For the past decade, the world had experienced a huge business transformation because of various technological advancements of several open source software, cloud storage, and big data etc. Enterprises made use of these technologies to expand their path of business to a profitable way. Among these list of extensive technologies ‘Blockchain’ is the emerging one. Various organizations are rushing to get into the Blockchain features. So, why this Blockchain is holding so much demand among the enterprises? The reason, it is a technological idea which has enormous potential to change the conventional operating way of business. Larger companies are easily able to augment their potential by embracing with the Blockchain technologies.
What is Blockchain?
Simply, it is a decentralized system of the openly distributed ledger which accounts for a peer-to-peer network of data. Because of its open-source nature and complete transparency, big companies are considering it to incorporate to the big projects. A decade before, cloud and big data are the new and unknown terms to the world. But now, they are mixed up with everyday simple tasks in the mobile. Likewise, Blockchain is at the beginning stage of the implementation. People have known the Blockchain term just with the commencement of crypto currency such as bitcoin and ethereum etc. Corporate mobile applications are the most needed one for the present trends of business progress. So apart from all these stuff, how can we incorporate this Blockchain feature to the enterprise functions?
Assimilation of Blockchain with enterprise functions
Blockchain’s immutable data is unalterable and decentralized one. The whole data is secured through cryptography. Ever expanding the list of these blocks is connected with each other through some codes. Because of this interconnectivity, it is a hardcore job to tamper any of these blocks and so that it provides high security and a permanent record of data is attained. This decentralized system lends itself to manage transactions and verifying the users’ identity. All the transactions are encrypted one and it should be verified by the network.
Below are the main features which an enterprise should know about the Blockchain capability,
Self-governance for all the users
Contemporary methods are a centralized one, and the users are always dreading about their insecure data in the internet networks. Everybody wants to take personalized control for their own data and this thing can be achieved with the help of Blockchain technology. This means anyone can take decision what information would be presented and to display and share with the people. With this decentralized choice, hacking and tampering the ginormous data will be a cumbersome task. By this zero central point, Blockchain ensures all the systems to be protected from cyber attacks. Privacy of the users can be safeguarded by pseudonymity, where the transacting addresses only are shown. This feature enables the self-governance option for all the users to take control of their own data. Future of enterprise solutions prevails in the private blockchain because of its personalized access to the own users of enterprises in the consortium chain. Not only security, but it also offers a better performance in the transaction of data which is a key driver to the business.
Transparency and trust for the users
One of the phenomenal features of Blockchain technologies is its open source access. It is designed in a way for easy public access. To be a successful company, their duty is to ensure the customer’s opinion and fulfill their criteria by paying attention. Technology has brought down this shift and to succeed, companies should clearly understand how the business strategies should be amalgamated with the rising technologies.
By promoting the open source software and sharing the information in a transparent means, enterprises are able to benefit the customers to gain an honest approach. To handle myriad business models, organizations should ready to incorporate this kind of principles and strategy to remain as a reliable company for the customers.
A business without customers’ trust will face multiple debacles and can’t sustain. So trust has always remained as the measuring and fundamental factor of all the decisions. Current problems with the customers are the insecure data and trust with the organizations. Blockchain ensures trust and transparency of all the data. Every data in the chain is cryptographically protected one so that in the decentralized ledger, anyone can see all the activities prevailing in the Blockchain. This makes the system to be an established one and not an easy choice to tamper the data.
Quick and cost-effective
Enterprises overall commands are to accomplish the maximum number of tasks in a quicker and perfect way. With the use Blockchain, operations can be handled in different ways. For the transaction process, there is no need for an intermediary, and payments can be quickly processed. You are very well aware of the crypt currency transaction and its speed. Because of the absence of intermediaries, gratuitous costs can be minimized so that it offers cost-efficient transactions. In addition to all these factors, it can be effectively used for product tracking also. It is already in use of manufacturing, shipping and supply management. Every product can be easily tracked from the point of origin to the culmination.
The Blockchain is different from database features. The main difference between these terms is the decentralized data nature. Decentralized control annihilates all the risks that database facing. Future business operations are all depending on the public ledger mode, which uplifts the conventional operations to the next level of advancement