Revolutionise. Integrate. Enhance – Blockchain
We live in the era of smart phones, smart companies, smart factories, and smart cities. It is only natural to have smart money. Cryptocurrencies are a component of the new wave that has taken over the technological advancements around the globe. Blockchain has impacted individuals and businesses in various ways.
Firstly, it is important to understand the difference between blockchain and bitcoin. Many people generalize the concept of blockchain with bitcoin or with other cryptocurrencies. Fintech labs have clear signs that state, “The blockchain’s the rails, bitcoin’s just one of the train cars.”
What is Blockchain?
According to Forbes, “a blockchain can be described as an append-only transaction ledger. What that means is that the ledger can be written onto with new information, but the previous information, stored in blocks, cannot be edited, adjusted or changed. This is accomplished by using cryptography to link the contents of the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it.”
Why Blockchain matters?
- Smart contracts: Businesses can primarily set agendas and conditions on blockchain. This way automatic transactions can be generated when those agendas or conditions are met.
- Time stamps: As the transactions are logged in sequential order, the blocks in the blockchain are time stamped.
- Privacy and security: Blockchain increases privacy and security by enhancing transparency in organizations. There are public and private keys that are safeguarded by cryptography. This ensures that no personal or sensitive information is leaked.
- Funding opportunities: This particularly affects SME’s as blockchain creates platform to enhance funding opportunities. This is possible by venture capital, liquid cryptocurrencies and more.
- Verification: No dependency on third parties is required with blockchain technology.
- Concrete data structure: The data stored in blockchain is append only. Hence, data cannot be tampered with.
- Secure cryptography: Blockchain practices safe and secure cryptography for data ledgers.
There are many benefits that blockchain brings to small and large businesses. It is important to understand blockchain as a process and not as an app or website. It is a process that binds and helps carry out other processes.
What do you think about blockchain? Has blockchain helped your business in anyway? Share your thoughts
