First published on the blog of the Society of Internet Professionals (SIP). SIP is a not-for-profit, Toronto (Canada) based International organization to connect, learn and share. Our Vision is to provide the opportunity to leverage technology to have an inclusive future for everyone. Since 1997, SIP has spearheaded many initiatives, educational programs, and networking events.
Blockchain, the database underlying the bitcoin and other cryptocurrencies transactions is shared by all nodes present in a system. During the transaction, every connected computer receives an instance or copy of this chain with data records. They provide proof of every transaction which takes place at every network location and address with their corresponding costs and benefits.
So, why would a business incorporate blockchain? Since it presents several powerful features, as described below, this progressive technology opens extraordinary ways to develop new fields and solve current matters.
Being a distributed database, blockchain operates as an open electronic ledger. It contains the records at each location allowing transaction transparency and ease of processes. Consequently, it leads to simplifying business operations for the parties involved in each transaction. Thus, one can evaluate the returns based on the values committed to every particular location of the blockchain database.
When during the existence of a transaction many steps exist and data records prove necessary to synchronize with the company or industry business model, blockchain supports creating unchangeable and permanent records in the chain. They are easily viewable depending on the security access model used. They are not dependent upon a centralized hub and the blockchain permits the generation of immutable records for every transaction passing through different states within the database.
Problem Solving putting Business and Organizational change First
Due to its flexible, dynamic and powerful structure, blockchain allows change in your business and organizational models to successfully complete the expected goals. By using the right approach to analyze and act first and foremost on the business and organizational structures in order to change aiming for improvement, this avant-garde technology can be engaged with outstanding results in resolving current industry issues.
In the current economy, one finds numerous business processes which carry the burden of costly intermediaries who provide no value. Blockchain technology provides a fertile place for introducing and utilizing it eliminating steps which do not add meaningful value and which benefit the industries currently requiring intermediate channels.
With above-mentioned aspects suitably applied in various circumstances, the blockchain technology that provides the base for cryptocurrencies transactions inaugurates and could successfully expand in all fields and industries while having a profound and prevalent impact.
Author: Cory Popescu