Technology has affected and reached each and every aspect of human life. It has helped in creation of certain software and applications which have reduced human effort to a great extent. One of such of inventions is the blockchain technology which has touched every type of business equally. Blockchain is termed as a digital ledger where information is stored and not copies. Data stored can be transmitted over the internet at greater speeds and efficiency.
Dissecting the meaning of the word Blockchain in terms of technological solution:
- Block refers to the data which is stored and transmitted. It is the digital information which can be anything ranging from currency amount to simple date and time of a transaction.
- Chain refers to the network or medium through which the information is transmitted from one person to another.
Blockchain technology uses a decentralized system of sharing and transferring units or information which is of value for both the parties like money. Moreover, the best feature of blockchain is that the network is not owned by a single entity. The system can be accessed by anyone but it cannot be altered. The information transmitted through this technology acts as a proof of transaction. As more and more blocks are created and added to the network, the more secures the network becomes.
Initially, blockchain was used for monetary transactions but with the passage of time blockchain service providers in India have helped in adoption and use of such technology in various spheres. It can be used for following purposes like:
- Asset management and trading
- Financial services and remittances
- Healthcare in order to maintain proper patient records for easy remittance.
- Entertainment industry where digital content like music, movies and books can be distributed safely. The technology helps in protection of digital content.
- Government voting system where votes can be stored upon the blockchain network.
- Internet of things which help in inter connectivity of applications and devices of daily use using a wireless network.
Numerous Blockchain technology providers are engaged in providing such services and creating solutions for the business enterprises. Such companies help in creation of blockchain applications which can used by business organizations for performance of various tasks like recording of data, payment, client identification, asset management and trading transactions etc. Many startups have emerged who are actively using this technology to provide solutions to the problems business face in the 21st century. Moreover, certain companies provide blockchain consultation services in order to help their customers understand and adopt the technology for greater efficiency and profitability.
Adoption of a new technology in any business requires planning and support from the whole management. However, once adopted the up gradations can help in managing the work more efficiently. Various blockchain as a service providers are creating solutions for businesses which can help them improve their productivity. They employ a team of well experienced and trained individuals who are appointed for guiding companies and make them understand the blockchain technology. Due to hesitation in adoption and lack of understanding, Companies may fail to use this technology. It is important to make business companies understand the benefits of such technology which are revolutionizing every sphere of human life.