Blockchain – Delivering Cost Savings with a New Approach and Efficiencies

Data is Everywhere! Data surround us all, and it is the core of any business. It is highly significant for businesses and enterprises as it helps organizations strategically decide and create strategies. The utility of Blockchain is that it helps promote trust, transparency, security and safety of data shared across the network of businesses. It also helps deliver cost savings with a fresh approach and efficiencies.

DIGIMASTERZ, India’s leading Blockchain Solutions and Services Company, offers blockchain services across industries. So, to acquaint you more, let us explain its concept here and why you should go for it.

What is the Blockchain?

A Blockchain is defined as a distributed database or ledger that stores information and details digitally in electronic format. It is shared all across the nodes and segments of the computer network. Blockchain is highly innovative and advanced as it guarantees the security and trustworthiness of the data records and generates trust without a third party’s requirement. It can also be recognized as a kind of Distributed Ledger Technology (DLT), which includes the developing list of records, known as blocks, linked together through cryptography safely and securely.

Industries that Blockchain Serves

Blockchain technology can be integrated and is compatible with multiple industrial segments. Some industries where it finds its utility are:

  • Cryptocurrencies: In Cryptocurrencies, Blockchain Technology is used to record transactions. The Ethereum and the Bitcoin Networks are both based on the Blockchain.
  • Human Resources: Blockchain technology helps manage human resources more efficiently and effectively by using smart contracts, which are electronic agreements based on predetermined conditions. These smart contracts help perform and execute functions such as background checks and verifying employment history.
  • Accounting: Blockchain technology helps in executing and performing accounting functions in a better manner and potentially low down the instances of fraud and human error.
  • Insurance: Blockchain Technology helps make the processing of insurance claims more efficient as it aids in establishing the consensus among the parties, including the insurance claims. Cross-border coverage and payments can also be facilitated.
  • Real Estate: In the real estate segment, Blockchain Technology is possibly used to ensure documentation accuracy. Recording and tracking the transactions also become easy, which helps in efficient property transfer.
  • Cloud Computing: Blockchain Technology helps make cloud-based networks efficient, secure and safe as it helps decentralized cloud computing.
  • Healthcare: In the healthcare segment, the Blockchain finds its utility effectively as the sharing of the records like patient data has become more secure and easy. It leads to no compromise on privacy and safety.
  • Internet Security: Internet security can be improved and boosted with Blockchain Technology in numerous ways, as the need and requirement of human intermediaries can be eliminated. It aids in reducing instances of fraud and human error.
  • Gaming: The blockchain-enabled distributed ledgers help enable gamers to transport and shift personas, digital assets and skill sets across multiple gaming platforms.
  • Digital Advertising: Blockchain-based web browsers help transform and change how online advertising works. It aids the companies to directly target the audience, with the consumers receiving lesser advertisements.

Significant Blockchain Advantages for the Enterprises

There are uncountable advantages of Blockchain Technology, which can be elaborated on below:

  • Boosted Security: The Blockchain offers tighter security as it creates a record that cannot be altered and is end-to-end encrypted. Therefore, it helps in preventing unauthorized activity and fraud.
  • Enhanced Transparency: Since the Blockchain uses the distributed ledger, all the data and transactions are identically recorded in different locations. It enables all the permissible participants to look at the same information simultaneously, which offers transparency.
  • Automation: With Smart Contracts, the transactions can be automated, which makes the entire process efficient and swift.
  • Reduction in Cost: With Blockchain technology, there is no need or requirement for the third man, which reduces costs and builds trust.
  • Verifiable: Since every piece of information is stored in a decentralized manner with blockchain technology, the correctness of the details and information can be verifiable by everyone.

Future of Blockchain Technology in India

The future of Blockchain Technology in India is potentially great as India has adopted and is planning to adopt it across numerous industry sectors such as the Telecom sector, The Tea Board of India, SEBI (Securities and Exchange Board of India), and Secured Voting. The Indian Government is looking to establish a national blockchain framework for 44 sectors, such as Pharma, Education, Energy, Farming and many more. After considering the predictions, by 2050, Blockchain Technology is all set for India’s effective $176 billion business. Therefore, India will rise to a whole new level after incorporating Blockchain Technology, helping it to rise among other nations and proving to be a big game-changer for India.

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