All We Need Is Transparency-The Blockchain Technology
“Blockchain offers a world of new opportunities to financial institutions, with benefits such as data transparency, enhanced security, reduced costs, and increased efficiency and speed”
What is Blockchain Technology?
The blockchain gives internet users the ability to create value and authenticates digital information.In simple language ,the blockchain is a virtual, public ledger that records everything in a secure and transparent manner. Unlike banks that facilitate transactions with traditional currencies, the blockchain allows the free transfer of cryptocurrency through a decentralized environment. All the data is then held in an interlinked network of computers, owned and run by none other than the users themselves.
blockchain has broken manacles and entered in the technology hub to prove its usability.It has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.
Benefits of Blockchain Technology
Transparency – Blockchain makes transaction histories more transparent than they ever were. Because it is a type of a distributed ledger, all nodes in the network share a copy of the documentation. The data on a blockchain ledger is easily accessible for everyone to view. If a transaction history changes, everyone in the network can see the change and the updated record. Therefore, all information about currency exchange is available to everyone.
Decentralization – In a decentralized system, the information is not stored by one single entity. In fact, everyone in the network owns the information.In a decentralized network, if you wanted to interact with your friend then you can do so directly without going through a third party. That was the main ideology behind Bitcoins. You and only you alone are in charge of your money. You can send your money to anyone you want without having to go through a bank.
Supply chain management- For supply chain management, the blockchain technology offers the benefits of traceability and cost-effectiveness. Put simply, a blockchain can be used to track the movement of goods, their origin, quantity and so forth. This brings about a new level of transparency to B2B ecosystems — simplifying processes such as ownership transfer, production process assurance and payments.
Auditability – Another aspect of the point mentioned above is auditability. As each transaction is recorded for its complete lifetime in blockchain, there is an audit trail that already exists for you to see and check the authenticity of your asset.
Traceability – In complex supply chains, it is hard to trace products back to their origins. But, with blockchain, the exchanges of goods are recorded, so you get an audit trail to learn where a particular asset came from. You also get to know every stop the product made on its journey & this level of traceability of products can help verify the authenticity and prevent frauds.
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