Blockchain is a decentralized ledger that contains records that are called blocks. Blocks carry the information that is transparent and permanent. As the technology is decentralized, it offers complete transparency in all shared information, and the hosting information is impossible to temper.
The verification of the transaction in the blockchain is very strict, which eliminates any possible human error and makes the information trustworthy. The blocks are connected with hash, which is acts as a fingerprint of the block that is unique to that block and changes as the data of the transaction changes. This makes the data stored in the blockchain unalterable. https://blocklr.com/guides/blockchain-technology/
Blockchain has gained huge momentum, and people are more interested to know about this new technology. Most of the people, when hearing the terminology “Blockchain,” think of it as cryptocurrencies. However, the technology of Blockchain can help businesses in many ways:
a. Smart contracts– Smart contracts are the self-executing contracts where all the terms and conditions from both the parties are written in codes that are stored in a decentralized blockchain network that makes them immutable. Smart contracts allow businesses to execute legal actions without any need to involve attorneys or middlemen.
b. Easy mode of payment – Blockchain and digital payments are both associated terms now. Blockchain allows easy cash flow in the start-ups and organizations without any involvement of third parties and documents like billing, invoices, etc.
c. Supply chain management – Blockchain technology allows SMEs to track their services and products from manufacturing to transportation easily. https://appinventiv.com/blog/importance-of-blockchain-for-business/
Blockchain is a new technology, and now many businesses are integrating this technology to make their business functions seamless. Some of the use cases of Blockchain technology are:
a. Asset management – The management of intangible, tangible, and complex assets is becoming more efficient with the integration of blockchain technology.
b. Capital markets – Blockchain technology has changed the way how capital market functions. Blockchain technology has propelled us in an era of increased operational efficiency. From last so many years, the capital market is subjected to many complex layers of rules, liability, and red tape. Blockchain technology can make the backend cost of operations better in a secure and immutable way.
c. Payments – Blockchain technology has facilitated the payments system. Blockchain technology has introduced us to a more efficient and secure payment infrastructure.
d. Real estate – Real estate digital assets offer incredible opportunities. Blockchain technology has facilitated the operations of real estate while at the same time has increased the transparency in the process. https://consensys.net/blockchain-use-cases/