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Using the power of the blockchain in different sectors
Blockchain is not a name that many will know. The Bitcoin name will be a little more familiar. The “blockchain” is the technology behind Bitcoin.
Bitcoin is one of the most popular first cryptocurrencies in the world. People transact and use Bitcoin online.
No central bank or agency controls its use.
Blockchain, as the name suggests, is a chain of transactions.
It is an open ledger of accounts representing cryptocurrency transactions.
There are some unique characters associated with the blockchain that make it useful for other purposes as well.
Let’s see what goals people use blockchain for transactions other than cryptocurrencies.
1. What is Blockchain?
Before looking at how we can use blockchain for purposes other than cryptocurrency distribution, we should understand what blockchain is.
It is probably the next most important thing in digital technology. The possibility of using the blockchain is unlimited.
The Blockchain is a ledger of scattered data.
People enter data into the network with the consent of other members. The system is self-sufficient.
There are no centralized agencies that control the network. This is what increases the reliability and security of blockchain technology.
Nobody can enter data without the consent of the other members. There is no way anyone can correct or delete the data once it is opened.
Makes the system absolutely reliable.
Each new entry in the chain forms a new block added to the blockchain.
Due to the nature of secure and decentralized data storage, the technology is suitable for many applications.
2. The Blockchain Advantage
When we want to use the strengths of blockchain in different apps, we should know the merits of this technology. We need to understand if this technology can add value to the existing system.
The main thing about the blockchain is that the other members of the group verify each entry. It means that each entry is authentic.
There is no way anyone can make a false rumor. There is no centralized agency that can be compromised to accept a fraudulent transaction.
Transparency is the next advantage. Everyone in the chain can see every entry. It means there is total transparency about the data in the chain.
This increases trust in the system. As a result, some industries have begun to rely on blockchain digital transformation.
In all other applications, data storage is in a centralized location. In the blockchain system, the data spreads over all the blocks in the chain.
There is no place for hackers to target to steal data. The data is completely safe from theft. It becomes ideal for keeping personal details.
There is no central agency that has to verify every transaction. There is no individual
to check and approve transactions.
This saves a lot of money that would “normally” be paid to an agency. It also saves a lot of time.
● All members should authorize each transaction. So no false rumors.
● Nobody can edit or remove data. You can rely on all rumors.
● There is no centralized authority for verification or authentication. There are fewer possibilities for manipulation.
● All entries are visible to all group members. There is complete transparency.
● All blocks in the chain contain data. There is no central memory that hackers can attack.
● There is no waste of time and money as there is no need for a centralized agency to authorize every transaction.
While developing blockchain applications immediately brings Bitcoin and cryptocurrencies to everyone’s mind, it is suitable for many other applications. But before looking into the various opportunities, you should first make some preparations.
3. Explore usage
Being a relatively young technology, it is necessary to obtain experts to provide in-depth knowledge of blockchain technology.
Only then can you see if you can use it in your business.
You can use the people who are explaining the technology to prepare a proposal that you can submit to any “summit” for approval.
4. Form a core group
Once you have the support of senior management, you should form a core group.
This group should contain people from different departments of your company. There should be both technical and business experts. You should also bring outside experts to the group.
The group will help bring feedback from different departments on technology that can be useful in their area.
They can find out how this will help keep the business going. You should find out where it will provide the most benefit.
5. Identify a test area
You may suddenly find yourself overwhelmed by the number of places you can use technology.
But you should focus on an area where the benefits will have the “maximum effect” while generating the minimum risk.
At first you should try the technique only in that department.
Once you have identified the case in question, you should draw up a roadmap for the project.
And after forming a team for the project, you should also analyze the effect it would have on the current work environment.
In the beginning it is better to implement the system in a small way. You have to test and familiarize yourself
yourself with the system before going full steam ahead on any project.
Part II of this complete Blockchain guide will appear tomorrow morning Taiwan time.
About the author: – Harikrishna Kundariya is an India-based marketer and developer in industries involving IoT, ChatBot and amp; and Blockchain.
He is the designer, co-founder and director of eSparkBiz Technologies, a mobile app development company.
His website can be viewed here with his Twitter and Facebook’s social media are the pinnacle of its online presence.
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