Blockchain technology has young features for your business needs

You may come across the most of business models on this blockchain.

What is blockchain ?

A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).

The reason why the blockchain has gained so much admiration for business setup :

1. It is not owned by a single entity, hence it is decentralized
2. The data is cryptographically stored inside
3. The blockchain is immutable, so no one can tamper with the data that is inside the blockchain.

A blockchain and its essence, a decentralized and more secure database and there are multiple forms of its implementations.Here, The two forms of blockchain

Public blockchains:
A Open blockchain where anyone can join and be a part of the network.

Permissioned blockchains:
A Closed network where existing nodes must vet the participants before making them a part of the network

The hype behind blockchain is pretty unreal as of right now.

In fact, recent statistical report suggest that companies that add the word “blockchain” to their names have seen their shares jump up significantly. For example: Shares in a tiny US soft drinks firm went up by 432% after the company changed its name from Long Island Iced Tea Corp to Long Blockchain Corporation!

This kind of unreal hype does put a lot of unfair expectations on the blockchain.

While we believe that the blockchain is a great innovation, it is by no means a magic button.

The technology is still very young and there are tons of new business avenues that need to be explored and improved upon like scalability and interoperability. However, having said that, an interesting feature of the blockchain is that it will become more powerful as it gets more widely adopted.

We believe in the potential of the blockchain and we believe that majority of the businesses are going to adopt it in the future. However, it doesn’t mean that every business needs to have it in the first place.

You need to take a deep, hard look at your business and consider all the points that after getting free technical consultation>

Article written by
Gowtham sid,
Business Development Manager
Alwintechnologies - Blockchain Development Company with 25+ certified blockchain developers