February 19, 2018

Implementations of the BlockChain Technology

Blockchain technology ensures transparency in all business activities, be it financial or otherwise. It safeguards the entire business transaction from the point a service is requested for, to the time it is rendered, up till the final payment is made. Activities within the blockchain are not just added to the chain, each one is checked accurately at the network nodes before it is added. This ensures consistency, transparency, integrity and security of all data in the network.
Because all information stored on this network is decentralized, business activities and data involved cannot be monopolized by one force. The Blockchain technology instills the equal interplay of all the forces in the business market, relationship or deal. Because blockchain is democratic, self-regulatory, secure and decentralized from inception, it has been implemented in diverse ways to ensure better business performance. Here are some of the popular implementations below:

Smart Contracts
This is the implementation of Blockchain to monitor and ensure credibility in all business deals. In this particular instance called smart contracts, a set of programming instructions are encrypted as blocks that must be executed before a particular contract is concluded. So, in a business deal, a smart contract is created to ensure that all the conditions for transaction are fulfilled before funds are released.
A good example is the case of an escrow system used to monitor the contract existing between a freelancer and the client. The guidelines and terms of contract are coded into blocks, which are verified on the nodes of the network. Its complete execution determines the completion of the contract and release of funds to the freelancer. With the blockchain smart contract business can be transacted with ease, there will be no need to worry about being paid during and after executing the job. All the requirements are keyed in as blocks added to the chain, whenever the next stage is accomplished, all releasable are paid out.

Financial risks and loses can be greatly minimized with the use of the blockchain technology within the financial sector. Contracts and settlements can be digitize with this new technology using systems similar to the one mentioned above. But unfortunately there is still a widespread of financial transactions done the old fashioned way prone to lots of errors, hacking and inconsistencies.
With this technology in place in the financial sector, all processes and data storage will be decentralized and electronically based. This will enhance periodical checks and balances that will promote the integrity and consistency of data.

Cloud Storage
With blockchain technology implemented in cloud storage, the future is filled with lots of promising possibilities. The current trend of cloud storage monopoly that can be hacked and corrupted will give way to an open-source, democratic, secured and decentralized storage and access to information.
There will be no need for a middle regulatory body that acts like a “Data Lord”, because data processes would be transparent, trusted, failure-free and accurate. This is the outcome of implementing blockchain in cloud storage.

No comments:

Post a Comment