How Blockchain is Becoming Crucial for Business
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 21,2019
- 13 Mins Read
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:
- 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.
- 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 website’s details also. In this way, the blockchain technology retains all type of information.
- 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 Fortune’s 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 one’s 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 it’s a nice culmination of it. Now it’s not an academic interest from their side anymore, it’s 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.
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