Introduction Blockchain Technology Models to Work within the Enterprise

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The emerging technologies like Blockchain have found its usage across the different industries. It has led to a surge in new developments. When we talk about Blockchain technology or blockchain-based approach, then we also mention the various uses across different industries. One of the key changes that every organization has brought in is the adoption of newer technologies, which can pave the way for more developments. The Proof-of-concept (POC) model has been applied across different industries like Volkswagen which is using this initiating in the supply chain management, and a number of banks are also using Blockchain to manage their payment system and diamond industry using Blockchain-based model and platform for tracing the origin of diamonds and also to trace if the diamonds are ethically sourced or not. With such widespread use of Blockchain across different industries, we can expect our system to become more adaptable to technologies like Blockchain. The technology is expected to create more than $175 billion business by 2025, and this is expected to expand up to $3.1 trillion by 2030. In 2019, the survey done by Deloitte found that 53% of the senior executives mentioned Blockchain as one of the top 5 priorities.

Use of Blockchain Across Different industries:

When it comes to using of Blockchain technology, the industries are expected to run seamlessly and their business operations to become more efficient. There is a wide range of industrial applications of Blockchain technology, and we are enlisting few of them :

Innovation In The Finance Division- One of the earlier uses of Blockchain takes us to the finance sector where Blockchain is used for assisting faster transaction. Bitcoin brought with it the digital findings revolution and Blockchain is now providing a platform which can become free from third party effect , thus ensuring faster transaction at a lesser cost.

The cryptographic process based on the “Proof of Work” consensus protocol and the feature to identify information in real-time ensures transparency in the business and at the same time, the immutable nature makes the information accurate and authenticity

Transformative Impact On The Supply Chain Management System- Another key area of usage of Blockchain system is in the field of supply chain management system. Blockchain-based application can be used in tracing the information about the goods and ensuring that the information is instantly available to the user. Both buyer and seller can make use of this information. It will eventually help in making the system transparent. The Blockchain-based system can be used t replace older system of destination checks, weighbridges etc. which consume so much of time. With the help of real-time tracking and immutability feature of Blockchain, the supply chain management system will become more efficient.

Safer Digital Data- Cybersecurity is yet another field that can reap the benefits of Blockchain. We know that DLT offers the feature of immutability, which makes data deletion difficult. Hence, ensuring that all the digital data is safe. This is not only important for cybersecurity division, but also for the industries which are running their operations on the digital platforms.

Conclusion- The keen adopters of Blockchain are surely going to reap the benefits in the future. Such companies will open the gateway of job opportunities to those who are skilled in Blockchain. If you too are willing to make a career in this technology, then Blockchain Council is providing Online Blockchain certifications programs in the same.