- June 29, 2021
- Posted by: eg
- Category: Blockchain
The Essence of Blockchain from Tech Experts
Have you ever heard of Bitcoin? You probably have it, since it is an important digital currency that is helping revolutionize payments.
It is worth noting that Bitcoin is a revolutionary application that operates on the Blockchain.
Blockchain is mainly known as the technology underlying many digital currencies.
It entered the public consciousness nearly three decades ago with the advent of the popular Bitcoin.
However, keep in mind that Bitcoin was only the tip of the iceberg.
You should know that Blockchain, the technology that underpins the cryptocurrency, is essentially a distributed ledger. Blockchain can store vital facts such as, who owns a specific bond or a particular piece of land.
You can use the technology to keep a reliable and immutable record of ownership. This is important as it enables the transaction of the relevant asset among distrusting parties.
What is Blockchain?
We can define Blockchain as a secure transaction ledger. The technology helps store and share crucial information across a wide network of stakeholders in a virtual space. Did you know that Blockchain is a good example of a DLT (distributed ledger technology)? This means that data is stored and distributed in many places, instead of a single centralized system.
What does this mean? It simply means that no single party or stakeholder in the network owns the whole system and the data. This is important as it makes it almost tamper-proof, helping to create a transparent and secure space. As the technology records and stores all transactions that occur in the network, it eliminates the need for “trusted” third parties like payment processors.
As a result, Blockchain helps eliminate many expensive business practices and procedures, which is excellent. Rather than multiple points of authenticity or conflicting invoices, the technology simplifies and streamlines record-keeping for all parties.
Learn more about how blockchain works and see it in action within the diamond industry, which has been plagued by fraud, theft and controversy.
Why is Blockchain Important?
There is no doubt that it is essential for many industries, such as the financial services sector, to innovate and investigate better and more reliable technologies in order to improve their services and products.
Nowadays Blockchain and cryptocurrency are immensely important for business. For example, Blockchain is perfect for delivering information as it provides shared, immediate, and completely transparent information recorded and stored on immutable ledgers that can only be accessed by permitted network members.
You will be happy to know that a Blockchain network can easily track orders, accounts, payments, production, and a lot more.
And since all members have one view of the truth, it is possible to see all the details of a transaction end to end. This gives you greater confidence, and new efficiencies, and better opportunities. This is why similar to the Internet, we have to allow Blockchain technology to grow unencumbered.
However, note that this will require careful and scrupulous handling that recognizes the various differences between the platform and the several applications that run on it.
One of the best things is that Blockchain doesn’t just store monetary value, but you can use it to store anything, such as music, intellectual properties, titles, and even votes. You can secure all these properties through Blockchain.
The Various Benefits of Blockchain Technology
You can enjoy several key benefits and advantages when adopting the Blockchain technology for your business. Some of them are:
-Blockchain is a secure and immutable public digital ledger. This means that when a transaction is recorded in the system, it can’t be modified
-Blockchain is always secure because of the encryption feature
-The transactions are executed transparently and instantly, as the ledger is automatically updated
-No intermediary fee is required since it is a decentralized system
Blockchain and Shipping
If you run an e-commerce business, you know that it relies heavily on shipping in order to get your products from a warehouse to customers. And it is no secret that shipping items usually involves plenty of paperwork to deliver the hottest new items to the purchaser’s doorstep. You will be happy to know that Blockchain can help simplify and streamline this process.
Did you know that packages and cargo usually have to wait for receipt authorizations, damage reports, and verifications of authenticity? Note that these processes are time-consuming and can slow down shipping speeds, costing exorbitant sums of money.
Blockchain is valuable in this regard as it also allows buyers to track their purchases as it exchanges hands from warehouses and shipping companies to delivery drivers, and eventually, their doorstep.
Did you know that this feature can be particularly important for your business organization if you distribute your products using a complicated supply chain? Keep in mind that tracing the transaction will be much easier and quicker if you use Blockchain technology.
In the conventional supply chain, you can find it hard to trace items that may lead to several problems, such as theft, loss of goods, and counterfeit products.
On the other hand, with Blockchain, you can make the supply chain more transparent than ever. This is great as it enables every party to quickly trace the goods, ensuring that it’s not misused or replaced during the supply chain process.
The Increase in the Popularity of Blockchain as a Service
Note that another thing that will help with Blockchain maturity is the rapid evolution of this technology itself.
It is worth noting that leading IT providers are now rising to the call with many Blockchain as a Service (BaaS) offerings. Baas is expected to play an important role in IT in the next few years.
Technology has started to grow exponentially. This is because more companies, such as Amazon, now understand and appreciate the advantages and benefits of Blockchain. These convenient cloud-based solutions are excellent as they are helping businesses embrace as well as create Blockchain technology without starting from scratch:
-Azure Blockchain Workbench
-Amazon Managed Blockchain
-Oracle Blockchain Applications Cloud
-SAP Cloud Platform Blockchain
And that is not all; Intel has also developed Software Guard Extensions in order to ensure security and privacy in Blockchain dealings.
Final Thoughts from Starlink
As you can see, Blockchain technology is a versatile and exciting technology with many uses, including powering many cryptocurrencies like Bitcoin.
As organizations and businesses looking to modernize and improve their IT systems, Blockchain technology has the flexibility to support and facilitate change that is responsible, incremental, well-paced, and long-standing.
Here at Starlink we already modernized our way of working by using Blockchain. Our main focus in the future also will be seen in the Blockchain industry. More about that in near future. Stay safe and let’s keep connected!