Banking in the twenty-first century has been exponentially growing. The digitalization and the cyber-transactions have given the banking and commerce to a whole new dimension. Blockchain Technology is an of-late boom in this new discipline of commerce.
BLOCKCHAIN TECHNOLOGY – Does it sound like Greek and Latin to you? Hearing the term for the first time? Wondering what it is all about?
PEACE!!! It’s easy-peasy!
In this article, we will try to break it down to simple and easy-to-follow steps. In all plain words, Blockchain just means, as the very name goes, a system or technology that stores transaction data in blocks that link with each other to form a chain and keeps growing as the transaction grows. The time, sequence and beneficiaries of the transactions are recorded as blocks and logged into the blockchain. The Blockchains can be integrated into a network, that can be accessed only by pre-authorized participants.
First thing you need to do is to explore if you a.c.t.u.a.l.l.y need to set up a Blockchain Application for your business.
#1: How to evaluate your Industry Compatibility?
Here’s a checklist for you to ask yourself when you are skeptical about launching Blockchain for you.
☑ Do you have contractual relationships?
☑ Do you have transactions that involve three or more parties?
☑ Do you feel that your existing system is expensive, complex or lacks control?
☑ Do you think that your current transaction system is easily prone to cyber fraudulence, manual errors or unethical hacking?
☑ Can your current system be easily duplicated?
☑ Are you looking to increase trust, transparency & accountability in your recordkeeping?
If your answer to any of the above questions is yes, then Blockchain Technology is for you.
Curious to know how Blockchains can secure your business transactions?
- Assures Credibility
With Blockchains, you are using a technology that is more than 100% safe and secured. Every transaction is logged into the chain of networks that lets only the authorized participants have the access to view, control or manage the transactions, which makes the system completely reliable.
2. Empowers with Accountability
You can choose to customize the Blockchain platform so as to meet your special needs say, for instance, you might need a permissioned network or you might want to know the identities in your business network like anti-money laundering or know your customer. The possibilities of customization are endless with Blockchain.
3. Enhances Flexibility
There’s always a room for a change and business is such. The Blockchain is an adaptive system that renders a hassle-free, seamless and a flexible integration of technology, data, and security. The chains to which the transactions are logged into as blocks can be changed, altered, customized or re-arranged any number of times to meet the changing requirements.
Here’s the world’s leading technology giant providing Blockchain Technology that is affordable, reliable and completely tailored for your business.
Moving your transactions to Blockchain Technology is just a call away now.
ISCISTECH Business Solutions | Sharepoint Services | Blockchain Technology | Website Solutions | Digital Marketing Services | Cloud Migration Services | Project Management Services | HRMS Solutions