A Blockchain is a process of maintaining a continuously growing volume of records called blocks. Each block in the chain links to the previous block and has a timestamp. Every additional block added to the chain has to be validated and this whole distributed database is monitored by a peer-to-peer network.
A block chain is resistant to any modification of data retroactively. Any single alteration at any point means that all subsequent blocks have to be modified within the network. Hence, by design, Blockchains are resistant to changes and are very secure. This is why the method is now widely used for recording of events, identity management, transaction processing, maintenance of medical records and other records management activities.
How do we at One Stop Blockchain and Cloud Solutions use this technology for the benefit of our clients?
- Through Blockchain protocols we help businesses find innovative solutions to their digital processing functions. These include but are not limited to digital currency and payment systems, implementing prediction markets and enabling crowd sales.
- Blockchains have the potential to reduce financial fraud and other business risks as data in the network cannot be manipulated. Thus the need for a trust service provider is considerably lessened.
- Blockchains automate a number of processes and thus help to speed up business efficiencies. Thus transactions that were previously tedious and time-consuming and done manually are speeded up. Functions such as collecting taxes definitely stand to gain through the implementation of Blockchain technology.
- Easy execution of contracts is another highlight of Blockchain technology as these can be partially or fully executed without human interaction. However, since this is an emerging technology, the legal aspects of this contract issue are yet to be established.
Originally, Blockchain was devised for digital currency Bitcoin but till date, other useful avenues have been found for making optimum use of this technology. What has further added to its importance is that it allows digital information to be distributed without being copied.
Call us now to know more about how we use this technology to maximise your business needs and solutions.