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.