Understanding Blockchain

Have you often wonder what blockchain is really all about and how it applies to business?

It’s a bit mystery for everyone to know blockchain.

A couple of things will help you understand and answers question on blockchain. To make it simple, it is a ledger that provides immutable record of transactions which makes your particular process transparent. Right now, we are relying in centralized databases but just imagine if you have shared database between your self and other parties that records would available for you look up anytime and check. And so by keeping a single system of truth which is the blockchain, it is now possible for you to be on the same page. The greatest benefits of blockchain is that you can do things without intermediaries that charge you a fee in performing activity. Great example of this is the banks which occasionally involved in payments.

With blockchain technology, its possible to make transactions directly from one party to another removing the involvement of third party such as bank. For businesses, it means reconciliation of transaction can be automated. Invoice claim can be hand simultaneously. Some people might be thinking, is blockchain and cryptocurrency obviously or closely link. But until now, developer are still on the stage of exploring the possibilities and potential of blockchain.

About the author

Jeremiah Gan is a Filipino Entrepreneur and currently the Business Development Officer of Bitshares Labs, Inc., a blockchain and web technologies company providing solutions to various businesses in the Philippines.

Comments

  1. Blockchain is indeed the future…so many things can be implemented or added to the Blockchain to make our lives easier to secure information and to stop fraud ….

  2. I find that blockchain technology is truly the wave of the future. It can be retrofitted to work in so many areas of business with direct contact in a peer to peer way by cutting out the middle man which make for a much more smoother transaction.

  3. The blockchain is truly amazing and I believe will be used not only for cryptocurrency in the future, but for just about anything where a record needs to be kept. The only problem with the blockchain is, that it is so huge, it becomes very time consuming for people to be able to sync with. It could take months to sync to the current blockchain. A way has to be found to be able to download the majority of it and then the synchronisation will be much quicker.

  4. I’ve been using blockchain for several years and overall the site is very user friendly. I’m hoping in the future they will allow USA customers to buy and sell bitcoin again.

  5. The blockchain is the future and it has already started, many companies are already starting to use it for the organization and transparency of the orders, especially big companies that move tons of merchandise. it is truly an amazing discovery and there is nothing else like it.

  6. I think even though many people have heard about the Blockchain, there is so many many applications of it, that we are only beginning to scratch the surface of all it will enable us to do. Walmart is now using it to track their food chain supplies, and fix the problems when they occur. They are able to track a product from A to Z in real time – time stamps knowing exactly where something went bad along the way.

  7. One thing that many people don’t seem to appreciate about a blockchain is that because the data is distributed worldwide to a large number of computers, it becomes almost impossible to hack that data. This will allow for legal documents to be attached to a blockchain and will forever prove that what was said or invented/created indisputably happened when that publisher said it will happen. This may cause an explosion of blockchain use by almost any company.

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