What is Blockchain defined ?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Why Blockchain is important ?
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end-to-end, giving you greater confidence, as well as new efficiencies and opportunities.
Transparency is one of the big issues in the current industry. To improve transparency, organizations have tried to implement more rules and regulations. But there is one thing that doesn’t make any system 100% transparency, i.e., centralization.
With blockchain, an organization can go for a complete decentralized network where there is no need for a centralized authority — improving the transparency of the system.
A blockchain consists of peers who are responsible for carrying out transactions and validating it. Not every peer takes part in the consensus method, but they are free to choose if they want to participate in the validation process. To provide validation through decentralization, the consensus method is used. Once validated, each node keeps a copy of the transaction record. This way, the blockchain network handle transparency.
The transparency has bigger implications when it comes to organizations. As mentioned earlier, governments can also utilize the transparency in building government process or even conduct polls.
Blockchain utilizes advanced security compared to other platforms or record-keeping systems. Any transactions that are ever recorded needs to be agreed upon according to the consensus method. Also, each transaction is encrypted and has a proper link to the old transaction using a hashing method.
Security is also enhanced by the fact that each node holds a copy of the transactions ever performed on the network. So, if any malicious actor ever wanted to make changes in the transaction, he won’t be able to do so as other nodes will reject his request to write transactions to the network.
Blockchain networks are also immutable, which means the data, once written, cannot be reverted by any means. This is also the right choice for systems that thrive on immutable data such as systems that citizens age.
Right now, businesses spend a lot of money to improve to manage their current system. And, that’s why they want to reduce cost and divert the money into building something new or improve current processes. By using blockchain, organizations can bring down a lot of costs associated with 3rd party vendors. As blockchain has no inherited centralized player, there is no need to pay for any vendor costs. On top of that, there is less interaction needed when it comes to validating a transaction, further removing the need to spend money or time to do basic stuff.
With blockchain, companies can focus on creating a supply chain that works with both vendors and suppliers. In the traditional supply chain, it is hard to trace items that can lead to multiple problems, including theft, counterfeit, and loss of goods. With blockchain, the supply chain becomes more transparent than ever. It enables every party to trace the goods and ensure that it is not being replaced or misused during the supply chain process. Organizations can also make the most out of the blockchain traceability by implementing it in-house.
Improved speed and highly efficient
The last industrial benefit that blockchain brings is improved efficiency and speed. Blockchain solves the time-consuming process and automates them to maximize efficiency. It also eradicates human-based errors with the help of automation. The digital ledger makes everything of this possible by providing a single place to store transactions. The streamlining and automation of processes also mean that everything becomes highly efficient and fast.
The fact that everything is stored in a decentralized ledger also makes it easy for everyone to trust each other. In short, blockchain utilizes its unique way of data storage to provide a highly efficient process with trust, transparency, and immutability.
Blockchain for every Industry
Travel & Hospitality
What can we do in Embark ?
Identify the Suitable Use-case
Identify the Most Suitable Consensus Mechanism
Design the Nodes
Design the Blockchain Instance
Build the APIs
Design the Admin and User Interface
Adding Future Tech