The term blockchain technology has been doing the rounds a lot lately. Blockchain technology is being utilized in almost every service, from finding new customers to reaching profitability like never seen before.
SecureKloud Technology is an IT and cloud solutions provider that has launched a plug-and-play blockchain-as-a-service (BaaS) platform under its blockchain solutions arm Blockedge Technologies. This platform utilizes built-from-scratch manual solutions and entails zero coding. It facilitates the creation of decentralized apps as well and provides multi-cloud and multi-chain support to businesses.
Businesses and governments worldwide have been progressively leaning towards adopting blockchain to enhance data privacy, prevent money laundering, implement policies, data storage, voting, strengthen supply chains, online transactions, and much more.
“Blockedge is designed to cater to enterprises of all sizes to be able to join blockchain networks and collaborate. One of the challenges driving enterprise-wide blockchain networks is that different enterprises will have different needs and uses of blockchain – depending on whether they are large fortune 500 companies or a small businesses or a startup.
A BaaS platform such as Blockedge will have to address these different needs, offer flexibility, ensure security and compliance while helping our clients to accelerate their blockchain transformation,” Kumara Guru, Chief Growth Officer, Blockedge Technologies, told Financial Express Online.
WHAT IS BLOCKCHAIN TECHNOLOGY?
The term blockchain technology has been doing the rounds a lot lately. Blockchain technology is being utilized in almost every service, from finding new customers to reaching profitability like never seen before.
But what exactly is blockchain technology? It is a digital ledger used to record transactions from various systems, and this information cannot be altered. As the use of cryptocurrencies such as bitcoin and others increased, this technology came into existence.
This technology also maintains the transparency of transaction data. Enterprises are enormous beneficiaries of blockchain technology as it simplifies the asset management and payment cycle automatically. It also eliminates intermediaries. Blockchain technology is incredibly revolutionary and promising because it reduces risk, weeds out fraud and brings about transparency.
Blockchain technology has been able to tighten its grip over many industries mainly because of its benefits.
Listed below are five benefits that blockchain technology offers:
CONVENIENCE
The convenience that blockchain technology provides is one of its most significant benefits. For example, a digital platform that IBM has developed used blockchain technology to track farmers’ food to the supermarket. Therefore, the food industry benefits from using this technology to trace where exactly the food is from. Many people use this platform for other supply chain applications as well.
DECENTRALIZATION
Blockchain has this innate ability to decentralize. Decentralization has many benefits. The supply chain industry needs a decentralized structure to connect users and suppliers of products and services. Therefore, many supply chain companies use blockchain technology to improve services and increase profits.
PEER-TO-PEER NETWORKS
According to an article on Investopedia by Jake Frankenfield, peer-to-peer refers to the exchange or sharing of information, data, or assets between parties without the involvement of a central authority. Peer-to-peer (P2P) involves decentralized interactions among individuals and groups.
A peer-to-peer network is another benefit of utilizing blockchain technology. These networks are a way to communicate and exchange information between users. One industry that has found numerous uses of peer-to-peer networks is the insurance industry.
AFFORDABLE OPERATIONS
Blockchain technology allows businesses to operate at a much lower cost as it offers economies of scale, which are much easier to take advantage of because of their decentralized nature. The blockchain industry also decreases overhead costs by reducing the time required for transactions.
BETTER SECURITY MEASURES
Blockchain technology uses open-source software, which allows users to control their data fully. This results in better security measures compared to traditional systems. The private key which is used to authorize information cannot be obtained or used by hackers.
This technology, therefore, is beneficial for businesses in the financial sector since records are vital for tracking and monitoring procedures. In the corporate world, companies can protect their most valuable assets because of blockchain technology.
