Blockchain technology is generally a chain of blocks where each blocks stores data of value without any central authority.
Each block stores information about transactions like time, date, amount of your most recent purchase, participants involved, and almost everything.
All these pieces of information are stored in a single block in the blockchain network. It actually stores up to 1 MB of data. Depending upon the transaction's size, that means a single block can store thousands of transactions under one roof.
Enterprise blockchain
Some enterprises have a set of requirements that cannot be satisfied by a public blockchain. A public blockchain will allow any participant to read, write, and alter in a permissionless manner.
In private blockchains, all the participants are from a single entity or multiple organizations. Most of the businesses practice private blockchains.
Advantages of private blockchain
- Trusted members
- Cheaper transaction
- Easy governance and policy and enforcement
- High security and privacy
- Faults can be fixed easily
Enterprise blockchains are not open-source, so there is a lack of transparency and limited developers' resource from being a closed community.
Many companies are curious about whether blockchain technology can be used to enable new capabilities. Basically, blockchain help to reduce cost and improve specific processes, advanced product, and customer data tracking, provide high security for confidential data, increase product safety, and reduce fraud and counterfeiting.
Now let us discuss some of the enterprises that are actively using blockchain technology.
Sectors invested in blockchain technology
Financial service
In the banking and finance sectors, hundreds and thousands of funds are regularly transferred from one part of the region to another in a single day. So the operations are highly dependent on manual works that may be prone to errors and frauds.
Blockchain has the potential to solve a lot of problems in the banking and financial sectors. It is safe, secure, transparent, decentralized as well as relativity cheaper.
Blockchain provides a high level of security when it comes to exchanging data and money. It allows users to encounter the transparent network infrastructure along with the low operational cost.
Healthcare sector
To manage the healthcare sector is a very complicated and frustrating task for the management staff. The chance of losing medical records is happening while manually managing health records and accounts.
The inception of blockchain has made the health sector's operations the most secure and protected by making things decentralized and immutable by eliminating the role of a middleman for authenticating the accuracy of data.
Conclusion
In the centralized world, we can witness a rapid acceleration of blockchain-related investment and activities. Today few companies have already started deploying blockchain technology. We expect that blockchain technology will become more mainstream and deployed by all the sectors around the globe in the future.
