your password has been reset successfully, Please login again.

How Blockchain is Becoming Crucial for Business

As blockchain offers security and easy accessibility of data, it becomes a reliable tool for the companies to use.
BY Jaspreet Kaur
Feature Writer, BusinessEx
Jun 21,2019

Blockchain, which is an intricate technology, is barely discussed in the Indian business ecosystem. The record-keeping technology had originally been started in the western economy and gradually, evolved within that parameter. By employing this technology, a user or a set of users can retain every type of information without worrying out data breach and also share important information with a large number of people.

Likewise, Bitcoin follows the same model wherein data is stored for a prolonged time, and manipulation of data can be easily detected as every user receives a notification when variations are made in the file.

3 Functions of Blockchain

Besides documenting transactions, Blockchain performs various functions that make sharing information easy for users. The basic functions of blockchain technology are as follows:

  1. Retaining Information

Blocks, which is a crucial part of the entire blockchain technology, records every transaction of the user such as sale and purchase. Moreover, it records other small, as well as large information, regarding transactions such as the number of goods purchased, time of transaction and type of commodities purchased.

  1. Retaining Information about Users

Apart from storing information about transactions, blocks in the record-keeping technology accumulate information regarding users. For instance, if a user makes a purchase on a website then the blocks not only garner information about the transaction but collect user and websites details also. In this way, the blockchain technology retains all type of information.

  1. Retaining Each Individual Information in a Different File

When a piece of information gets stored in the blockchain, different files are created in the form of blocks. Each block starts with # and contains a different set of information altogether. Thus, it will be easy for users to ascertain specific data.

As blockchain offers security and easy accessibility of data, it becomes a reliable tool for the companies to use.

How Blockchain Can Help Create a Digital Identity

With passing time, blockchain keeps evolving and becomes better as well as more efficient. Recently, a seventeen-year-old teenager named Ananya Chadha developed her own interface on blockchain wherein one can store genetic data securely.

In Fortunes interview, the young interface developer said that blockchain is extremely powerful and important for things that most people forget about.

According to Chadha, blockchain can be employed to create a digital identity. By using certain factors such as biometrics and data points, blockchain technology can easily trace as to who you are and what you possess, as reported by Fortune.

Similar to this, various adaptations of blockchain have been created nowadays to escalate its benefits and make it a popular mode for carrying out ones business.

Giant Companies Are also Joining Blockchain

After evaluating the benefits of blockchain technology, many companies have partaken in the blockchain technology and are employing it for entrepreneurial purposes. Recently, giant tech firms, Microsoft and Salesforce, joined the blockchain consortium, HyperLedger.

Besides Microsoft and Salesforce, there are numerous other companies from different countries that have joined the blockchain consortium.

Our relations with Microsoft and Salesforce go back a year, so its a nice culmination of it. Now its not an academic interest from their side anymore, its something they want to take part in. Executive Director of Hyperledger, Brian Behlendorf told the international daily news, CoinDesk.

As big companies are embracing blockchain, it is time for Indian firms to adopt this technology and bring ease to their business as well.

Please add your Comment
SIMILAR Articles
October 21, 2019
The two organizations will reportedly gather used cooking oil from restaurants across the nation and ...More
By Jaspreet Kaur
October 19, 2019
The fund will primarily infuse money in firms based in India, as well as Southeast Asia, that have a ...More
By Jaspreet Kaur
October 19, 2019
Recently, SoftBank Group, one of the largest stakeholders of WeWork, has taken a move to save the co ...More
By Jaspreet Kaur
October 18, 2019
The acquiring firm, DoseFM has partaken in LightSpeed India’s Extreme Entrepreneur the previous year ...More
By Jaspreet Kaur
October 18, 2019
Centre for Innovation Incubation and Entrepreneurship (CIIE) proclaimed that Indian startup firms wo ...More
By Jaspreet Kaur
October 17, 2019
The company wants to employ the funds to create innovative solutions for enhancing user experience r ...More
By Jaspreet Kaur
October 14, 2019
The Mumbai-headquartered direct-to-consumer firm will use funds to reinforce its technology, enhance ...More
By Jaspreet Kaur
October 11, 2019
The startup decides to employ the funds to come out with new products and foray into India as well a ...More
By Jaspreet Kaur
October 10, 2019
Owing to its merits, Flipkart’s backer, Walmart has recently proclaimed a pilot program to track shr ...More
By Jaspreet Kaur
October 09, 2019
WeWork India, which is a joint venture (JV) between The We Company and Embassy Group, is planning to ...More
By Jaspreet Kaur
October 08, 2019
According to several media reports, Ritesh Agarwal, Founder of Oyo, will be pumping around $700 mill ...More
By Jaspreet Kaur
October 07, 2019
If a company wants to ace in the competition, then it needs to understand the importance of social e ...More
By Jaspreet Kaur