The blockchain is considered as a secure digital ledger that tends to connect multiple numbers of parties in a network of integrity and trust, and also facilitates the transfer of such assets along with the information that is related to such assets. It was born initially in order to provide legitimacy to Bitcoin as a genuine electronic currency after the events that led to the financial crisis globally in 2008. The blockchain works by recording electronic transactions in a sequence chain in a very safe and secure way by the help of cryptographic digital keys that are said to be verified by the network and known to be authentic. Editing, duplication, and removal of the important transaction are avoided by this chain. It is said that the longer the blockchain is, and wider the network, the digital keys are more complex which means that the blockchain is more safe and secure.
Blockchain technology can be basically applied to any industry be it e-commerce, mining, agriculture, logistics or transport. A thorough understanding I required so that it can be implemented in a better way.
Every type of trades requires assets exchange between two or more type of parties in order for the trade to take place.
Apart from the barter system, every deal has one-third party that helps in breaking the deal by ensuring trust within two parties and seeking their own compensation for the service they render. This is very blockchain plays a vital role by eliminating the role of the third party by bringing the parties together in a secure network and tends to record every transaction safely without the help of a third party. Though using of such blockchain techniques requires a proper training and knowledge of it, which can be taken by some professional institute that deals in it. Some of the best institutes in India are Imarticus learnings that provide the best blockchain training in Mumbai and blockchain training in Pune.
This trading platform that we just discussed and bring a lot of business opportunities which will aim to provide these advantages:
EFFICIENCY
Blockchain streamlines and automates the requirement of the third party by completing the transactions directly between the parties which leads to more efficient and faster settling of transactions as compared to cases where intermediaries are involved. As the record keeping of such transactions is done digitally, therefore it leads to less clutter as the multiple ledgers are not reconciled. These ledgers are shared with all participants which are why they have the same information, it results in the transparency of data which is why the parties are able to trust each other easily. Thus, it leads to making the process much faster and also removes cost and time while doing so.
AUDITABILITY
The transactions are recorded indefinitely that tends to provide an enduring audit trail of the asset between the parties. This can be an important aspect if the source data is given importance in order to verify the authenticity of the assets.
TRACEABILITY
Tracking goods that are traded through a complex supply chain can be very painful, but when they are recorded on a blockchain they tend to show every transaction in the audit trail, from where it started to every stop it made in between. This helps in passing on the information regarding them to the new owner.
TRANSPARENCY
It is very important to have commercial transparency in order to avoid a breakdown in the relation between the parties and also avoid delays. This is why blockchain provides every detail of such transactions that is done against the commercial construct so that the parties can obtain trust within the process and also on each other which leads to the building of a much stable relationship between the two.
SECURITY
Every transaction tends to be verified before being recorded by using the complex cryptography, which helps in assuring the authenticity of such information. As these transactions are recorded across a network of computers and not a single one, it makes very difficult for cybercriminals to get access to them by using illegal activities and software. It is very important to have assured information in order to attain the benefits of the Internet of things, which is being used currently by the defense industry mostly in order to protect IP and also protect data.
FEEDBACK
As the lifecycle of the asset can be traced, the manufacturers of such assets can make their products more effective by accommodating asset management. This can also help in getting easy feedback via by maintenance, shipping, and installation.
Blockchain can be used for serving a lot of other needs as well and gaining growth in future. Though to access it one requires detailed training. Some of the prime ones are the blockchain training in Mumbai and blockchain training in Pune as discussed above.
We offer numerous IT Training including SAS Training in Mumbai & Pune, data science training in mumbai & pune, python training in mumbai & pune, rpa training in mumbai, blockchain training mumbai, R training in mumbai, R training in pune, machine learning training in mumbai & Pune