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.

  8. Another information boots to remind us how Block-chain can can be so valuable compare to the system today. A single system to share between yourself and others without Fees charge by a 3rd party that got to be less stress knowing Truth is right there in front of your face by you checking anytime you want now that is awesome.

  9. Crypto is a great introduction of blockchain to the masses. I see many possibilities with Blockchain in other industries. In the future, our city governments need to adopt blockchain. If they did imagine the amount of fraud that would disappear in many branches of government.

  10. While I understand and appreciate the effectiveness and many of the applications of blockchain, its still does present some challenges that, like some have observed, may in time present drawbacks, especially with the data storage and transfer volumes involved. As every transaction ever done on a particular blockchain is retained and can be accessed, after a period, the amount of data attached to that blockchain can become a hindrance. I’m sure this is being investigated, but it is also one of the reasons that cryptos like BTC go through hard forks. As with all new technology, there are always bugs and challenges to be ironed out!

  11. This blog on blockchain help me understand its many functions and how it can help the many functions in business as well with the Government functions. Its like having your own personal ledger in a global sense without all the cost.

  12. I love blockchain technology because it is so innovative, effective, practical, and SECURE. Blockchain is not all about Bitcoin either. It has the potential to revolutionize the way numerous industries operate. It will completely change how legal documents are produced and handled. Blockchain will completely change how product inventory and tracking is handled, which is why Amazon submitted a patent a few years ago for a particular blockchain system and their patent was recently approved.

    The real estate industry will be positively affected in a major way as well. The transparency and superior security that blockchain provides will is spectacular!

  13. I am finally starting to understand blockchain. What I am still working on is understanding all of the ways that the world can benefit from blockchain and can use blockchain. What can be built that will work better, and be more accessible. Still learning, still studying. Another part of my life long learning. Thanks for this article and clarification.

  14. I just read this article and am learning how to access more and more articles here and I love the block chain article and all the replies and the fact that the blockchain is very much a part of our existence and I believe it will be around a long time and I believe will be very important for us as we move forward here —

  15. Distributed database which is on many computers at any given time is Blockchain. Blockchain will be growing with more blocks added to it constantly. A timestamp and a link to the previous block is part of each block and thus they together form a chain. A Blockchain record of transactions, each transaction forms a hash, and each block is connected to previous block and they form a Blockchain.

  16. A chain of blocks that contain data about transactions is a Blockchain. For different types of Blockchain, data stored is different. If we take an example, a Bitcoin Blockchain contains data about the sender of Bitcoin, receiver of Bitcoin and how many Bitcoins to be transferred. In any Blockchain, the first block is Genesis block.

  17. just great reading and learning and wow — I mean there are many many smart and savvy online people here –I am very thankful and impressed with their input and knowledge and as I grow older I like to think of that intelligence used properly as Wisdom and that is just the tip of the iceberg in my humble opinion –thank you Great stuff here —

  18. Blockchain está sendo e será mais ainda no futuro um grande aliado na segurança de transações a nível mundial. Quero aprender mais sobre ele!

  19. Blockchain is a blessing for all of us. It gives us security and transparency. I am learning more about it and it is rather interesting to know that everything is in once place, regarding all transactions of Cryptocurrencies.

  20. this article gets better and better with each read of it and then rereading the post that are here and the fact blockchain technology is so beneficial to all of those who are part of it and how with each piece added that it becomes almost impenetrable to outside forces and in such becomes a very Safe Place for financials — it is good thing —

  21. Blockchain is indeed the future of contracts and agreements. Having been around the incorporation of Blockchain in Hospital Billing & Recovery involving previous interactions between Insurance Companies and Medical Institutions I have seen it work first hand. Blockchain is creating an accurate billing system thereby reducing errors when billed and “lost” revenue in the collection process involving “short” payments by Insurers.

    I can see where Blockchain is invaluable in the Bitcoin and Crypto industry and can see how it works for our programs. Every major company on the planet is either using Blockchain or will be onboard in the very near future.

    1. great posting Joe — not knowing about that part of the medical end and the billing side of pretty much any business — the simpler the billing becomes the more often the bills get paid and I truly believe that the Blockchain is a very safe and secure way to transact business of almost any kind — it keeps finding patterns very difficult and makes the wrong side of the financial world from getting into the stealing aspect — which in my opinion is an awesome thing — thanks Joe great read

  22. Blockchain is amazing! It can be incorporated into any businesses operations. The produce industry is now implementing it to be able to track where a product originated and follow its path to where it ended up. They will be able to know where that ‘Bad’ lettuce, peanut, broccoli, etc came from to stop the spread.

  23. great reply Cathryn on the many uses and purposes of how to use Bitcoin and the blockchain and I believe very much so that it is easier to keep track of almost anything and I think knowing as much as you can possibly of any product or business will be a benefit beyond comprehension at this point ??? maybe closer to understanding than I think also ??

  24. I love the fact that blockchain eliminates the third person, which makes it easier to charge less for transaction services while doing the transactions quicker. I also really like the fact that because each block in the blockchain has a unique hash, if a hash is changed (hacked) in one block then all the future blocks must be recalculated in order for the hack to go unnoticed. This makes hacking very difficult.

  25. The blockchain is an amazing invention, a great innovation in computer technology. It is designed to keep track of the execution of the standard policy of an organization or the carrying out of an agreement between two contracting parties. Aside from reducing expenses by eliminating middlemen, in regard to business transactions, the integrity of blockchain helps for an honest and reliable transaction. Big institutions are more likely to adopt this kind of technology for speed and accuracy.

  26. I see blockchain in my mind as a bunch of legos that someone is putting together to build something remarkable. I added the idea of remarkable because I have seen some amazing structures built with legos. The tighter the structure that is being built, the stronger and more durable. Although we are talking about an electronic structure, it is the same idea. In the electronic blockchain, each block is built and supported by the entire network. It becomes an irrefutable financial fortress.

  27. Blockchain is a disruptive industry, not only in fintech, it is the future for keeping records. For example in real estate, they are now using Blockchain to record deeds. Title companies are transferring deeds from paper stored in buildings onto the Blockchain. It is more secure and immutable, than paper records. It is quite brilliant to record deeds and purchase properties using Blockchain technology

  28. that is what I am seeing the more I read and study here — blockchain tech is so much more important than just for say bitcoin or the crypto financial world — it is becoming a very safe and secure form of record keeping and going to the decentralized aspect of the cyber world — this just lends itself to the security factors we all want to protect our own private part of this world —

  29. just so much good to learn from not just on blockchain tech but putting that together so many other parts of the crypto world and the offline normal biz world and see how all these are being worked together to create a securer more efficient biz model — it is impressive and it is far from being done — learn and learning more — thank you —

  30. I am new to this blog. This is my first time reading about Blockchain technology. It is absolutely awesome to know that there is no third party involved in transactions. It is also my first time posting a comment on the Compumatrix blog. This is very exciting! I can’t wait to learn more about Blockchain technology.

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