Blockchain technology is introduced to us and helps us with online transactions. Using it, we don’t have to rely on any third-party applications, e-wallets or banks. But, what is the hype about blockchain technology?
Blockchain technology is somewhat a digital finance system for transactions, which are duplicated and distributed among the entire network of the technology. It is the technology behind digital currencies such as cryptocurrency or Bitcoins. The design of the technology is such that it becomes tough to tamper with the data stored in a block- making it a highly secured transaction mode.
Let us see how industries are earning benefits from blockchain technology.
It creates a transparent profile and builds trust among different entities related to your business. Blockchain technology is a decentralised network that forms a transparent system for your company. It also removes the need for third-party authorisation for any transaction, which eventually increases the transaction speed.
It provides better privacy and security system. Every transaction that happens using this technology is end-to-end encrypted and linked to the previous transaction. Hence, making it impossible for any unauthorised to access these data. Moreover, data is in the form of blocks across the system, which is impossible to hack.
It increases traceability by the authorised party only. Using blockchain technology, the supply chain in the company becomes transparent in which every exchange of goods can be traced during an audit trail. Every in-house party involved with the company can monitor the entire supply process closely and raise the issue if any product is being misplaced.
It improves the speed and efficiency of the industries. Since all the company's transactions are in a single storage block, it reduced the amount of time and increased the efficiency of the work. The digital finance system removes the potential for human-made errors during calculation. The time consumed by blockchain technology to monitor a transaction is directly proportional to the size of the data block and network traffic. But still, it is proven to be the most efficient technique as compared to others.
Data once stored cannot be changed or deleted. The transactions stored using blockchain technology with time-stamp, and date time-stamp, so it is permanently stored. The stored transactions are accessible over time by enabling a secured audit of information.
There are many such ways in which industries benefitted due to blockchain technology. Learn more about the technology, to understand it in a better way.
