What is Blockchain ? And it's beneficial impact on business
The blockchain is an online ledger system which automates the process of one to one transaction without any requirement of an intermediary system like banks. This technology is lying under Bitcoin and other cryptocurrencies.
Blockchain technology is a little complex at this time to understand completely but if we take an example of a transaction between two persons. Blockchain allows us to write codes for making an online transaction between the two which will comprise of the deal policy they want to incorporate.
You can collaborate with the vendors, customers & competitors in a way you have never done before. Blockchain removes the need for third-party validation and authentication to manage and close the deal. It enables trust between the two parties through online coding and automation process of transactions and ledger management. Blockchain can disrupt not only financial sector but also other industries like Property, Notary services, Contract services and others.
Benefits of blockchain to business industry:
a. Reduce cost and complexity
b. Trusted record keeping
c. Improve discoverability
d. Shared trusted process
e. Increased speed of execution
f. More trust in deals
g. Increased transparency and efficiency in deals
h. Risk management improved through real-time updates of all contract
IN BRIEF, Blockchain is the future technology, which is required to be understood in depth by the organizations on how they can use it, but as of now, it can be considered the most disruptive innovation after the internet.