What is blockchain technology - Learn its importance in business
Blockchain technology uses a growing record of decentralized public ledgers that are immutable, transparent & connected by a crypto network. The blocks in a blockchain follow a time-stamping process. Here, the crypto tag focuses on storing the records of the previous block. To point out, data transfer happens only once across the network. Thereby, markedly solving the issue of double spending in business transactions. Most businesses make use of enterprise blockchain platforms to develop customized enterprise equipped blockchain solutions that help them altogether improve business value and scalability.
>> Know the overall possibilities of integrating AI with blockchain
Adopt blockchain technology to change the way you do business
Blockchain technology has no central authority, thus it delivers a transformational way for storing data on the data network. Blockchain data server focus on significantly storing pieces of information at multiple locations. Without the prior permission or knowledge of the person who created the data or record, data removal from the blockchain network certainly becomes impossible. From financial transactions and data sharing to business intelligence, blockchain technology altogether keeps track of the entire customer journey of any industry. The use cases of blockchain involve tokenization of digital as well as real-life assets, supply chain management, personalized retail experience and much more.
HOW DOES BLOCKCHAIN
HOW DOES BLOCKCHAIN
HELP YOUR BUSINESS ?
With the advent of the Fourth Industrial Revolution, many technologies that were once thought of as “ahead of its time” or “impractical” is now gaining traction and one of those technologies is Artificial Intelligence or AI.
A critical factor that indicates the performance of any business is its bounce rate. Higher bounce rate means lesser sales opportunities for the business. Even though there are several reasons that can result in a high bounce rate, the most prominent one is the unavailability of quick information about the business
RPA is software that copies human behavior or actions, whereas AI is a broad term where a machine simulates human intelligence such as sensing things, making deductions and communicate. The keywords here are – actions vs intelligence. This article should help you confidently differentiate between RPA and AI particularly in the context of automation.
The retail industry has been a darling for blockchain technological innovations as it opens its door to the biggest avenue to reach out end users directly. This whitepaper explicitly talks about the key technology challenges that today’s retailers face and by exploring its usability.
BLOCKCHAIN FAQ ?
Blockchain is not just a theoretical concept to begin with in the modern world. It is unquestionably, a disruptive technology that changes the face of the whole business. In terms of functionality, blockchain is just a distributed public ledger that stores a growing list of records in a chain of blocks during a business transaction or data transfer. Blockchain technology is the most secure one because, every block of data is decentralized, transparent and immutable. Each change on a block significantly initiates the creation of a new block. Rather than overwriting the existing block. The chain of blocks allows viewing each change separately. This makes the blockchain technology an anti-fraudulent one. Bitcoin is the most used practical application of blockchain technology. Bitcoin uses blockchain technology to handle monetary transactions but the real potential of blockchain is much more.
The three main pillars of blockchain technology are:
- Decentralization - Decentralization in blockchain means that it is not governed by a central authority, this makes the system more fair and secure. Here rather than depending on a central authority to perform a transaction or data transfer, blockchain uses consensus mechanism to record data across nodes of network to actualize a transaction or data transfer in a secure & irrefutable way.
- Transparency - Blockchain provides a way to conceal the identity of a transaction block so that the public address of the block is extremely difficult to trace out. Here the real meaning of transparency, comes from the fact that each asset or data involved in the transaction is open to viewing. But only the creator of the block could perform such functions. This makes a blockchain both secure & transparent as a whole.
- Immutability - Immutability in blockchain implies that any data or information that is once recorded in a blockchain could never be tampered with by any external means. Here a cryptographic method conceals each stored data using crypto hashing function to keep it secure. The immutability nature of a blockchain technology makes it a great fit for banking transactions, patient record handling, land registry management systems and much more.
Hyperledger fabric is an undeniable standard for enterprise blockchain platforms. It is a collaborative effort of the Linux Foundation. It allows us to create one or more enterprise-level distributed ledger in a blockchain network to satisfy specific day to day business requirements.
The advantage of using Hyperledger fabric includes:
- Firstly, perfectly controlled network
- Secondly, concrete and secure transaction
- Thirdly, tailor-made blockchain technology architecture
- Fourthly, improved scalability and accountability
- Lastly, makes it easy to program and implement in all enterprise systems
There are exactly four different types of blockchain networks based on its usage:
- Public blockchain - Public blockchains have no restriction or control, anyone with network access could become the creator of a block (associate themselves with the consensus mechanism) to perform a transaction or data transfer. One of the most well known public blockchains are Ethereum, Bitcoin, Dash, Factom, etc.
- Private blockchain - Private blockchain focusses on a centralized blockchain network rather than a decentralized network. Enterprise businesses that run internal business operations using their own cryptocurrency make use of private blockchains. Here, the blockchain acts just like a distributed or shared database. Some well known private blockchains include Multichain, Blockstack, etc.
- Consortium blockchain - Consortium blockchain is a semi-decentralized blockchain. Here one or more entities, companies or persons could serve as the central authority. The administrator of the new block in a blockchain controls the entry of participants or users (entry into the consensus mechanism). Here a few users are given read access to the new block. While some others are given write access to the new block. So, it is not a fully decentralized network. Some of the well-known consortium blockchains include Ripple, R3, etc.
- Hybrid blockchain - Hybrid blockchain is a combination of both private and public blockchain network. Here some of the characteristics stay as that of private blockchain while some other stays as that of a public blockchain. This feature of hybrid blockchain gives us an extra edge on what information needs to be made public and what needs to stay confidential. Hybrid blockchains aim at providing tailor-made solutions to specific business requirements. Here, the blocks don't need to run on private hash nodes or private networks. It uses an entirely decentralized network to run business operations. An example of a popular hybrid blockchain hosted on another blockchain network is Dragonchain.
For blockchain technology cryptocurrencies like Bitcoin, Ethereum is just the beginning. In the very near future, many industry sectors like banking, messaging applications, hedge funds, infrastructure security, advertising platforms, wills, inheritances, land registry management systems and much more are going to controlled through blockchain technology solutions.
For instance, in the land registry management systems the administration of blockchain significantly delivers:
- A record of the digital land registry
- An assurance on land property ownership's
- Smart contracts automation
- Proper document validation
- Enhances the trust between the parties involved
To know more about implementing blockchain into your business read it, Implementation of blockchain into business
To know about capabilities & functionalities of Accubits Blockchain Platform for improving supply chain management read our whitepaper, Blockchain for efficient supply chain system
To get a clear idea on Accubits expertise on blockchain solutions visit our page, Blockchain solutions
To get a clear idea on how to jump start your business operations using blockchain visit our page, Digital transformation using blockchain solutions