You might have heard about blockchain technology. We all know that this technology has great contribution in cryptocurrency development, but now this technology is being utilized by various industries for dissimilar purposes. Let's understand what new this technology is bringing to enteral people.
What is blockchain technology?
Actually, this technology is based on an exquisite methodology including connected blocks of data locked with a hash. Am I sounding a bit incomprehensible? Let me explain.
Succinctly, it is considered as a distributed chain of blocks, where a block is a collection of all essential data and the chain denotes the connection pattern among these blocks. In more simple language, these blocks are linked with each other, thus it is known as chain of blocks. Though, the interesting point is what facilitates this connection? and why this connection is robust and invincible?
Well! the answer is crypto hash, that is also known as time stamp. This crypto hash sticks with every block of data and keeps data safe, even when the data is in a distributed manner and modifications can be made in real-time. So, now you would have got the idea that what is this technology.
Furthermore, we all know that the links of this technology are associated with bitcoins, but many of us have this belief that its use is limited to cryptocurrencies only. But this is not true, its utilization is growing and it is being embraced for many processes across a variety of industries. This technology has the ability to do many things. Let's find out what else this technology can do.
Supply chain Industry
In the current scenarios, where supply chain industry is spread over a larger area (national and global), there is a lack of transparency in this system. As manufacturing is global, it is hard for buyers to know the actual value of products. Blockchain technology offers a distributed ledger system that can be used for the exchange of data, agreements, tracking, and payments. In this system, every transaction will get recorded on a block whose multiple copies would be shared on multiple nodes (computers), it serves high-grade transparency, as everyone on the blockchain system can track the data related to a particular product. Moreover, the data is available in a secured channel, since every block is available in a collaboration with each other.
Another property that makes it astounding is the facility of 'consensus'. Actually, this system accompanies a single version of ledger throughout all entities, so there are no chances of dispute in the matter of transaction. For buyers, this property is a plus point, as they can check who is the real owner of the asset. Other than these, nobody can remove the records on this channel so it is not possible to break the transparency in supply chain. Ultimately, this technology can improve the accuracy and efficiency of supply chain.
You might be thinking that how can blockchain help in food production? Well, this is not about food production, it is solely dedicated to different tasks that take place after production. Let's get a closer look at the ways, it can help in food industry.
Experts are trying to improve different aspects of this sector, and one of them is food recalls. Today, foodborne illness is very common, and for companies, it is very hard to find contaminated packages from farm to stores. With the track and tracing property of blockchain, it is very easy to find out such packages. Along with this, the contamination report can be shared with all suppliers and can prevent damage. Such systems are very helpful for both restaurants and grocery stores, as when an outbreak of problem occurs, they can gather all the information from the source of food till the end delivery. It helps them in taking required actions.
Except it, this can also enhance the labeling system and can prompt the weeding out of companies who make false claim or misrepresent the origin of products with the help of decentralize tracking system. Moreover, farmers and producers can view the commodity price and market data in real time. With this, they can take part in business more competitively and can be more productive.
If you think that blockchain system is beneficial for industries that handle heavy supply chains including buying and selling, then you are mistaking again. As this system can be used in voting, you should stop underestimate its flair.
Shake off all your doubts, as this technology can integrate higher level integrity and transparency in elections. It can help in resolving various issues in the election by streamlining the process of vote counting. Moreover, as it takes the responsibility to count all votes, the cost of conducting election can be reduced. Here are some advantages that this technology can offer in the election system.
* Voters can check that their vote was cast precisely and figure out tampering.
* The election process would be more transparent as governments and independent parties can verify the results stored on the blockchain.
* Being a decentralized database, blockchain system incorporates high-grade security. It can resist any hacking attempt that can be made by intruders to alter the voting result.
You should know that blockchain is an immutable ledger, where nothing can be altered. So, it is hard to change the votes and establish fraudulent data.
Except these, this technology is proving digital identities and preventing frauds in various aspects. Besides, it is being used extensively in payment industry, where it is integrating unmatched security in transactions. Its utilization in trades of bonds, stocks, and equity is perfect example, as it is fusing unmatched transparency.
Now you would have understood how this technology is disruptive. At Techugo, we are using this technology for creating great mobile applications. We understand that excellence is a true jewel and this technology is allowing us to fuse unmatched excellence in every application. Owing to this, we are considered as a leading mobile app development company. Get our assistance to secure a high-grade blockchain based mobile application, to increase productivity and efficiency of your business. For more information. get in touch with us.
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