Blockchain was the buzzword in 2017 -18 when debates centered around latest technology trends. Although it is not new terminology, blockchain and its other variants of distributed ledger technology do create a potential impact on businesses, which a lot of industries are slowly starting to realize. In 2019, Blockchain will be debuting in many industries and it may also become an integral part of people’s lives.
Enterprise blockchain is the use of technology within the business, which has the potential to monopolize the real-world projects in the short-term. World’s most powerful and inventive specialists like IBM, Oracle, and Amazon are running on blockchain related administration and by 2026 end, the global blockchain technology market is predicted to reach up to USD 16.82 billion. In near future, blockchain technology will give us a new approach to mobile app development, making it more secure and accessible while simultaneously providing aid in data sharing, simplification of revenue cycle reconciliation, and supply chains.
What is Blockchain?
Blockchain, in simple terms, is a global public immutable ledger or database that is managed by a cluster of computers and not by a single entity. In fact, it is democratic in nature. Since the data shared is in immutable format, the data information is open for anyone and everyone to access. Therefore, anything built on Blockchain technology is transparent and everyone involved in it is accountable for its actions.
The data stored is called ‘Block’, and each of these block stores detailed information about every transaction, which enables companies to prove the security of their documents. It is an ingenious way of transferring information from one point to another in an automated and secure manner.
Each of these blocks is secured and bound to each other through cryptographic principles that are commonly known as ‘Chains’.
Strategic Importance of Blockchain
Since its inception, the technology has been widely associated with finance because of its connection to cryptocurrencies, which made most industries to view Blockchain as a technology reserved only for the fin-tech industry. However, if we explore, we will find that the solicitation of this electronic ledger is much vast than cryptocurrencies.
It is a building block for many industries presently, since it acts as a legitimate ledger data structure. Apart from bitcoins and transaction records, blockchain has many more functionalities, most prominently allowing digital data distribution instead of data copying.
There are no centralized databases in a blockchain. It ensures that no one individual or party in the system has the power to modify or tamper with the data. It also removes the need for a third party or central authority to authenticate or process peer-peer transactions and hence increases transparency.
Blockchain technology has been hailed as revolutionary and can dramatically lower cost, increase speed, and present transparency of all transactions. Take, for instance, a typical stock purchase or bank wire transaction. The transaction can be executed in minutes but the settlement — the ownership transfer of the stock or funds — takes a few business days. This is because the parties have no access to each other ledgers and therefore cannot automatically verify that the assets are in fact owned and can be transferred. A number of intermediaries (i.e. banks, escrow, credit card companies) act as guarantors of assets as the transaction is verified and the ledgers are individually updated. On the other hand, blockchain transactions reside on a public ledger and are not controlled by a central authority. Decentralizing control removes the need for intermediaries and middle-men. As a result, these transactions can be executed and settled between both parties in minutes with verification that is transparent, public, and validated by the network itself. Whether an emergency or just a normal transaction, this is particularly advantageous where the transfer and receipt of funds are required immediately. While this is just one example, these benefits will collectively alter existing business processes, disrupt industries, and create new business models; similarly, as the Internet did during the digital revolution.
Blockchain in Mobile Apps
Mobile apps based on blockchain technology prove to be an indispensable asset to all industries – it provides ways to reduce cyber-crime, improve liquidity, and free up investments to help improve businesses steer their operations.
Whether it is digital currency or smart contracts, blockchain has the ability to enhance supply chain management and provide streamlined quality control, by creating, negotiating, and verifying digitally abridged contracts.
It doesn’t matter which industry you are from – whether your company is a legal one running on the governing laws and regulations of the country or whether you are from the manufacturing industry – blockchain technology will improve product tracking, boost productivity, refine efficiency, and increase transparency with government officials. In fact, it allows accessing of personal information across all the industries with authentication.
However, you must invest in a global mobile app development company to best leverage blockchain for your app development. This is because talented blockchain technology developers are scarce. So, you must invest in a company that has the right blend of expert, infrastructure, and pricing.
The Impacts of Block Chain on various industries
Blockchain can be used in various aspects of the business Different industries, with shared business processes, including healthcare services, financial services, retail, and manufacturing must entail blockchain technology to rise above the competition and grow beyond boundaries in 2019 and forward.
Industries that are recognizing Blockchain’s influence and structural integrity include:
Banking
The financial service ecosystem is structured and quite complex. With Blockchain backing the crucial elements, banks and other financial service providing companies can install enhanced accuracy and information sharing by turning to a digitized and tamper-proof ledger. Some of the immediate effects of blockchain on the financial and banking sectors are:
- Reduction of fraudulent activities and combat cybercrimes
- Creation of smart contracts to execute transactions
- Simplification of the KYC process verification and bringing down compliance department administrative cost
- Reduction of operational errors and frauds of trading platforms
- Fortification of security and lower costs for processing payments
Healthcare
Data security across various platforms is an impending and challenging task that most healthcare facilities face. With blockchain at the tail, healthcare providers, patients, and third-parties can share access to their network without compromising on security. Examples include data storage and verification platform for comprehensive data security.
Retail
Trust is the most valuable asset in the retail world. Customer trust can be enhanced through blockchain. For instance, blockchain can attach the trust to sellers than to the site itself (taking Amazon for example). Startups can develop decentralized utilities to connect buyers and sellers without bringing in intermediary and incurring more charges. With utilities, customers can buy products using available cryptocurrencies and sellers get paid through Bitcoin, while all the data gets distributed across the global network ledger instead of getting stored in a centralized database.
Internet of Things (IoT)
IoT is a recent development in the technical realm and many companies are banking on its features, functionalities, and platforms to regulate growth. Currently, the IoT ecosystem relies on the server/client paradigm. However, with more IoT rising, millions of devices will want to interact among themselves or their users, which will cause more issues to surface.
Blockchain explores possibilities to resolve these problems by considering importing core concept of peer to peer messaging. Blockchain will allow gamut of IoT network devices to share the same network without the need for supplementary resources. In the future, blockchain will denote IoT with decentralized and autonomous networks.
Remember, if your business falls under one of the aforementioned industries, know that Blockchain will indefinitely transform the face of your business. You just need to harness the power of blockchain’s innovative ways.
What CG-VAK Blockchain Expertise has to Offer
You now know how Blockchain is changing businesses and how rapidly enterprises are harnessing their powers. Developing and deploying blockchain solution could be tricky unless a team who excels in it develops it for you and supports you. CG VAK’s expertise in Blockchain fits in the business realm in a number of ways by filling the gaps to resolve enterprise problems:
- Decentralize compliances and communication in permission and cook-proof system.
- Help protect data from manipulation through immutable ledgers, so that data once recorded cannot be changed, which is the number one reason for cybercrimes. What’s more? If ever your data is being attempted to modify by a hacker, the data ledger hash will change instantly, which will give time for miners to detect the hacker.
- Improve interoperability between systems by establishing a connection between ledgers using various new-launched inter-ledgers.
- Help keep the throughput time low, especially in enterprise blockchain functions.
- Help companies predict and lower operational cost. We develop apps that work on cost-effective platforms on a stable and predictable transaction cost.
You can only be deemed as a true winner in 2019 and forward if you deploy blockchain driven enterprise solutions and services. For that, you need a blockchain driven software and expertise. All you have to do is contact https://cgvakindia.com/contact-us/ the blockchain experts of CG-VAK and discover how we can help you simplify your goals and build a Blockchain Enterprise system.