Blockchain's Arsenal for the Future of Business
After taking the technological realm by storm, blockchain has been prepped to lead most of the innovations in the coming years.
Cloud technology brought the concept of virtual infrastructure, reinventing the way on-premise mainframes were pursued, and now, blockchain has taken the baton towards a new era of digital innovation that brings decentralized data structures to the table. Serving as a proof of concept with bitcoin and similar cryptocurrencies, blockchain essentially proves that a decentralized data model enables organizations to move away from the threat-prone on-premise infrastructures.
Starting with the decentralized model that potentially allows data to be distributed across networks rather than being stored at once location, enhances the security and privacy of data; the ability to access data remotely serves as an added benefit to the decentralized model. Employees can be designated with contracts and rightly get paid, owing to the distributed network created within the shared ecosystem. The transparency and the immutability of the network bring homogenous data exchange that eliminates any discrepancies of communication, enabling the data to remain unaltered and unadulterated. Additionally, the documentation and the ledgering can be simplified with an analogous record, maintained throughout the network, reducing clutter and complications.
Banking as a business can be taken as one of the many examples to describe what blockchain holds for the future: Consider a distributed ledge of all the monetary transactions made by a particular customer. It is impossible to tamper with the financial resources stored over the blockchain network as each transaction serves as proof for where the money has gone, and from whom it has been sent. This concept can revolutionize business, making them transparent and intangible.