Think of cryptocurrencies and the first thought popping on your mind is Blockchain, so what is blockchain? Blockchain is a shared entrenched ledger that enables processing of transactions along with tracking the assets in a business network. On a blockchain network you can trade anything that is tangible or even intangible that too with an added benefit of risk reduction and cost reduction for all parties involved.

Information is equivalent to gold in today’s time and age, hence it is critical for information to be received by the recipient in a fast and accurate manner. Blockchain resolves this issue and focuses on delivering this information immediately to the recipient stored on an entrenched ledger that only members of that network have access to. Blockchain network has the ability to track orders, payments, accounts, production and lot more. The fun part is the absence of an intermediate or middle man like a banking institution in most financial transactions which in turn allows all the parties involved in the transaction full ability to view the transaction end to end. The ability to view the transaction end to end enables greater efficiencies, instills confidence with parties involved and has the potential to create opportunities.

1. Distribution

2.Encryption

3.Immutability

4.Tokenization

5.Decentralisation

Blockchain is a block of data connected with each other, every amendment or revision of a data block creates a new block. Each block of data is chronologically connected to the previous block and the one after. Each block strengthens the verification of the previous block and the entire blockchain. It is almost fully tamper proof since it builds a ledger of transactions with every participant or contributor in the associated network.

Blockchain and distributed ledger technology have the potential to create opportunities for businesses by reducing the risks, costs, creating cost efficient transactions and secure contract fulfillment.

Blockchain is truly revolutionary but businesses wanting to adopt blockchain should do a thorough analysis whether they really need blockchain or not to achieve their objectives. Conventional databases often have a edge over blockchain when it comes to speed and performance so it is critical to have a deep dive on business needs.