Articles
Business transformation
What is blockchain Technologies ?
The world has come to realize the immense potential of Blockchain which is making its presence felt in Banking, Finance, Healthcare, Supply-chain, Legal, and several other industries. By 2030, Blockchain would have added $3.1 Tn business value. The adoption rate of blockchain technology across organizations, irrespective of the size or scale of operation is growing exponentially. However, there has been an acute shortage of ready-to-be-deployed professionals who can contribute to growth in these sectors.
Blockchain, which began to emerge as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter century ago. And in the same way Linux took more than a decade to become a cornerstone in modern application development, Blockchain will likely take years to become a lower cost, more efficient way to share information and data between open and private business networks.
First and foremost, blockchain is a public electronic ledger built around a P2P system that can be openly shared among disparate users to create an unchangeable record of transactions, each time-stamped and linked to the previous one. Every time a set of transactions is added, that data becomes another block in the chain (hence, the name).
Blockchain can only be updated by consensus between participants in the system, and once new data is entered it can never be erased. It is a write-once, append-many technology, making it a verifiable and auditable record of each and every transaction.
