We're living in the most sophisticated and advanced era in the universe. This era has proven to be the start of a technological renaissance with so many innovative technologies like artificial intelligence, augmented reality, virtual reality, blockchain, IoT, and much more.
Leading brands and businesses are exploring the public, private, and consortium blockchain network configurations to build applications for their process. Many sectors are lagging in transparency, traceability, decentralized data storage, security, interoperability, and aspects. Building enterprise blockchain solutions with streamlined, ergonomic processes can simplify future disputes and chaos in every sector.
In this blog post, let's pierce through the layers of blockchain technology and the reasons to implement them in futuristic businesses!
Blockchain is a distributed ledger technology that stores the network's data transactions in a chronological order encrypted by cryptographic codes. The transactions stored in the blockchain ledger are approved and verified by the nodes of the network addressed as "miner" nodes. Depending on the approval mechanism and the data storage, the blockchain framework is categorized into public, private, and consortium blockchain networks.
Most of the enterprises, for instance, healthcare or e-commerce platforms, prefer consortium blockchain networks with customization. The consortium blockchain networks are found to be more desirable by the enterprises as they can enhance privacy and data sharing within the authorized professionals.
Now, let's dig into the top 3 reasons to employ blockchain solutions in the next-gen business applications!
Blockchain network is built on proofs-of-concept and the consensus mechanism by the community peers. As the miner nodes decide the community goals and decide the consensus mechanism to approve and verify transactions of the network, the blockchain is devoid of disputes.
The distributed ledger technology has a copy of data across the nodes of the network. The transactions and data recorded on the blockchain ledger are transparent across the network. Hence, every participant of the blockchain network can access the ledger's data, but can't modify them without the permission of miner nodes.
Blockchain logs the data records with immutability. Hence, the provenance of transactions and data can be traced back without any scams in the blockchain ledger. As the network's data can't be modified, the disputes and scams can be avoided in the business transactions to a greater extent.
Future applications are expected with interoperability, security, transparency, traceability, and immutability with much more advanced features. All these boons to the enterprise world can be showered only through blockchain technology. Hence, if you're planning to jump to the next-gen enterprise applications, build your decentralized application(DApps) by tieing up with the Blockchain Firm now!
