IT’S DAY 9 OF THE 37 MEETING DAYS, HEADED BY SNR.BRO. INK. PROSPER FIDELIS.
TOPIC: THE BENEFITS OF APPLYING BLOCKCHAIN TECHNOLOGY IN ANY INDUSTRY
FIRSTLY WHAT IS BLOCKCHAIN?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
The decentralised database managed by multiple participants is known as Distributed Ledger Technology ( DLT ).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called HASH.
WHAT IS HASHING?
When a transaction has been verified and needs to be added to a block in chain, it will be put through a hash algorithm to convert it into set of unique numbers and letters, similar to what would be created by a random password generator.
What makes hashes unique, and a key security feature for blockchain, is that they only work one way. While the same data will always produce the same hash of numbers and letters, it is impossible to ‘un-hash’, or reverse the process using the numbers and letters to decipher the original data.
THE BENEFITS OF APPLYING BLOCKCHAIN TECHNOLOGY IN ANY INDUSTRY
As we all know that blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer to peer electronic cash system.
Today innovators in various fields are realizing the benefits of the technology behind Bitcoin. From medicine to finance, many sectors are looking for ways to integrate blockchain into their infrastructures. With it’s decentralized and trustless nature, Blockchain technology can lead to new opportunities and benefit businesses through the following:
- Greater Transparency
- Enhanced security
- Easier traceability.
HOW BLOCKCHAIN CAN POWER UP YOUR BUSINESS
The below are part of the reason why any market men or women, companies, industries, producing companies, manufacturing companies, wholesaler and retailer of any kind of business have to join or be one of our PINKOIN Merchants.
- Greater Transparency: Blockchain’s greatest characteristics stems from the fact that it’s transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company’s growth, it’s community and customers.
- Increased Efficiency: Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate.
In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P crossboder transfers with a digital currency. Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant – landlord agreements.
- Better Security: Blockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction .
Blockchain, as the name suggests, is formed by a network of computers coming together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’. Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed.
This immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks. It’s decentralized nature also gives it a unique quality of being ‘ trustless ‘ meaning that parties do not need trust to transact safely.
- Improved Traceability: With the blockchain ledger, each time an exchange of goods is recorded on a blockchain, an audit trail is present to trace where the goods came from. This can not only help improve security and prevent fraud in exchange related businesses, but it can also help verify the authenticity of the traded assets.
In industries such as medicine, it can be used to track the supply chain from manufacturer to distributer, or in the art industry to provide an irrefutable proof of ownership.
- Blockchain – as – a – Service for Simpler Integration:
The problem that many businesses face, however is that blockchain is sophisticated to integrate and lack a technical team that is well reversed in this arena. BaaS or Blockchain as a Service companies allow customers to integrate blockchain technology into their businesses easily without disruption to their daily processes.
This is because Blockchain has the potential for many use cases, applicable to a multitude of industries, and BaaS facilitates that movement from ‘ disruptive ‘ into mainstream.
We have a Nation called INKSNATION.
INKSNATION created a powerful Blockchain Called INKSLEDGER.
INKSLEDGER is the world first humanitarian decentralised financial system. It formed a native currency called PINKOIN.
PINKOIN is a human assets based currency that does not rise and reduce in value overnight but it get more powerful and gains value when people joins the blockchain.
People who joins the inksledger blockchain are called LIVINGNODES.