How Blockchain Technology Is Changing The Businesses?

People are usually appalled with technological developments, so they resist any such kind of change, without considering how the new technology will improve their future. One such emerging technology that is exciting and about to bring innovation is blockchain. Most of us denote “blockchain” technology with crypto-currency and finance but the technology has already extended its reach far beyond these domains.

Though blockchain is an integral part of the cryptocurrency world, its concept has been adopted in many other industries. Blockchain is a digital decentralized ledger used to record transactions in an immutable way. It is thought to impact the way transactions are being saved and businesses are being done across the globe. Blockchain technology can be used in multiple ways that are completely unrelated to Bitcoin or other types of cryptocurrencies.

Blockchain in Finance Industry

The most popular application of blockchain technology is none other than financial industry. Banks and financial institutions store money for their customers, handle the transfers and securely record the transactions. To offer these seamless services, the financial institutions charge heft amount. On top of service charges, customers have to pay additional taxes and fees for making transactions.

It is not wrong to say that blockchain wallet can solve significant problems faced by the banking sector, which are powered by blockchain technology that can significantly cut out the need of middle man from financial transactions. Furthermore, you need low processing fee to complete the transactions as compared to centralized ones.

Blockchain in Healthcare Industry

The healthcare industry has been in need of a decentralized system when it comes to sharing and storing medical data and patients’ records. The potential for data theft, record error and lost records has already created mistrust between consumers and healthcare providers. All these problems can be resolved with blockchain technology.

Blockchain technology can help healthcare sector regain this trust by storing medical records accurately and safely transferred to all the doctors, the patient wants to see. It is an excellent platform to save record and help in authorization and authentication of records. Moreover, medical experts can keep their research data safe and secure on this network.

Blockchain in Supply Chain Management

Another potential application of blockchain technology is in supply chain management. The supply chain industry has been facing a number of issues in regards to product cost, production or manufacturing cost and having an efficient process of supplying products to retailers and customers. And its value is estimated in hundreds of billion dollars worldwide and is set to grow as demand and orders increase.

Blockchain technology can help entrepreneurs and vendors for order acceptance and processing. For instance, overproduction can waste precious resources and space – eventually becoming a waste item. Smart contracts can be used for order processing to make sure everything is done specifically. Blockchain technology would eliminate the worry of overestimating demand and resource usage and therefore has the potential to transform the industry.

 

Beyond Bitcoin, Blockchain Technology is Transforming the World’s Landscape

Whenever a new technology pops out, rumours abruptly resonate with them, the same as in the case of blockchain technology. Even after ten years of its birth, some pronounce it as synonymous with Bitcoin. While others are unknown to it pondering over what is blockchain technology

While going through technology and financial sites, you probably stumbled upon two types of stories. Those who declare blockchain an evil technology that will eventually fill the world with narcotics, immunition deals, black-money transfer, and wasting natural resources and electricity. The others advocate blockchain a revolutionizing technology that will transform accounts, supply chain, healthcare, polling system, e-commerce, and real-estate. 

But, this article is solely focusing on how blockchain is reshaping the e-commerce companies. So here are some of the startling implications of blockchain technology in the e-commerce marketplace that will let you surprised. Even, Walmart, Unilever, Subway, and other consumer and food management chains are bringing blockchain into their system. 

Blockchain brings transparency in e-commerce:

Who knows about you, but I feel a huge lack of transparency in the e-commerce industry. It is a filthy world of fake reviews, cheap material, low quality, and rotten shipment. By applying blockchain will create a decentralized e-commerce environment where every wrongdoing will be gauged instantly. Blockchain stores data in blocks that take subtle effort to be created and went through a cumbersome verification process before creation. So, no one will upload fake reviews, neither the merchant or the platform will be able to play with data and transactions. 

Blockchain offers enhanced personalized marketing: 

Blockchain keeps precise track of every single transaction or event that occurred on the network. It is eventually helpful for your business and branding. By utilizing the data, firms can create ideal personalized efforts, which are incredibly beneficial for marketing. Whenever a particular customer reaches a specific limit of purchases, a company/brand will enable specific discounts, offers, or hampers for him. A personalized offer will boost customer loyalty bringing higher revenue for the company.

Blockchain technology enables provenance tracking:

The technology makes it simpler to manage the shipment of cargo, cuts off the cost, and deals with inventory management. Moreover, it also allows us to track the source or origin of the product. By using RFID tags, one can easily trace the information about the item he is interested in by giving complete information from its inception to its current status. 

Summing up, blockchain technology can effectively deal with the existing problems of the e-commerce industry by offering a more reliable platform. Want to learn more or have to develop a blockchain-enabled system for your firm? Click here to connect with our blockchain consultants

 

Blockchain Applications and their Innovation in Legal Industry.

In the previous blog, we discussed how much important it is for a lot of departments to use blockchain to manage records. It was also discussed how different countries are using blockchain in different areas or sectors. While some are using it to manage criminal records, others believe it to be a suitable option when issuing arrest warrants and some countries are using blockchain expert solutions to solve land disputes in the country.

Blockchain has helped transformation in many sectors and still continuing. Thanks to Mastercard, businesses can now use blockchain to transfer funds. Financial institutions are using blockchain to conduct businesses and which are not yet using are looking into the possibilities. All these are law firm clients and so expect their lawyers to be familiar about what laws does blockchain follows. Lawyers in various roles will ultimately determine how laws are enforced for this new technology. The use of blockchain technology saves time currently spent on the more general aspects of the development of daily contracts and transactions. Barristers will also be able to invest time in the more difficult and in-depth issues of legal practice.

As in most industries, the legal community develops consortia to standardize blockchain technology and investigate its legal implications and opportunities. The Accord project aims to standardize smart contracts by establishing best practices that meet legal standards. The organization sets technological rules in the form of templates, models, and data schemas.

The Global Legal Blockchain Consortium is working to organize and align the legal industry with blockchain technology. The consortium is committed to improving the security, privacy, efficiency, and interoperability of the legal technology ecosystem according to its website. In all, it will adopt and promote a policy aimed at this end.

The Enterprise  EthereumAlliance formed the working group for the legal industry. Its goals are to educate the legal industry on the benefits of blockchain technology and Ethereum-based technology. Integra Ledger is a blockchain for the law, which primary purpose is to become a global utility that, according to its website, provides “blockchain-based identities for legal information.”

Blockchain technology is the most transformative technology since the advent of the Internet. The transformation will affect most aspects of day-to-day business life, including smart contracts, corporate filing, criminal cases, dispute resolution, document documentation, industry associations, intellectual property rights, land registers, and title deeds, law firms, and public service records. Lawyers work in all these areas. It is equally essential for clients and lawyers to learn as much as possible about technology. Investigating new legal applications in the blockchain is also the responsibility of a lawyer to use the technology to arouse the best interest of the client.

 

 

 

Blockchain Can Help End The Fraudulent Business Activities

Yes, you heard it right. However, surprisingly no one seems to care about the power of underlying technology – blockchain. Apart from powering the cryptocurrencies such as Bitcoin, blockchain technology has the potential to create an unmatched level of trust in recording business transactions without third party involvement. To understand the phenomenon, all you need is to understand how blockchain works.

Blockchain technology is a decentralized network of computers, where data is cryptographically recorded, encrypted and stored in a block and each new block gets connected with the previous ones. Let’s analyse its few other benefits that how it can help limit fraudulent business activities.

Preventing Identity Theft

Identity theft can prove to be highly expensive for both businesses and individuals. On average, businesses lose almost $16 billion to identity theft fraud every year. Moreover, the time used to reconcile accounts details, emotional stress and fear of future happening that individuals experience are also the hidden costs of identity theft. You may not believe that blockchain technology can end identity theft crisis by powering a personalized, cryptographically encrypted and ID system.

The end-users will have more control over the kind of data that they choose to share with businesses such as credit card details will be shared once you buy the stuff. Moreover, blockchain offers strong security, which will protect personal data from unauthorized access as every log-in details will be recorded. Any malicious attempt cannot go unnoticed and it will become easier for businesses to take proactive and preventive measures instead of reactive ones.

Making Supply Chain Management Efficient

The global economy has become incredibly interconnected, so it has become hard to scrutinize the chain and find its origin. Along with supply chain, there is a massive value chain acting as a custodian of trade at the apex of every channel such as manufacturing, transporting, production, advertisement and banking. The issue arises when it becomes practically impossible to investigate, evaluate and verify the quality control from the raw material finding to the finished product along the entire stretch of supply and value chain.

For instance, if you buy a pure cotton shirt from a shopkeeper, you have to rely on the words of vendors that it is 100% pure cotton – the vendor has to believe on the words of supplier and the supplier relies on the words of the manufacturer. However, with blockchain technology, it will become easier to record every entry and verify the claims along the supply chain because the entry is encoded with the proof in the blockchain. And buyers would not have to worry about fraudulent claims as they can be verified at any level.

Outdone the Escrow System

If you are an international entrepreneur and work beyond boundaries then you must know about escrow services, as they are a significant part of business transactions. People use escrow system when it comes to buying international property, business transactions as it is a major driver of the international economy.

The issue becomes serious when you will have to tie huge sum of cash while waiting for the other party to fulfill their agreement. You will also have to pay a service fee to the escrow company. Along with that, you have risk that the escrow company may be compromised, fail in business transaction or may be tricked into releasing funds to the wrong person.

With blockchain technology, people can have seamless transactions between both parties where you may add a third party for trusted transaction. You can create simple contracts between counter parties. It means there will be lower cost of business transaction because you do not have to pay for service charges to the company. Both parties can place money into cryptocurrency form without having to worry about the credibility of company.

 

How Could Blockchain Technology Change Finance?

 

The trending cryptocurrency thrill is rolling over every sector in the current era. The Initial coin offerings (ICOs) are quite impactful on the traditional capital-raising. So evidently blockchain technology is strongly effective in the major transformation of the world. When benefits of revolutionary distributed-ledger technology is highlighted global banking system is the one which strikes the mind. So call it the payments, settlements or compliance, blockchain’s major attributes of decentralization, immutability, efficiency, cost-effectiveness and security are leading to a new major level of reshaping the financial services.

Application of blockchain in the Banking Sector:

Delayed transactions, extensive investment & minor results, frauds, money laundering all the major problems let the competitive environment of banking into the dens of desolation. Repetitive checking, investing time & resource into something which can be treated by a simple technology which allows to eliminate all the hassles which prevent the banks from achieving success. Modification is the key to major achievements when it comes to strategies of development. Have you ever considered getting your work done in applying the minimum resource? Have you ever experienced transparency when you’re managing multiple accounts? Have you ever thought of getting a cheaper, faster & secured system when it comes to transactions? Can you ever believe that your processes can be automated & the results can be achieved faster?

By implementing blockchain in banking sector all your queries can be resolved simply. The technology allows you digitize everything, from traditional cheque system to trade finance. The application of this technology would decentralize the system overall. This allows to remove the extensive time-consuming process of counterchecking and multiple participants. The chances of error is minimized as the technology offers extreme security & transparency. It goes from multiple parties to peer to peer computing banking, reducing number of entities. The manual process which takes ample time & resources is replaced with the decentralized ledger. The documentary fraud can effectively be eliminated. Apart from that eradication of exhaustive workload is insured. Moreover, the documents can be dealt intelligently and are verified in no time. Have you ever wondered how contented it feels to be on the same page? Blockchain technology empowers you in achieving the maximum results, consuming less time. As for the banks, the tiring process of LOC is shifted on Blockchain, saving time & money. That is the major reason for rapid growth in the sector of banking as it brings about massive results in a short span.

Banks today are now focused on improving their cross-border payment capabilities which could easily be addressed by this technology. All what we need is the acceptance of recent development exactly as the communication industry adopted internet for succession.

What is blockchain?-Introduction to Blockchain and its benefits.

 

It is difficult to understand new technology particularly when the technology isn’t something that you can see and touch. Blockchain is one of those technologies. In most recent years, people started to take interest in Blockchain technology.

But most people out there have no clue about this technology. Here is the brief introduction of the blockchain for everyone who is looking to dig deeper into the subject.

Introduction to Blockchain

Blockchain definition is founded by Satoshi Nakamoto who is the founder of Bitcoin. Bitcoin is a digital currency, invented in 2008. In the past decade, with the revolution in technology, Blockchain is also growing very fast.

Blockchain is a decentralized network that distributes the data of its transactions all over the network. Blockchain was also published in Gartner’s Hype Cycle as one of the emerging technologies in the next 5-10 years.

Looking back to the half era of computer technologies are mainly centralized. Blockchain has distributed ledger that can store transactions. A distributed ledger is one of the keys, shifting from centralized to decentralized. So, Distributed ledger (also called shared ledger) can be described as a ledger of any transactions which is stored on different sites all over the network. There is no centralized database.

Key features of Blockchain

Here are some key features of the blockchain.

1) Decentralized System

2) Safer and Secure System

3) Immutable

1. Decentralized System:

Blockchain is a first decentralized system in which data are store on multiple sites. In which there’s no single authority that approves transactions. If one or more nodes fail, the database remains accessible.

2. Safer and Secure System:

Blockchain is the safe and secure system because Blockchain is series of blocks that store data in Hash functions with the timestamp that’s why data cannot be changed or overwritten. Banking and payments, cybersecurity, Supply chain Management, Forecasting, Network and Internet of Things, Insurance, Cloud Storage, Charity, Voting, Government, Public Benefits, Healthcare, Energy Management, Online music, Retail, Real Estate, Crowdfunding and many more are working on adopting Blockchain Technology to make their business faster, more efficient and secure.

3. Immutable:

One key feature of blockchain is immutable (unable to change). Most of the people think is it immutable? Yeah, it is. In blockchain, data cannot be changed. No duplications occur. Unchangeable records can be created. Once data has been written in blockchain we cannot change it, not even system administrator can change it. It is a key pillar of trust among strangers or even in smart contracts. It is useful for the database of financial transactions.

Use cases of Blockchain

Blockchain has abundant of use-cases, some of which are given below.

1.Blockchain in Banking Sector

Blockchain in the banking sector can help us to revolutionize it with amazing features. Our current existing banking sector depends on central authorities causing high charges and yet no security in contrast to Blockchain. If our banking institutions are converted to blockchain we will be able to save extra money going for the funding of central authorities while providing increased security and transparency. Blockchain shall not be limited to the monetary processes only instead they can be helpful in other industries including the medical field, music, art, loyalty programs, insurances, capital markets etc.

2. Data Credibility

Blockchain ensures the security and transparency of different forms of data. In governmental processes, for example, Blockchain can help us regulate the voting processes. Here it can be very helpful in avoiding the issues such as rigging and fake votes etc.

3. Real Estate Transparency

In real estate world, it can help us in validating the property rights and securing the property transactions which in turn can save us from stealing and fraud attempts on properties.

In the Supply Chain Management, Blockchains are currently being used to solve problems by eliminating the need for a trusted third party to certify raw materials, components, or finished products, as they travel through a supply chain.

From recent hype of blockchain and cryptocurrencies, it is no more an exaggeration to claim that Blockchain is, in fact, one of the most swiftly emerging technologies of the new era. Blockchain can help us solve the issues of traditional network systems ensuring maximum security, transparency and immutability making it almost impossible for the hackers to attack the network. It is already being incorporated in many businesses including loyalty programs, jobs portals, health sector, capital markets, real estate and many more. It is no doubt that we will be seeing blockchain as a common ingredient of many new startups.

Blockchain in Medical Industry

Many people have perceived a lot about the blockchain in support of a cryptocurrency called Bitcoin; be that as it may, it can have a lot more extensive use than a straightforward instalment technique, including different enterprises. Things being what they are, how does blockchain work in the health care industry?

The health industry is a combination and incorporation of areas inside the financial framework that gives benefits and risk to treat patients with curative, hygienic, and therapeutic considerations.

Significance of blockchain technology in the Healthcare industry

Derivation of data and integrity

With a progressive increase in patient numbers, medicinal services providers need to manage increasingly more wellbeing information all the time. As the information volume builds every year, it winds up more earnestly for emergency clinics and centres to process and store data.

Data overseen by medical organizations contain:

  • Patient health information (PHI)
  • Electronic wellbeing records
  • Information gathered from IoT gadgets (Internet of Things) or checking frameworks
  • Medical protection claims
  • Ensure information wellbeing

Usage of Blockchain in Healthcare

As blockchain applications are very vast but in the healthcare, some figures show quick blockchain execution, with 37.9% foreseeing that it will take a maximum of five years to embrace it crosswise over medicinal associations. For the present, these associations and experts need instances of blockchain and how it tends to be useful in their field. Here, we will cover samples of blockchain use in the medicinal services industry, portraying existing issues in part and thinking about potential arrangements using this innovation.

Following are the usage issues of Healthcare in the blockchain:

Ease in the traceability of drug

Information security in clinical tests

Oversees the Patient information

The Health care industry consist of the following:

  • Hospitals and other public, private and voluntary organizations
  • Dentist and doctors
  • Defensive consideration and nursing
  • Medical equipment
  • Pharmaceutical and health insurance firms

One of the most remarkable advantages of using blockchain is the removal of a third-party mediator, which decentralizes records, improves the operational process, and reduce transaction cost. Around 14% of the healthcare industry is estimated to have a blockchain-based system by the end of 2018, while 70% are estimated to have invested in acquiring the blockchain on-board 2020.

Blockchain technology in the health industry is going to be controlled by the urgent need to improve the security of the computer system and online payment processing. Blockchain technology is already promoted as a significant interference among other industries. Blockchain technology is helpful in health care issues set aside save money from fraud, pharmaceutical products, and hence, conclusively influence the outcome of Healthcare.

Health industry plays an essential role in the country’s economy. However, federal rules and regulations, making this process more boring and lengthy.

Significant problems of health industry are Cybersecurity, Invoicing, and Payment Processing, the appropriate supply chain for drugs and medicines and patient identifier.

Whether you are familiar with the blockchain or not, but you have a thirst to implement something new and unique in your healthcare organization, which can build trusted patient care and accuracy of data.

The area of blockchain that will participate most in this industry is the transaction of data. Using of blockchain in the health care system for data transforming is estimated to reach a value of $1.89 billion by 2025. By digitally storing data without the need of any mediator would extraordinarily upgrade the present framework where specialists frequently make a considerable effort to accumulate odds and ends of patient’s information. Blockchain is also working on securing the identity of patients and collection of a detailed report of his patients such as age, name, sex, disease, treatment of illness, and preventive measures.

Health care firms researchers and the participants from other health care sector are paying special mind to approaches to discover what’s conceivable in the present occasions and what blockchain could improve and reasonable later on.

Let’s consider all of the above

Secure data sharing techniques, which permit both healthcare contributors and their secured operation to certify the rightness of information, are critical for assuring appropriate medical care. It is the place blockchain proves to be handy, as one of its fundamental focal points is information uprightness. At the point when data recorded and encoded, it ends up trying to change or eliminate.

Things Everybody Need to Know About Blockchain

 

While going through technology and financial news, you may have observed “blockchain” and “cryptocurrency” popping out. Maybe you also read up the concept, but still unsure about it and its principles. Blockchain technology is not much different from the things you already happen around. It is a wave of future that backed Bitcoin innovation.

Blockchain technology enables people to create entries into a public record just as Wikipedia. Users can then amend or update the record. The record/ledger is not a property/product of a single person hence, allowing all users to control it. Blockchain technology is truly decentralized, fairer, and more transparent than any public ledger.

To know more about blockchain properties, click this link.

So, how does blockchain Works?

With no new technology, but a combination of technologies, blockchain is a revolutionizing technology – a step towards the transparent and decentralized world. It comprises of private cryptographic keys, distributed ledger, servers, clients, blocks, and identities.

Blockchain is a systematic set of data that is processed through mining, where each block get identified by a hash and timestamp. By creating and assigning crypto keys using cryptography rules, the node initiates a transaction.

But, what is blokchain transaction?

By transaction, we are not talking about your  financial transaction. But, every action took over a blockchain platform is known as transactions. It can be a transfer of values, relevant rules addresses, and sources between users and network. It may include transfer of money too.

How transfer takes place?

The process is so simple. Validators/nodes verify each transaction then to include it in a block to propagate it onto the network. As the block gets into the decentralized ledger, it then connects itself with other blocks using cryptography rules. Once added, data becomes immutable or tamper-proof.

Whereas, block in a blockchain is like a unit/page of a ledger containing all information about timestamp, digital signature, and transaction data.  A consensus has to achieve for validation, to verify each transaction for new block generation.

So, the above mentioned is a summary of basic blockchain terms and its operation. To learn more about blockchain technology and its implementation, subscribe us.

 

 

Understanding Blockchain and its Features

 

Leave blockchain aside. Let’s talk about the internet or world wide web, where we consume a lot of stuff, live here, make relations, do transactions, buy products, gets info and news, hence do everything. The Internet has closer the world than ever before.

And I am sure that at least once in a life, you have also gone through Wikipedia, an advanced form of a traditional encyclopedia, where decentralized Wikipedians post information to build the community. Rather than centralized or limited contributors, anyone can add information here that then freely available to anyone. And it also enables you to view the history of edits that have been made any time. 

So, when you already familiar with all such mechanism and technology, then what’s hard for you to learn about what is actually blockchain?

Unlike the word blockchain, it consists of several blocks that are linked together with chain using cryptography. This technology works on the democratic principle, which means that no one can add or delete or edit any information without the consensus of others and as soon as the block gets on the blockchain it becomes publicly available. Everyone can see it – even you.

Why Blockchain?

You may say that a blockchain is an advanced form of internet or some sort of Wikipedia with advanced features that brings all together more closely, relevantly and transparently. It is a decentralized platform that distributes the data all over the network without any centralized database. This ingenious technology promotes secure data storage, integration through distributed ledgers ensuring transparency and security against data tampering. 

Here are key-features of blockchain technology: 

Decentralized: 

Before blockchain evolution, our entire computerized system was centralized or controlled by a single entity. However, blockchain is a decentralized network, where anyone can add information here – similar in the case of Wikipedia. Here the control is shared by multiple independent identities.

Distributed Ledger:

However, blockchain is also a distributed ledger where data is not stored at a single physical place instead of distributed across various P2P networks. Or we can say that its parts exist in different locations, i.e., not a single server, PC or a device.

Transparent and Immutable:

Each block in the blockchain is connected to one preceding and one successive block in a tamperproof chain. Once the data is added in the blockchain it becomes permanent, not alterable or removeable. No one has access to remove data from the blockchain, and if a change occurs, a complete history of previous versions remain available. It also prevents duplication or forgery and data theft.

So, all these features of blockchain can address the transparency, security, and data issues that our financial, administrative, health, education, and other sectors are facing.

To know more about blockchain technology, its implementation and market scoop, keep visiting blockchain expert solutions.

Businessman or Entrepreneur? Learn 5 Tips to Make Fourth July Unforgettable

Independence Day or Fourth July dates back to 1776 when the United States got freedom from Great Britain. It is celebrated as a federal holiday with picnics, barbecues, parades, decors, family and business celebrations. People display American flags outside their buildings, accompanied by the national anthem, patriotic songs, and fireworks

Many bloggers write articles on July 4 celebrations, but hardly any of them write tips for business professionals to make their Independence Day exemplary. The lack of such write-ups pushed me to grab keyboard, cellphone and make calls and messages to learn from professionals how they celebrate American Independence Day to assist other businesspersons. So, here are mind-blowing tips to make the event memorable.

Decor Your Place:

It’s okay if you feel flag an old-fashioned or an incomplete guise to cheer up this day. Several others perceive alike, too. Use red, blue and white balloons and origami crafts on Independence Day 2019 to give an enchanting aesthetic to your place without compromising your love for America.

Host a Promotional Event:

Doesn’t matter, pre, pots, or on day celebration, Independence Day Event bring high market value for your firm. Complementing your direct marketing campaigns will eventually attract your customer and also refuels your staff to give energetic performance through the rest of the year. Take it to the next level by also arranging a parade.

Do BBQ:

It may sound not over beaten concept. But, give your honest view – what would July 4 look without a traditional golden cookout? So, must have an open-air barbeque with your staff on this event. Writing it is already making me hungry, but a day left to enjoy the delicious juicy flavor.

Arrange Quality Family Time:

No doubt, your entity is your foremost priority, yet your family should too. Have some valuable moments with your parents, spouse, children, and true-friends on July 4 to enjoy the real spirit of American Independence Day.

Plan for your business prosperity:

If your business sucks, don’t wait anymore to outsource your business to dynamic blockchain services provider for improved functionality. Also, avail amazing 25% discount on services of Blockchain Expert Solutions and also get absolutely free quotes, whitepaper, business, and technical model review.

So, businesspersons use the tips mentioned above to make your Independence Day memorable. Don’t forget to add a customized touch to your celebrations as per your personal and business requirements.

Cheers men! It is Fourth July!