For the tech starters
who are confused aboutwhether Blockchain is a company or technology? How
Blockchain can be used for businesses? Applications and advantages of Blockchain?
Just read on the blog to get your queries answered and check out how the block
chain is used for small businesses.
Blockchain Technology
Blockchain - a time-stamped list of blocks managed
through clusters of computer, linked together by cryptography. Every block in
the series has previous block's cryptographic hash, transaction data, and the
related timestamp. As the blockchain is secured cryptographically, thus making hacking
hard-hitting.
Blockchain
Technologies for Small Businesses
Blockchain is gradually transforming the businesses
to move ahead with the current trend through enhanced security, improved transparency, incredible traceability,
better transaction speed, cost-effectiveness, and greater efficiency.
Discussing the four most important contributions of Blockchain
technologies in small businesses as follows:
§ Secured
Transactions
For any eCommerce business, transactions play a vital role and block chain technology answers with its start in cryptocurrency. Through blockchain application, the payments can be used to send and receive secure. This payment t method comes handy when there is a need to pay the remote employees.
Cloud Storage
Blockchain provides the solution for storage issues through the Cloud. This allows the customer to rent out the storage space. Meanwhile, everything in the storage platform is encrypted and the access is provided only through a special key.
Authentication
The authentication system that is Blockchain-based and this system is based on irrefutable identity verification that uses public key cryptography's digital signatures. This provides a better solution to several identity issues, where the identity is made unique in an immutable and secure manner. The Blockchain based authentication system checks whether the appropriate private key holder logs the transaction.
Supply-chain Communication
Consumers are now concerned more about the products that they get whether it is a food or a toy. They need basic information of those products that they consume. Blockchain provides a supply chain authentication, thus giving a trail about the suppliers and the source of the product.
For any eCommerce business, transactions play a vital role and block chain technology answers with its start in cryptocurrency. Through blockchain application, the payments can be used to send and receive secure. This payment t method comes handy when there is a need to pay the remote employees.
Cloud Storage
Blockchain provides the solution for storage issues through the Cloud. This allows the customer to rent out the storage space. Meanwhile, everything in the storage platform is encrypted and the access is provided only through a special key.
Authentication
The authentication system that is Blockchain-based and this system is based on irrefutable identity verification that uses public key cryptography's digital signatures. This provides a better solution to several identity issues, where the identity is made unique in an immutable and secure manner. The Blockchain based authentication system checks whether the appropriate private key holder logs the transaction.
Supply-chain Communication
Consumers are now concerned more about the products that they get whether it is a food or a toy. They need basic information of those products that they consume. Blockchain provides a supply chain authentication, thus giving a trail about the suppliers and the source of the product.
Takeaway
The better takeaway is that it is healthy to
implement the new and advanced technology into the business as a sign of
enhancement but this needs some caution before the try. If you are a small
business owner, then exploring blockchain technology is the wise choice to
propel the business.
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