Blockchain is a digital ledger in which mainly used for secure transactions between different blocks that record each transaction and stores the transaction information in Blocks permanently. Bitcoins are mainly used to do transactions. Concurrency is mainly used to perform a transaction between two blocks.Blockchain is the latest technology that has a huge impact on every sector including IT sector, Business Development, Marketing, Branding and Public Relations etc.
Blockchain is currently in use, where many IT companies follow the Blockchain principles and apply Blockchain technology in their projects. Blockchain has its pros and cons, where the major advantage of Blockchain is Security in Transactions. Peer to Peer communication is done using Blockchain technology. Learning about Blockchain will eventually allow any aspirant to acquire strong awareness on Blockchain technology. Blockchain was majority using in US and UK. In a recent report, many organizations in India also implementing Blockchain technology in their projects.
Advantages of Blockchain:-
Blockchain helps in auditing like recording the transactions and saving in the directory. Performing auditing in a most sequential way as it solves the problem of storing and retrieving data from a repository. Many Organizations use blockchain technology in auditing section to have secured results.
Quality Assurance –
Blockchain offers a definitive, contiguous ledger to immediately identify the problem. Any issue relating to Quality Assurance will definitely hinder the manufacturing unit and results in decreasing the workflow. Blockchain technology helps in to identify the issues in organizations and recall the prior investigation and offers the quality assurance of product.
Smart Contracts –
Smart Contracts enables large organizations to handle a large number of transactions that run across supply chains. Smart Contracts Integrates services for different companies without divulging information. Smart Contracts have a unique way of performing transactions between two organizations.
Supply Chain Management –
Blockchain can track materials and goods in any organization. Mainly online stores and the Retail industry follows blockchain technology to track the business Outflow. By using Blockchain a business owner can have a greater view of the Business. Thus Blockchain has a greater impact on Supply chain Management.
Security and Commodities –
Blockchain delivers a quicker solution to Trading and Commodities. Previously traditional way of delivering commodities was done but now Blockchain helps organizations to ensure quicker solutions in trading. Main stock trading was involved with blockchain to get speedier results and transfer money through a secured network called Blockchain.
Blockchain has its own importance in every industry where many organisations are implementing the blockchain technology in its own way.For Business Development,For Startups,For Auditing,For Trading etc.Thus Blockchain in coming years will sure benefit small scale and large scale organisations to greater effect.