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Blockchain: What it Means and What it Does
“Blockchain” has become a buzzword in the enterprise technology world and is buzzing across boardrooms and conference halls, but the truth is that only a few know what it actually means, let alone how to use it. Don’t be daunted when it comes to getting to grips with blockchain technology.
One of the most important features you need to know about blockchain, is the idea of a shared ledger. This means it’s a public record of transactions, where every involved party in a transaction doesn’t require keeping their own books; they rather share and are equally responsible. This transparency plays an important role since it fosters trusts and improves the speed of interaction. Any business, independent of the industry and the size of the organization, today needs a multitude of transactions between enterprises and individuals who may not trust each other in the first place, one of the reasons we generally rely on intermediaries.
Consider banks. What if you were able to perform financial transactions without a bank in between taking its cut? This is exactly where blockchain comes in, with conventional transactions characterized by command-and-control.
Removing the middlemen and speeding up the transactions, blockchain proves to be a transparent and trustable platform. It plays a priceless role where data is concerned too.
The value of a specific data lies not in the information itself, rather in the insight that can be derived from it and that value is certainly invaluable. The data question of trust is answered by Blockchain, which enables an individual to make his data accessible only to selected entities in a network while protecting your privacy and at the same time eliminating the risk of your IP reaching unwanted hands. This enables a person to speed up by sharing and without revealing much.
It’s time you detach that block-and-chain in your mind and trust a platform that could revolutionize how you work.