How Blockchain is Transforming Businesses
For many companies in the business transformation Manchester space, blockchain has been a strange and fairly unknown concept because of its undeveloped nature and connection to cryptocurrencies. However, this technology has the power the change the way we organise and compile data, while also possibly automating processes and functions that were previously thought too difficult to automate.
This blog post explains what blockchain technology truly is, its connection to cryptocurrencies, and how it can transform a business.
What is Blockchain?
The blockchain is exactly what it sounds like, a chain of blocks containing data, with each block linked and secured using cryptography. Blockchain’s security is intrinsic to its composition, meaning that blockchain is inherently resistant to modification and tampering. It’s this intrinsic security that makes blockchain so popular and enticing as a method of storing and viewing data.
Many companies have been considering how they can harness blockchain technology to spur their business transformation Manchester in this upcoming year.
Why is Blockchain so Secure?
Blockchain’s security comes from the fact that every block in the chain contains a cryptographic hash of the previous block. This hash is a code or keyword denoting the contents of the previous block, also containing a timestamp and transaction data. This means that any modification will also need to modify the surrounding blocks, requiring the consensus of the network majority.
Blockchain’s Distributed Ledger for Businesses
The other security strength naturally present within blockchain is the open and distributed ledger that records every transaction between parties in a verifiable and permanent record before distributing it to all the members of the blockchain. This means that even if one ledger is tampered, it won’t matter as every single other ledger still contains the untampered and correct transaction information.
Businesses have already been looking at how they can go about a business transformation Manchester and start using blockchain technology to record things like supply chain data and company records.
What businesses are using Blockchain right now?
The majority of business transformations that are occurring with blockchain are related to the supply chain branch of companies, along with companies in the shipping industry. Walmart has been using blockchain technology to track products back to their origins, allowing customers to get a better idea of where their food is coming from.
Another business transformation Manchester is British Airways testing blockchain to manage flight data, preventing conflicting information from gate monitors, flight apps and websites.
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Blockchain has already pushed some business transformations, and it looks like the technology will become an ever-growing player in data storage for companies and businesses across the world. Start looking at how your business can start investing in and utilising blockchain technology to automate functions and kickstart your business’s transformation.