Understanding the Blockchain and Its Business Ramifications

You see the word “blockchain” all the time in relation to cryptocurrencies and NFTs, but do you know what it actually means? This is but a small portion of what a blockchain encompasses, and we’re here to discuss today what this technology is capable of.

A Blockchain is a Distributed, Immutable Ledger

Basically, the blockchain is something which records information in a way that makes it impossible to manipulate. The record is replicated across a network of devices that the blockchain is made up of. Whenever a block—or transaction, in clearer terms—is recorded on the network, a new block is created; thus, any edit to the blockchain results in a new block being created.

The only way to make any changes to a blockchain is if every single record on the chain is simultaneously edited. What this means for security is simple: if someone wants to make changes to one record, they would have to infiltrate every single device on the chain at the exact same time, which is a tall order even for a seasoned hacker.

What Advantages Does Blockchain Technology Allow For?

The Blockchain is Secure

Since the blockchain is distributed, and it relies on digital signatures, you can know for certain that there is very little possibility of fraud occurring on the network. 

The Blockchain Allows for Automation

You can set various transactions to occur based on specific triggers, giving you control over some automated systems that allow you to get a lot of value out of the blockchain.

The Blockchain is Efficient

While some companies might dread going through the multi-step process of traditional, time-consuming transactions, those using the blockchain can cut those processes considerably.

Your Business Might Benefit from the Blockchain

Businesses can use the blockchain in various ways, such as in the cases of supply chain management, smart contracts, and more. With our technology solutions on your side, you can make considerable progress toward improving your operations. To learn more, call us today at (780) 409-8180.