It would be technically incorrect to say that blockchain technology is new, since it has been around since 2009, supporting the super successful Bitcoin. However, the buzz of blockchain took some time to reach out to the technical world. But now that it has, it is taking the IT environment by storm. The technology holds great promise for a range of industries and we, at arodek, are preparing tailor-made blockchain solutions that fit each industry’s needs and functions.
Why is blockchain the current talk of IT town?
It is so because it is powerful enough to be highly transparent and highly secure simultaneously, a trait that is unique in the world of IT. A blockchain is a distributed digital ledger of transactions, the contents of which are verified and agreed upon by a network of independent actors. Transactions are recorded in a series of blocks that gives a clear timeline of who did what and when. Nodes or computers connected to the blockchain network get updated version of the ledger as and when new transactions are made.
Since each block of transactions is cryptographically linked to the previous block, it is extraordinarily difficult to change data stored in a blockchain thus making it immutable. For a new piece of data to be added to the blockchain, the independent verifiers must come to consensus about its validity. So, any “edit” or “update” on data present on blockchain has multiple layers of verification which makes the platform tamper-proof and robust against any fraudulent activity.
Smart contracts, digital agreements with predefined conditions, are programmable conditions within a blockchain that allow an action to take place, only when met favorably. This is a show-stopper feature that regulates agreements and monetary transactions between parties. It can streamline communication between involved parties through execution of a single document where terms have already been set thus reducing the time frame of operations and risks of loss.
Blockchain in Supply Chain - The phenomenal blockchain technology has entered the world of Supply Chain to make way for better and safer transactions. It can disrupt the way we produce, market, purchase and consume our goods. Brisk execution of purchase orders, easy invoice processing, minimal need of payment reconciliation, eliminating counterfeit or loss of goods are few of the many advantages blockchain promises the supply chain industry. Contracts between parties can now be made digital and automated eliminating the need for voluminous paperwork, associated errors, delays and risks of fraud. Substantial business value can be delivered by increasing transparency, reducing risks and improving efficiency and overall supply chain management using the blockchain.
Blockchain in Real Estate - The dynamism of blockchain is capable enough to question the traditional methods of the real estate sector and deploy better and beneficial tactics to reduce hidden transaction costs, property rights opaqueness, incongruent information, tax variations etc. Concept of tokenization, i.e. converting rights to an asset into a digital token on a blockchain, is gaining popularity as it eases property investments and ownership transfers. The heavily negotiable contracts and agreements can now be made straightforward by coding them within the blockchain and automating them as smart contracts, thus reducing the frequent delays of operation that real estate industry is infamous for.
Blockchain in Education - The education sector is not behind in realizing the blockchain potential of this era. It can help schools, colleges, universities to function in a streamlined manner by accessing candidate details from a shared database for verification purpose. Students can benefit from an easy certificate issuance process driven by smart contracts on completion of their course and also establish self-sovereignty of their degrees and diplomas. Additionally, a student’s stored e-portfolio on the blockchain can help accelerate processes in banks to verify candidature for an educational loan; and the very same e-portfolio can be accessed by an employer to scrutinize the candidate’s suitability for a position in his organization.
Our full-proof blockchain solution is equipped to maneuver industry operations with efficiency and optimization. Kudos to the impeccable security feature, a transaction once captured, is there to remain within the network, forever, without threats of alteration. You are in control of each element of your business once you are blockchained.
- Increased traceability
- Promoted visibility
- Reduced administrative costs
- Lowered losses from counterfeit products
- Reduced paperwork