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BLOCKCHAIN AND ITS BENEFITS IN INDUSTRIES

INTRODUCTION

Right after the introduction of Bitcoin in 2009, blockchain technology has advanced greatly.Several industries are slowly discovering the benefits related to blockchain technology and are trying to incorporate it with their companies as much as they can. 


From the music industry to the health sectors and many corporations are finding out the technique to integrate blockchain into their frameworks. The decentralized nature associated with blockchain technology is beneficial to achieve better security, transparency and easier traceability.


HOW CAN BLOCKCHAIN POWER UP INDUSTRIES

Blockchain technology is not limited to the transactions of cryptocurrencies. There are many advantages that blockchain can provide to businesses in various industries through its circulated and decentralized nature. Let us discuss them below:


1. Increased transparency - one of the major issues that most industries deal with is transparency. To enhance transparency, different organizations have attempted to implement more rules but, it seems like nothing could ever provide 100% transparency.

  • By implementing blockchain in industries, they can go for a decentralized network where there will be no requirement for a central authority thus, improving the transparency of the system.
  • The peers that are present in a blockchain are responsible for performing transactions and authenticating them. Every peer is not a part of the consensus procedure but, they are free to select if they want to be a part of the verifying procedure.
  • For large organizations, transparency has larger implications. Governments can employ transparency in constructing government processes or even conducting votes.


2. Enhanced security - blockchain technology deploys advanced security as compared to different platforms. Every recorded transaction needs to be agreed upon in agreement with the consensus method.

  • All the transactions are encrypted and have a genuine link to the previous transaction using a hashing procedure. The fact that every node has a photocopy of the interchanges that took place on the network further enhances the security. 
  • Therefore, if any person with unfair intentions ever wanted to bring changes in the transaction, there will be no chance for him/her to do so as the other nodes will discard the request to do transactions in the network. The data written in a blockchain cannot be reversed or taken back due to its immutable nature.


3. Cost is reduced - businesses tend to spend a lot of resources to enhance and manage their internal systems. For this reason, they prefer to reduce the cost and put the money into something that will improve the entire system and give them fruitful results.

  • By implementing blockchain technology, organizations can reduce the total costs connected to third party vendors. As the blockchain system is not authorized by any central body, there is no requirement to pay for extra vendor costs.
  • Additionally, little interactions are needed when it comes to authenticating transactions, removing the need to spend money further. Crypto trading requires a lot of planning, the The News Spy can be useful for beginners.


4. True traceability - by implementing blockchain, organizations can focus on producing a supply chain that works with the suppliers as well as the vendors.

  • In the conventional supply chain, it is difficult to trace items that can give rise to several problems, that include thieving, losing goods etc. 
  • Blockchain systems can also bring better efficiency and speed. It can reduce the time-exhausting process and also accelerates efficiency.


ADVANTAGES OF BLOCKCHAIN:

  • It ensures better protection with the help of an intense security system.
  • Threats and hacking are reduced drastically.
  • Tracking is easy due to the increased transparency.
  • With the help of Blockchain, any transaction becomes faster among organizations.


CONCLUSION

The energy sector as well as the real estate sector have highly benefited from blockchain technology. Blockchain technology not only resolves major issues but also imposes trust in the system.