Pushing the Technological Barriers Using Blockchain
Traditional ways are always a time-consuming and less dynamic process. They consume a lot of manual labor which makes it not only an expensive bargain but leaves it vulnerable to errors, too. These negatives of traditional ways act as deterrents to success, whether that is in business or any other endeavor. When technology is applied to accomplish same things results improve, human labor reduces and errors vanish. Keep in mind the differences drawn above between traditional and technological methods and try to relate it to Blockchain Development.
What is Blockchain? Why has it become indispensable to businesses, big and small? Like a ledger book, the traditional way of keeping records, Blockchain is the technological version of it. To call it a digital ledger won`t be wrong. If keeping track of transactions done offline or online, making regular entries, storing agreements and business contracts makes something a ledger book, Blockchain deserves the name, a digital ledger.
It records everything and anything and makes stored data accessible to virtually every member associated with your company. What differentiates Blockchain form traditional ledger is dynamic nature of its database. As many computers as possibly are on your company`s network, it is available and shareable on each of these networks.
As data accrued grows, the Blockchain expands proportionally and leaves you no worry whatsoever regarding the storage, security, and accessibility of business transactions of your company.
By deploying Blockchain, you save a lot of money by reducing human labor. It requires lesser manual inputs because the whole process is fully automated. Gone are the days when you had to write down patiently the minute details of every transaction made and cross-check for errors. Now with the help of Blockchain development, every transaction is recorded in real-time without any human intervention.
Various benefits to reap with Blockchain include smart contracts, sharing economy, effective governance, and file storage security. Let`s take these benefits one by one and discuss them.
Smart Contracts: You no longer have to keep watch over clients or employees to ensure they have fulfilled every specification of your contract. The Blockchain technology is so advanced that once a person mentioned in the contract fulfills conditions laid down there, the contract will be executed automatically. Similarly, in terms of finances also, whenever certain conditions are met, or deadlines have reached, payments will be released automatically.
Economy Sharing: With the advent of Blockchain person-to-person transaction has become possible. It saves your company a lot of money because you no longer have to pay to a third party a transaction fee. It makes financial transactions more open and secure.
Effective Governance: Be it business transactions or asset management, or other data regarding the company, Blockchain has it all stored and accessible. The availability of records make company`s more transparent and open, no backdoor activities.
File Storage Security: When data is shared across the network it makes necessary data unlikely to get lost and reduces the threat of hackers significantly. Important decisions, for example, who should be allowed access to file storage and how users interact with the storage, all such commands rest with you. So it is secure.
How Blockchain Secures your Data Storage?
Well, the foremost thing any business owner would want to know is, how secure is his data storage? After all, what it stores is important transaction information, users’ privacy and loads of other information. To counter privacy breaches, hackers` threats and data exploitation and stealing attempts, what Blockchain does, instead of storing data in one centralized location, which can make storage vulnerable to these threats, it records data and stores that data across the computer networks, hence making it difficult for data-hunters to hunt down the data storage. It uses most advanced encryption technology. So what`s key to the security of data on Blockchain is its unique feature called decentralization?
For financial purposes especially, there hasn`t been the advent of any remarkable technology than Blockchain development. It reduces the role of middleman to zero as per the transactions is concerned. What was the norm earlier whenever a transaction was being made between two persons, in order to make that happen, they had to pay a fee to the third person to get it done. It just made that simple.
It works silently. Its operations are covert. Whenever a transaction is made, it stores data so instantaneously that leaves no time for anyone to alter the data, or to meddle with it. That makes it manipulation-proof. When a report came that $ 1 billion would be invested in Blockchain to develop it further in 2016, from then on it has dominated the market with more companies adopting it.
So what we get out of this discussion on blockchain development is that, when deployed in a company, it can potentially revolutionize the business. It reduces the cost that makes the profit go up. It reduces the time that saves you plenty of hours annually. It makes transactions secure and easy and removes middleman`s role completely. A best digital ledger possible is blockchain, it is autonomous, decentralized and records everything valuable to your company on its own.
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