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What is Blockchain? How Blockchain is Beneficial

Published Thu, Oct 21 2021 09:28 am
by The Silicon Trend

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What is Blockchain? How Blockchain is Beneficial

Blockchain is a shared, permanent ledger that smoothens the process of asset tracking and transaction recordings in a business. Business runs on data, and the faster it's received, the more enhanced the company. Hence, if your top priority is to enhance your business, then Blockchain is the only choice of providing faster, shared, and transparent data storage on the ledger that can be accessed by permission-only members.

 

 

Blockchain in Fintech

Financial sectors are under extreme pressure to explain regulatory compliance, and some are moving according to the trend by adopting Blockchain. This tech can be incorporated into the supply chain to sign and manage contracts. The disruptive expansion of the technology will evolve from the public and private blockchain convergence to an ecosystem where suppliers, companies, and consumers can collaborate securely and virtually.

 

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Blockchain in Education

A financial service proficient at Luxembourg University - Prof Gilbert Fridgen, came up with leveraging a distributed ledger system to track the degrees and certificates issued by the universities. The critical point is that no other companies or organizations would be responsible for this; instead, the ledger copies will be handled by multiple individuals and/or parties to check their own qualification records for accuracy.

BBC probe back in 2018 highlighted the circulation of numerous fake degrees; hence a decentralized system tracking the qualifications might attract workforces. During that time, the tech to have benefits or attain popularity was a hurdle. No matter how big tech is, Corrupt people won't be easy to stop the addition of fraud data to the Blockchain.

 

 

Blockchain in Logistics Sector

The integrated logistics company Maersk utilizes blockchain tech in TradeLens, a new form of system in 2020 that tracks custom documents on goods shipped globally. The main focus was that the shareholder in the process - from the port to the customs authority- can easily be looked up that affect the shipments.

The firm said, each day, 10Mn shipping events were registered, and unlike bitcoin, TradeLens leverage permissioned Blockchain. Additionally, like the TradeLens, other techs like the cloud-based ledger database can encrypt data and maintain the information access.

 

 

Blockchain for Digital Tracking and Voting

A Swedish govt agency - Lantmateriet, offers data on the country's property and geography. One of the projects tested by the agency using Blockchain was in the real estate sector. The tech was developed to track documents before the property sale. During the digital sale tracking, banks, buyers, sellers, and brokers could participate in the process.

In 2018, the Thailand crypto company - Zcoin leveraged Blockchain to cast digital votes during the democratic party election. Rather than counting the votes, Zcoin was in charge of collecting the ballot through the blockchain platform. Votes were either made at the polling stations or through apps, where people must submit their own photos before vote casting.