Effective Ways to Use Blockchain Technology in Your Project
Before we dive into how you can integrate Blockchain into your environment, let’s go over some of the underlying aspects of the technology. Essentially, a Blockchain is a shared digital ledger which is updated continuously with transactions that are authenticated and verified by different consensus mechanisms. It is pretty much a peer-to-peer (P2P) network, and it can be either a private and a public network.
Every transaction on a Blockchain leaves behind an audit trail meaning that it can be found no matter what, and is immutable. There is no way to manipulate records that are added to a Blockchain. Once they’re there, they’re there. However, there’s more to a Blockchain database than just that. The technology is quite complex and the current number of individuals who can be deemed “masters” of the field is limited. Though, despite its complexity, Blockchain integration into businesses and projects has proven to be quite beneficial. Let’s shed some light on enterprise Blockchain integration as well as how it can be done.
What Can You Do with a Blockchain?
There are many uses and benefits of Blockchain technology. It can be used to transfer money, buy goods, lend funds, pay salaries or fees, monitor supply chains, share electricity, vote, and store personal data records.
For instance, an enterprise Blockchain integration would work wonders for the finance and banking industries. This is primarily because all transactions on a Blockchain occur in real time, from sales to inventory management, order processing, and accounting. Not only does this increase speed, but transparency as well. Everything is automated, and human error is minimized.
How exactly is transparency increased? None of the information on a Blockchain is stored in one place, and its accessible by absolutely anyone with an Internet connection.
How Can You Integrate a Blockchain into Your Project?
First, you need to understand your primary business need. Do you want to cut transaction costs? Do you have a business that requires a lot of transparency? Once you’ve done that, you need to have some Blockchain programming on hand, perhaps some Blockchain developers or even a company. While it is possible for you to create your own Blockchain, usually an experienced software engineer would be best.
Imagine that you own a local chain of pharmacy stores. An in-house Blockchain database would allow you to ensure that a single prescription isn’t being used in two different places.
Existing on a network, track prescription drug sales, and make sure that a single prescription isn’t used in two different pharmacies. Currently, almost every check or card transaction is verified by third parties, like banks. In a Blockchain ecosystem, there is no need for these third parties thanks to smart contracts.
These are similar to real-world contracts, but that can be coded and added to the Blockchain. Smart contracts are preprogrammed for self-execution upon certain conditions being met or achieved by contract participants. Simplified, they are digital contracts that can be executed based on external factors.
Blockchain smart contracts can even help those who make music. Why? They can’t be changed after they kick into effect. So, suppose you make dance music tracks and would like to sell them to someone online but you need to be sure that you will get paid. As well, the person that sends you money needs to be sure that you won’t scam him. In this instance, a Blockchain contract could be programmed to automatically send your music file once payment is received. This process is irreversible and the exchange is broadcast to the whole Blockchain network.
The above example shows how the technology can be used to carry out the exchange of goods in a P2P and B2B environment. Due to smart contracts and the Blockchain operating in a trustless manner, no reliance on third parties is needed to verify who sent what, when, and how much.
Further Blockchain Use Cases
The Blockchain sees a good use case within the real estate industry. Documentation pertaining to rental agreements, public records, and land registries can be digitized and recorded on a Blockchain. This allows for easy access to all pertinent data.
The healthcare industry would also be a great adopter for an enterprise Blockchain integration. The applications are vast. For example, medicine deliveries could become more secure, packages would be time-stamped, authenticated, and inducted into the Blockchain during every part of the delivery process. This would prevent theft and sensitive drug mismanagement.
There are a ton of Blockchain development companies out there that can help start your own Blockchain as well. Many of them focus on optimizing cloud-based architectures for enterprise-grade scalability, reliability, and performance. Some help with complex data management, workflows, and operations across industry verticals.
Additionally, by integrating Blockchain architecture into your project or business, you will promote transparency among your target audience and users, since all transaction information pertaining to your business is publicly accessible and can’t be altered. This, in turn, reduces errors in payment processing and auditing. Blockchain databases are also quite difficult to breach. This level of security decreases the chances of fraud by a significant amount. From a purely cybersecurity perspective, Blockchain is the way to go for your business.
Learn additional information about Blockchain Solution Development.
Learn additional information about Blockchain Solution Development.
What Blockchain Integration Can Bring to the Future?
The technological advantages provided by integrating a Blockchain architecture into your business or project are quite extensive. One additional thing to consider is that the technology is constantly developing and growing in its sophistication; it definitely has the potential to completely change the way day-to-day business activities are carried out thanks to its robust security, data immutability, automation, and smart contracts.
An added bonus of diving into Blockchain technology, in terms of business operations, is that you will get a head start in taming this technology for your specific purposes. The Blockchain industry is currently in its nascent stages and any organizations or projects that start utilizing it will have a competitive advantage.
Many industry leaders are getting fully behind the technology and its uses. Google, Telegram, Goldman Sachs, Microsoft, IBM, Bosch, Fujitsu, and Deloitte have been engaging with Blockchain for the many benefits it offers. Ultimately, Blockchain integration can bring about a plethora of benefits. Maybe, if you harness it, you could even launch an ICO and create your own cryptocurrency.
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