Aside from the Internet, which actually emerged at the end of the 20th century, Blockchain is the most disruptive technology of the 21st century. It radically unravels the trust, transparency, and accountability issues in business, and opens endless opportunities for innovation across many industries.
In most situations, Partners or would-be partners have no trust, which is why an intermediary (Middlemen) is often required between two or more parties to complete their business transactions.
Examples of such intermediaries are banks, insurance agencies, trade agencies, government agencies, credit agencies, and identity bureaus.
The transformational shift that Blockchain delivers is a new way to forge trust among distrusted partners. This shift will disrupt the way that they— and you—do business. It brings many new opportunities and a shared or peer-to-peer economy for every industry and organization, including intermediaries, to reimagine and transform their business processes and business models.
As to your business, we’ll show you how this technology can be an Advantage, and If you are unfamiliar with the Blockchain concept, I recommend you to take a deep breath and KEEP READING!
What is a Blockchain?
A Blockchain is simply a distributed public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by the consensus of the participants in the system. And, once entered, information can never be erased.
The Blockchain was originally designed to be a decentralized system that keeps track of debits and credits. The existence of thousands of Bitcoin nodes on six continents demonstrates the Blockchain capacity to effectively become the “World Wide Web” of finance.
In fact, Businesses from all corners of the world, providing a ridiculous range of products, have begun migrating from the traditional world of handling transactions, payments, and storage, to the Blockchain Eco-system. And you should too.
Blockchain began manifestation from financial applications like Bitcoin, from that time forward till Today there has been no STOP in its adoption, For the most part, A Giant list is actively compiled by Forbes on top 50 Blockchain companies benefiting from the Technology.
How secured is a Blockchain?
When information has been written into a Blockchain database, it’s nearly impossible to remove or change it. In history, this capability has never existed before.
Cryptographic hash functions are special types of hash functions. It is essentially a mathematical algorithm that maps data to a hash (string). This operation is not invertible, which means that the input data cannot be recreated in any other way than a brute-force search of possible inputs until a match is found. Read more in-depth the report from
The way blocks are linked to previous blocks with cryptographic hash means, it is impossible to change any information without impacting the whole chain.
Why Do Businesses Need Blockchain?
Technology has important effects on business operations, No matter the size of your enterprise, technology has both tangible and intangible benefits that will help you make money and produce the results your customers demand.
Hundreds of Blockchain and Blockchain applications are in existence today. The whole world has become obsessed with the ideas of moving money faster, incorporating and governing in a distributed network, and building secure applications and hardware.
Blockchains create trust in digital data, when information is stored into a Blockchain database, it’s nearly impossible to remove or change it.
When data is permanent and reliable in a digital format, you can transact business online in ways that, in the past, were only possible offline. Everything that has stayed analog, including property rights and identity, can now be created and maintained online. Slow business and banking processes, such as money wires and fund settlements, can now be done nearly instantaneously. The implications for secure digital records are enormous for the global economy.
If you are wondering if you should get a Blockchain for your business, it is essential to understand why your company would benefit from having a Blockchain and it can be a great tool to establish a strong global presence that will result in far better engagement for your investment.
How Can Blockchain Benefit My Business
Many individuals and organizations (sometimes unintentionally) thwart positive changes in business due to their inability to see how new innovative technologies can revolutionize the future. Emerging technologies bring new opportunities and change our lives by changing the way that we think and operate.
Blockchain has the potential to transform the functioning of a wide range of industries. Its features can increase the transparency and traceability of goods, data and financial assets, facilitate market access and improve the efficiency of transactions.
But how can a Blockchain Benefit your Business:
- Low cost of transactions By eliminating the need for a central authority or the middleman, blockchain technology can operate more efficiently, and at a lower cost than current systems.
- Smart Contracts: Smart contracts, are programmed business rules that govern the movement of assets between participants in a network. Smart contracts aid in verification validation, and it provides the consensus mechanism that is used for transaction finality. You can think of smart contracts as self-executing electronic contracts that state the legal and business terms of an agreement between business partners. Smart contracts in Blockchain are business logics that are programmed and embedded into a transaction record that enables business process automation. Such contracts allow transactions and agreements to be executed among various business participants without engaging the services of a Middlemen. Business process automation is possible by using smart contracts because the transactions in Blockchain are trusted, transparent, and immutable.
- Security: By Design, Blockchain provides a highly secure transaction system that is almost impossible to hack. Every transactional record on a Blockchain is cryptographically secured with digital signatures, along with a trail of the transaction updates. Participants in the network have their own Digital Identity (private keys) that are assigned to a transaction or any update to an existing transaction
- Tokenization of Assets: Tokenization can be described as the creation of a unique digital representation of an asset. While the concept of digitalization is not new, Blockchain technology adds an additional dimension to it. A Blockchain Business platform can ensure that the assets are digitized, and are unique in a system, cannot be replicated, and maintain their integrity to hold value, and preserve transfer value. For Businesses to address the last-mile issue of settlement for every financial transaction and every financial services use case. Instruments must be digitized to keep pace with the digital transaction network. The new mode of business practice may involve registering assets to Blockchains for administration, ownership confirmation, transfer (buying and selling), audit tracking, and compliance.
- Real-Time Asset Valuation and Payment Channels: Consumers Generally want fast and frictionless payment options, Blockchain can deliver more customer benefits than just the ability to transfer money instantly the technology comes in the store with new and convenient forms of financial interaction that make better use of business capital such as payment channels, You can reward your customers by providing a level of value that they can’t get anywhere else.
- Quantified Trust: The Blockchain removes Middlemen while maintaining trust and security between the people involved in a Transaction, The Global claim is that not only does Blockchain technology modernize banking, finance, and legal operations (and eventually governance) by digitizing them, it also produces social goods such as surety (i.e. lower risk), value creation, and trust. (Why Trust is Important for Your Business and Brand).
- Transparency: Blockchain can be categorized as being private or public. The sole distinction between a private and a public Blockchain is that in a private Blockchain context, also referred to as a permission Blockchain, access to the network is restricted (e.g., an access-restricted platform controlled by a commercial entity, a private equity tracking tool for private equity agreements, etc.). Conversely, public Blockchain is a completely transparent distributed ledger, with all the users in the network being able to view all transactions that have occurred. Providing all participants with the capability of viewing all ongoing transactions improves the transparency on the blockchain. The data and information within a blockchain is available to everyone. By use of blockchain, all users know who owns every block, at any time and are aware of changes or other relevant activity. Counterparty risk may also be reduced due to instant feedback on transaction risks.
- Immutability: Immutability is a fundamental characteristic of Blockchain and has been identified repeatedly as one of the reasons of its success thus far. By virtue of its design, changing one block in the chain would involve changing each subsequent block, each transaction in a Blockchain is encoded into a data block and uniquely signed and time stamped. Each block is connected to the blocks before and after it. These blocks cannot be altered or modified; they are linked together to form a chain that is immutable and irreversible. An immutable history of transactions eliminates the counterfeiting and fraud challenges faced by many businesses. The Blockchain-driven provenance process eradicates counterfeiting by using immutability and transparency. Counterfeiting is the biggest challenge globally for legal and financial documents and valuable goods, such as drugs, food products, luxury clothes, and jewelry
- Anonymity: Anonymity is a key feature of this infrastructure that attracts individuals and organizations alike to implement. Blockchains allow users to only be identified by public keys, an essential element of the cryptosystem. It is encouraged that users generate as many public keys as necessary, with some users creating a new key for each transaction. This feature allows any person or organization to transact any sum of money to any place in the world, with no government intervention and extremely low transaction costs. This has seemed to attract many multinationals to the technology, with Blockchain firms receiving $1 billion in investment from global companies such as American Express, Deloitte, Goldman Sachs, and the New York Stock Exchange
Looking beyond today’s implementations, we see a future in which Blockchain technologies enable a network of networks, creating additional value and further reimagining the way businesses, economies, corporations, and more work together.