Technology moves at a rapid pace. What is a trend today might be outdated in few months. With quick technology shifts, there is innovation at every level nearly every day. Enterprise Technology solutions have empowered business organizations to reach new goals in an entirely different manner and try new things never done before. Open Source Software, Cloud, Big Data and Artificial Intelligence are no longer buzzwords as enterprises have successfully adopted these technologies.
The blockchain is at a nascent stage where the IoT and big data were several years ago. Let’s try to understand the implications of Blockchain.
What is Blockchain?
The Blockchain is an invention of a person or group of people led by Satoshi Nakamoto. It is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Don & Alex Tapscott The Authors of Blockchain Revolution (2016) went a step further to define Blockchain Technology as follows “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions, but virtually everything of value.”
Blockchain is a technology in which data is not changeable. Immutable data is distributed across different servers -- decentralized -- and data is secured through cryptography.
Read also: How Blockchain will Revolutionize Industries
Several big companies and Fortune 500 are exploring Blockchain technology solutions for information exchange, as well as secure transactions. The impact and actual implementation of Blockchain is felt and witnessed across different industries—right from banking to government to healthcare.
Benefits of Blockchain Technology for Enterprises:
- Completely removes intermediaries and middle parties, increasing efficiency and speed.
- Minimizes cost and time related to disputes and simplifies operations.
- Enables new business models increasing revenue and savings.
Blockchain Technology Industry-Wide Implementation
Healthcare
Healthcare industry is one of the earliest adopters of Blockchain technology, providing faster access and better transparency. Vital data about patient's information can be exchanged without worrying about security or privacy concerns. Blockchain provides robust security due to features like built-in encryption.
Real Estate
Real estate is complex industry involving several stakeholders such as buyers, sellers, agents and brokers. Blockchain can reduce the risk associated with title and escrow in different ways. It can play a significant role by helping title companies to verify real estate transactions and ownership.
Legal Industry
Blockchain comes as a blessing in disguise for digitally securing contracts, as well as facilitating deals in real time. This means law firms can potentially advise clients on the industry best practice to structure different transactions on the Blockchain.
Points to Consider before Developing Blockchain Solutions
Before you take a plunge into Blockchain technology solutions, it is important to analyze and take stock of the situation and prioritize your business goals. Ask questions before you determine whether Blockchain is appropriate for your business scenario.
- Whether multiple parties share data or information?
- Whether Data is update by different parties?
- Is Verification required or not?
- Will Blockchain streamline operations and reduce cost
- Removal of intermediaries
Conclusion
As the benefits of Blockchain technology are very distinct and will help large enterprise expand its reach and demonstrate its value of providing reliable and secure transactions across numerous industries. It is important to partner with a leading Blockchain development company to gain maximum advantage.
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