What is blockchain?
Blockchain BlockchainIt is an immutable shared ledger used in commercial networks to facilitate recording transactions and tracking assets. The blockchain uses technologies such as cryptography and consensus mechanisms to establish a peer-to-peer network system that can store a large chain of transaction data blockchains. Anything of value can be traded and tracked through the blockchain to reduce risks and costs across the board.
Why is blockchain important?
Enterprises rely on information to operate. The more accurate the information, the better the operation. Blockchain provides immutable ledger, real-time, shared, fully transparent information. And only authorized people can access the information. Additionally, blockchain can track orders, payments, accounts, production, and more.
3 Key Elements of Blockchain
1. Decentralized ledger technology
All network participants have access to the decentralized ledger, and its immutable record of transactions. Using this shared ledger, transactions are recorded only once, outperforming the job duplication common in traditional business networks.
2. Immutable records
The shared ledger after the transaction, no participant can alter or tamper with the transaction. If there is a transaction record error, then a new transaction must be added to correct the error, after which both transactions will appear at the same time.
3. Smart Contract
The biggest advantage is to speed up transactions, store a set of rules on the blockchain called smart contracts, and execute them automatically. Trusted transactions without third parties and irreversible.
3 Advantages of Blockchain
| line | Advantage | illustrate |
|---|---|---|
| 1 | Improve trust | Be confident that data is accurate and current, and that records will only be shared with members of your network that you specifically authorize |
| 2 | stronger security | All verified transactions are immutable as the system will record it permanently |
| 3 | Improve efficiency | Avoid wasting time checking records, and smart contracts speed up transactions |
The application of blockchain in four industries
Blockchain is the latest technology, and it is used differently in various industries. The following will divide the industry and give examples:
1. Energy
Blockchain technology can be used in energy companies to simplify access to renewable energy. E.g:
- Homeowners with solar panels can sell excess solar power to neighbors. This process is highly automated and suitable for smart meters, which are recorded by the blockchain.
- Users can sponsor solar panels in energy-starved communities, a project based on blockchain. Sponsors may also receive rent from the community.
2. Finance
Blockchain services are applicable to online payment, account management, and market transactions. Traditional finance such as banks and stock exchanges can operate more efficiently. famous Singapore Exchange Limited Leveraging blockchain assisted in overcoming the challenge of breaking thousands of financial transaction batches and manual reconciliations.
3. Media and Entertainment
Media and entertainment companies use blockchain technology to manage copyrighted materials. Whether it is a musician or an artist, the fairness and protection of copyright is very important. All sales or transfers can be recorded by the blockchain, and the number of transactions can be clearly recorded.Sony Music Entertainment Japan Use blockchain services to manage copyrights. The blockchain strategy has been successfully used to improve productivity and reduce copyright processing costs.
4. Retail
Blockchain is used in retail companies to track previous shipments from suppliers and buyers. Amazon's retail, for example, has applied for a patent on distributed ledger technology. This system uses blockchain technology to verify the goods on the platform and check whether the goods are authentic, credible and reliable.
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