What makes the Blockchain Special?

What makes the Blockchain Special?

What is Blockchain? Blockchain is a collection of nodes connected in a Peer to peer mechanism, Each node is connected with previous and successive blocks. Blockchain uses distributed ledger technology, each transaction's details are recorded with...

What is Blockchain? Blockchain is a collection of nodes connected in a Peer to peer mechanism, Each node is connected with previous and successive blocks. Blockchain uses distributed ledger technology, each transaction's details are recorded with a time stamp on this shared ledger, Each participant can view the transaction details.
What makes the blockchain so special? The blockchain is a technology that enables secure, non-manipulable transactions in the network and is therefore also interesting independently of Bitcoin.

A frequently cited example is provided by IBM with Food Trust, a blockchain-based platform for tracing food. The Blockchain is used in the supply chain of the food industry, it starts from producer to the processor, trader, and retailer to the user. Everybody in this chain can view the required details with provided authentication for that particular person accessing the shared data. This helps in assuring trust, transparency in product handling on the supply chain process.

IBM and SAP are working on various business verticals to integrate the Enterprise Blockchain Solutions to improve the efficiency, privacy, transparency, reliability, and more security with the Blockchain technology. Industries like healthcare, logistics, financial, eCommerce, and FMCG, etc are making tie-up with Blockchain development company to integrate blockchain application on their industrial operations with a well-secured platform. What are the benefits of the blockchain? The Blockchain is decentralized, immutable, and transparent, these features provide various benefits like,

Based on the distributed ledger (general ledger), each transaction is securely stored and transparent for all parties involved. Updates are only feasible if everyone agrees. The data stored in a blockchain is authentic, transparent, and constant. They can be accessed by all authorized users only. Modifying a single transaction record would require changing all subsequent records and the approval of the entire network. Security is an important feature of the blockchain. All parties involved must agree on transactions before they are recorded. Once the consent process has been completed, the transaction is encrypted and linked to the previous transaction. Because the information for this is not on a single server, but in a network of computers, it is almost impossible for hackers to compromise transaction data. The blockchain is therefore theoretically suitable for all scenarios in which different parties exchange critical information - not only for food producers but also for banks, logisticians, authorities, or even healthcare companies. Blockchain is traceable and thus also the authenticity check of products. They are able to trace the past data with the authenticated access to the data stored on the blocks. Companies can therefore not only track down weak points in branched supply chains but also trace items back to their origin and their producers. The blockchain empowers more speed in traditional business transactions. Anyone who uses paper or e-mail-based processes knows about the duration and susceptibility to errors of complex transactions with many parties. Errors often lead to lengthy mediations or legal proceedings. It becomes easier to trust each other to help in a clearing, and settlement can happen faster. A significant reduction in the costs of administration, as well as internal and external financial transactions and reporting, can be expected. Trust in the trading partner no longer plays a role, you can fully rely on the data on the blockchain. These ways blockchain helps various business verticals to enhance their business operations by adopting the blockchain technology.

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