, our academic credential details, etc into
blockchain network, the data remains assuredly secure, safe and immutable. The exists no fear of
losing the details.
Digital verification is possible with Blocktick (EOS blockchain document verification),
Blockcerts(Ethereum blockchain document verification) making it easy to issue and verify digital
identity through blockchain.
3. Paying the Employees
Use of cryptocurrency has changed the way how financial management is going on. Today it is very
easy to maintain payroll across the cross border. One can manage the payment easily and instantly by
using the cryptocurrency payment method. Anyone can use this application in exchange for goods and
services. One can make any payment using cryptocurrency so easily and fast.
4. Supply chain Management
Blockchain significantly proved its role in supply chain management. Use of distributed immutable
shared ledger makes it possible to track every moment occurring in the supply chain. If one distributor
makes any change in any ledger, it automatically gets reflected in every individual ledger who
participate in the chain. By integrating the self-executing smart contract, it makes possible the tracking
of products, distribution management and also the instant payment. Transparency is fully eliminated
by implementing blockchain technology.
Major five signs that could need to identify that you need blockchain for your business :
1. When we need a secure Database.
When your business needs a big database which you need to share with many people, the factor of
trust comes under scanner. There exists a notion of trustworthiness, safety and more while sharing
them. One can evade all these worries via simply navigating their database to the blockchain network.
Everyone on the blockchain network has equal access to the same information, and whenever there is
a change happening, it guidelines that it should meet some rules of a blockchain network and also it
should reflect upon everyone's ledger. If the transaction(means change) occurs in certain fields or area,
a valid authorization is demanded and if data is changed, it should be recorded and that records are to
be in immutable format.
2. When we need a proper verifiable Audit.
Blockchain is an immutable transaction which uses a secured cryptography technology. Transaction in
the blockchain is stored in blocks, each block is connected to its previous block using a key which is a
cryptographic hash data of previous transaction data. This will lead to a verifiable audit trail, all the
way back to every previous block in the blockchain.
3. When we need an intermediary to verify on our behalf.
Blockchain uses a trustworthy nature by building certain consensus and assure everyone on network
work according to the consensus that is created by blockchain. Sometimes a business needs to use the
third party to verify a certain transaction. Especially in financial areas, we need to authenticate banks
for certain transaction to get verified. By implementing blockchain it will solve the issues with respect
to intermediaries and it helps in saving a lot of time and money. Cross border payment is secure and
fast than the current intermediary transfer method.
4.When we use contracts to execute transaction between parties.
Here comes the use of smart contract at its best. A smart contract will easily manage the contract
without intimidating the third party. Each transaction executed electronically then there is no chance of
untrustworthiness between parties.
5. When we need transparency in our transaction.
Blockchain itself is built to provide complete transparency across the network. Public blockchain
Ethereum, EOS, Bitcoin offers a 100 % transparency in the network. Public blockchain offers anyone to
access network, and there is some private blockchain which keeps data inside some authorized
network by providing permission-based access. Complete transparency is needed for some institution
like financial areas, government areas, charity organization can use a public blockchain to simplify its
In nutshell, the blockchain technology keeps in themselves the immense potential to transform
business transactions with no fear of losing or encrypting data. It smoothes and quickens the whole
processes evading every role of intermediaries.
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