Blockchain is more than a name. It's a revolutionary technology that can be used to solve many digitalization problems for businesses around the world. This technology is making positive, ground-breaking changes for every industry.
Blockchain technology is a digital blockchain that records all types of transactions in a way that is safer than most databases. After each transaction, the blocks are duplicated and distributed across the network. This makes them more safe and reliable to allow industries to interact with other parties without having to involve a third party.
What does it mean?
The creation of the first blockchain block is where an owner registers a product and all relevant details. By default, the block contains a Time Stamp which records the date/time of the transaction.
It also contains a hash, an encrypted key specially generated for the block, Rootkey and the body where product details are stored. Any product traceable can be tracked using the product details and details of the manufacturer, wholesaler and retailer.
The first block is created, and the subsequent blocks are stored as blocks. Blocks can be linked together through the "Hash", creating a blockchain. Blockchain technology has one unique feature: each transaction is duplicated and distributed across the network so that everyone involved in the transaction has a copy. It is impossible to hack blockchain technology, making it secure.
All individuals can access the information in the block in real-time, but only the owners of the block have the ability to modify it. It is impossible to hack into the blockchain so no third party can change the status or details of any products. This makes it impossible to alter the authenticity and details of products.
immutability and accessibility are just a couple of the key features of blockchain technology.
Any industry looking to grow would be compelled to embrace all of these complex features of technology!
Blockchain is used in many different ways around the world.
Its Track & Trace solution improves visibility over the product supply chain. The solution displays all details about the product, right from the manufacturing unit to its final destination. The application scans the product code and confirms its authenticity. This has increased trust among customers and helped organizations to see the benefits of blockchain technology.
- Any product not belonging to the brand it claims or any product copied, scanned two times, is immediately brought to the customer's attention. This will eliminate counterfeit products and increase brand revenue.
- Blockchain applications can be used to highlight issues such as theft or sale of original products by the owner. It displays the name of the original owner and the address of the store, making it clear to the customer that the product might have been stolen. This prevents fraud.
- Blockchain technology is a reliable and secure digital ledger that allows any business transaction to be done without the involvement of trusted third parties. This saves time, energy, and resources. This has led to increased trust between the parties, improved transactional communication, and expanded their network. Businesses could experience significant growth if they have more connections, collaborate, and partners.
- Blockchain technology allows for the digitalization of assets. This not only helps to protect their ownerships but also keeps a detailed record of every detail pertaining to the asset. Blockchain allows certain assets to move quickly across digital platforms. This increases the liquidity and makes it easy to transfer ownership. Asset digitization is one of the most exciting applications of blockchain technology.
- Programmable contracts are executed only when certain conditions are met. This reduces delays and fraud. Blockchain Smart Contract has been proven to be the most reliable digital contract. Smart contracts save time, are efficient, and keep transactions fair between all parties.
These are just a few of the many uses blockchain technology has. The world is moving towards a digital transformation, with more businesses utilizing this powerful solution for their businesses.