Blockchain technology – greatest invention of the 21st century
Technology has affected and reached each and every aspect of human life. It has helped in creation of certain software and applications which have reduced human effort to a great extent. One of such of inventions is the blockchain technology which has touched every type of business equally. Blockchain is termed as a digital ledger where information is stored and not copies. Data stored can be transmitted over the internet at greater speeds and efficiency.
Dissecting the meaning of the word Blockchain in terms of technological solution:
- Block refers to the data which is stored and transmitted. It is the digital information which can be anything ranging from currency amount to simple date and time of a transaction.
- Chain refers to the network or medium through which the information is transmitted from one person to another.
Blockchain technology uses a decentralized system of sharing and transferring units or information which is of value for both the parties like money. Moreover, the best feature of blockchain is that the network is not owned by a single entity. The system can be accessed by anyone but it cannot be altered. The information transmitted through this technology acts as a proof of transaction. As more and more blocks are created and added to the network, the more secures the network becomes.
Initially, blockchain was used for monetary transactions like Bit coin but ultimately it has found its place in various other forms of business transactions with the help of blockchain technology providers. It can be used for various purposes:
- Asset management and trade
- Blockchain financial services and remittances
- Healthcare – patient records can stored and transmitted easily
- Entertainment industry where digital content like music, movies and books can be distributed in order to protect them from theft. It helps in protection of copyright information.
- Government voting system where votes can be stored upon the blockchain network. Moreover, the votes when stored can be encrypted which make the voting system reliable and secure.
- Internet of things which help in inter-connectivity of applications and devices of daily use using a wireless network.
Numerous Blockchain technology providers are engaged in providing such services and creating solutions for the business enterprises. Such companies help in creation of blockchain applications which can be used by business organizations for performance of various tasks like recording of data, payment, client identification, asset management and trading transactions etc. Many startups have emerged who are actively using this technology to provide solutions to the problems business face in the 21st century. Moreover, certain companies provide blockchain consultation services in order to help their customers understand and adopt the technology for greater efficiency and profitability.
Adoption of a new technology in any business requires planning and support from the whole management. However, once adopted the up gradations can help in managing the work more efficiently. Various blockchain companies India are working full time in order to create new applications using the blockchain technology. With their well experienced and trained staff, they are completely changing the way business transact and manage their operations. Companies can hesitate in the beginning due to less legal support in financial transactions.
It is important to make business companies understand the benefits and opportunities connected with adoption. This technology has the potential of changing the business world completely.