5 Signs Blockchain Could Help Your Business

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5 Signs Blockchain Could Help Your Business
blockchainexpert.uk
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• INTRODUCTION

Blockchain trend got on wheels by the middle of
2009. The innovation took birth when Satoshi
Nakamoto published a theory of sending the
peer-to-peer type of electronic cash. The concept
coined the possibility of sending the online
payments directly from one party to another
without going through any financial institutions
or any other third party intermediaries. The
concept got a wide range of acceptance since
then. We have witnessed the bitcoins up and down
in the last decade. Bitcoin concept was so simple
that it envisioned to stop the concept of double
spending in the market. This was achieved through
timestamping transactions via hashing them into
an ongoing chain of hash-based proof-of-work
network. The subsequent result was a record of
the transaction that is immutable in
characteristic. Under blockchain, no changes can
be met without redoing the entire chain from the
beginning. Each bitcoin transaction is recorded
in the blockchain. From the perspective of
electronic cash and transaction, blockchain has
much potential in terms of its capacity and can
do much more in the business sector. Even if the
trends are widely accepted in the business world,
it is important to know how this blockchain
trends could help your business.
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• Some of the main application includes
• 1. Smart Contract
• The smart contract is a protocol that is intended
  to execute some code of lines without the
  intervention of a third party. Smart contracts
  can be termed as a digital form of conventional
  contracts, which can now be implied for
  transacting the digital form of assets. This
  buzzword coined at the beginning of the 1990s.
• After the introduction of Ethereum blockchain,
  the smart contract concept became more prominent
  among the mass. Ethereum decentralized projects
  that run on smart contracts opened new
  doors-creating applications that perform various
  transactions without any intervention of
  censorship, downtime, fraud or third-party
  interference. It is seen that a smart contract
  helps to run self-automated predefined
  transactions without any failure.
• The smart contract helps to run and record
  transactions smoothly and efficiently without any
  failure. This may reflect in the smooth running
  of financial transaction and even each term of
  contract applications.

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2. Digital Identity Keeping digital identity
nowadays is risky and proving identity is
strenuous. These two woes can be easily solved by
integrating blockchain into our solutions.
Blockchain is so secure that if we store our
identity, for example, our ID card, employee
details, our academic credential details, etc
into blockchain network, the data remains
assuredly secure, safe and immutable. The exists
no fear of losing the details. Digital
verification is possible with Blocktick (EOS
blockchain document verification),
Blockcerts(Ethereum blockchain document
verification) making it easy to issue and verify
digital identity through blockchain. 3. Paying
the Employees Use of cryptocurrency has changed
the way how financial management is going on.
Today it is very easy to maintain payroll across
the cross border. One can manage the payment
easily and instantly by using the cryptocurrency
payment method. Anyone can use this application
in exchange for goods and services. One can make
any payment using cryptocurrency so easily and
fast.
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4. Supply chain Management Blockchain
significantly proved its role in supply chain
management. Use of distributed immutable shared
ledger makes it possible to track every moment
occurring in the supply chain. If one distributor
makes any change in any ledger, it automatically
gets reflected in every individual ledger who
participate in the chain. By integrating the
self-executing smart contract, it makes possible
the tracking of products, distribution management
and also the instant payment. Transparency is
fully eliminated by implementing blockchain
technology. Major five signs that could need to
identify that you need blockchain for your
business 1. When we need a secure
Database. When your business needs a big database
which you need to share with many people, the
factor of trust comes under scanner. There exists
a notion of trustworthiness, safety and more
while sharing them. One can evade all these
worries via simply navigating their database to
the blockchain network.
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Everyone on the blockchain network has equal
access to the same information, and whenever
there is a change happening, it guidelines that
it should meet some rules of a blockchain network
and also it should reflect upon everyone's
ledger. If the transaction(means change) occurs
in certain fields or area, a valid authorization
is demanded and if data is changed, it should be
recorded and that records are to be in immutable
format. 2. When we need a proper verifiable
Audit. Blockchain is an immutable transaction
which uses a secured cryptography technology.
Transaction in the blockchain is stored in
blocks, each block is connected to its previous
block using a key which is a cryptographic hash
data of previous transaction data. This will lead
to a verifiable audit trail, all the way back to
every previous block in the blockchain.
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3. When we need an intermediary to verify on our
behalf. Blockchain uses a trustworthy nature by
building certain consensus and assure everyone on
network work according to the consensus that is
created by blockchain. Sometimes a business needs
to use the third party to verify a certain
transaction. Especially in financial areas, we
need to authenticate banks for certain
transaction to get verified. By implementing
blockchain it will solve the issues with respect
to intermediaries and it helps in saving a lot of
time and money. Cross border payment is secure
and fast than the current intermediary transfer
method. 4.When we use contracts to execute
transaction between parties. Here comes the use
of smart contract at its best. A smart contract
will easily manage the contract without
intimidating the third party. Each transaction
executed electronically then there is no chance
of untrustworthiness between parties.
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5. When we need transparency in our
transaction. Blockchain itself is built to
provide complete transparency across the network.
Public blockchain Ethereum, EOS, Bitcoin offers a
100 transparency in the network. Public
blockchain offers anyone to access network, and
there is some private blockchain which keeps data
inside some authorized network by providing
permission-based access. Complete transparency is
needed for some institution like financial areas,
government areas, charity organization can use a
public blockchain to simplify its process. In
nutshell, the blockchain technology keeps in
themselves the immense potential to transform
business transactions with no fear of losing or
encrypting data. It smoothes and quickens the
whole processes evading every role of
intermediaries.
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Blockchain Could Help Your Business
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