BLOCKCHAIN - Ivalue Plus

Blockchain
May 7, 2021

What is Blockchain?

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it’s used and its history.

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain).

So, what is so special about it and why are we saying that it has industry-disrupting capabilities?

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.

Blockchain technology has made a great impact on society, including:

  • Bitcoin, Blockchain’s prime application and the whole reason the technology was developed in the first place, has helped many people through financial services such as digital wallets. It has provided microloans and allowed micropayments to people in less than ideal economic circumstances, thereby introducing new life in the world economy.
  • The next major impact is in the concept of TRUST, especially within the sphere of international transactions. Previously, lawyers were hired to bridge the trust gap between two different parties, but it consumed extra time and money. But the introduction of Cryptocurrency has radically changed the trust equation. Many organizations are located in areas where resources are scarce, and corruption is widespread. In such cases, Blockchain renders a significant advantage to these affected people and organizations, allowing them to escape the tricks of unreliable third-party intermediaries.
  • In the area of politics, Blockchain is being looked at by an organization called Follow My Vote, which is trying to combat election fraud at the ballot box.
  • The advent of the Internet of Things (IoT) has unleashed a plethora of smart machines that transfer data over the Internet without any human interaction needed. Likewise, technology is even used for public services such as rubbish collection, transportation, and traffic management. So, in the world of IoT, you can make Smart Contracts and allow smart objects to perform the listed tasks, which in turn negates the need for human involvement.
  • Blockchain technology can create a decentralized peer-to-peer network for organizations or apps like Airbnb and Uber. It allows people to pay for things like toll fees, parking, etc.
  • Blockchain technology can be used as a secure platform for the healthcare industry for the purposes of storing sensitive patient data. Health-related organizations can create a centralized database with the technology and share the information with only the appropriately authorized people.
  • In the private consumer world, Blockchain technology can be employed by two parties who wish to conduct a private transaction. However, these kinds of transactions have details that need to be hammered out before both parties can proceed:
  1. What is the T&C of the exchange?
  2. Are all the terms clear?
  3. When does the exchange start?
  4. When will it finish?
  5. When is it unfair to halt the exchange?

Fortunately, since Blockchain technology employs a shared ledger, distributed ledger, or any other decentralized network, the parties can quickly gain answers to these exchange relation queries.

Also, transactions or information on a Blockchain platform can be tracked from departure to the destination point by all of the users in the supply chain. All of the above examples are proof that this technology is here to stay and will be a vital source in the future.

How Does a Blockchain Work?

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

 

References:

https://www.investopedia.com/terms/b/blockchain.asp

https://builtin.com/blockchain

https://blockgeeks.com/guides/what-is-blockchain-technology/

https://www.ibm.com/topics/what-is-blockchain

https://www.simplilearn.com/tutorials/blockchain-tutorial/blockchain-technology#:~:text=Blockchain%20technology%20is%20a%20structure,to%20as%20a%20’digital%20ledger.

 

 

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

Sumeet Gupta

Founder/Managing Director

Sumeet is endowed with 23 years of global experience reflecting strong leadership qualities coupled with enormous experience & exposure in IT projects’ planning, execution, management, delivery and production support (onsite, offsite and offshore); across e-Business, Client/Server, Custom Application Development, Enterprise Resource Planning (ERP), Enterprise Content Management, Internet based applications, Business Intelligence, Integration packages and Databases. Eminent leadership expertise with exemplary record in driving management methodologies and disciplines spanning estimation, contracting, project planning, risk management, progress tracking & analysis, report and other related factors Well versed in project management methodologies of Agile, Scrum, Waterfall and delivery technicalities of Onsite, Offsite and Offshore model with expertise in translating complex business opportunities into creative, effective and efficient IT solutions, analyzing the client business needs and requirements: translating new ideas into clients’ solutions including opportunity identification, requirements development, delivery, production support & analysis and documentation.

Jayanti Gupta

Founder/Managing Director

Jayanti, a proactive founder brings more than 21 years of rich industry experience with an insight to provide innovative solutions. A leader and a team player who aims to help an organization achieve its objective through new and innovative ideas. Her spectrum of work varies from IT Education Delivery, Instructional Design and Delivery, content management and development. She understands the need for building collaborative and trusted relationships with the clients. Jayanti exudes remarkable calm, confidence to withstand the challenges in setting the tone for the company’s values, ethics, and culture.

Nidhi Aggarwal

Global Talent Acquisition

Nidhi has 15 yrs. of experience in Business Research, Talent Acquisition, Client Relationship management, Database Search Tools and Leadership Hiring. She has worked with internal teams and hiring managers in UK, Continental Europe and US geography to assist with recruitment efforts. She has also worked on custom projects in different sectors and industries, involving – company profiling, business overview, business segments, key financial, executive team, board member composition, competitors and other key developments.

She has been instrumental in preparing presentations on the key developments in the business world like Digital Transformation, UK Talent Trends, Digital Age Disruption. She has been involved in working on newsletters pertaining to candidate moves, company mergers & acquisitions and layoffs in US, UK, CE, APAC.

Priyali Hooda

Consultant

Priyali has around 8 yrs. of product and digital media experience, along with background in Product Marketing.

She has helped publishers in transforming their digital media business and reinvent their digital monetization model with data driven decision making and an effective web and mobile optimization strategy to increase revenue, website traffic, user engagement, and gain competitive advantage.

Through her specialties like Product marketing, lead generation, digital media consulting, web optimization, user engagement, content monetization, product optimization, customer success she has delivered products that are user friendly and provided a unique and consistent value to the customers.

She has worked closely with cross-functional teams, including Product Management, Sales, Marketing, Research, Web development and Design along with customers, to ensure the successful roll-out of new products and new versions of existing products.

Sujeet Kumar

Finance

Sujeet is an Ambitious and self-motivated with 7+ years of professional experience In Finance. He has done his B.COM & M.COM from Kumaun university Nainital.
He has been instrumental in Financial accounting /Direct and Indirect taxes/ Payroll and Compliance Management specializing in the IT/ITES sector. He posses excellent research and financial analysis capabilities.

Lisha Achhipilya

HR

A proactive, advising, strategic and result-oriented HR personnel having experience in Intercultural sensitivity, workforce planning & employment, language skills , Lisha has been instrumental in building company’s human capital capability through keystone involvement and systemic value addition.
Spending almost a decade into Arts & Entertainment industry and now stepping into Human Resources, right from Hiring to Training to Generalist HR, it has been quite a journey for her but it’s all about getting everything together. The motto is to learn, evolve & grow.

IT Professional

Ashish Patwal

IT professional

Highly capable, versatile and accomplished IT professional who is confident to make the right decisions as per the situation.
His experience encompasses good knowledge of Cisco, Aruba, D-Link, Sophos, TP-Link devices, Setting up of IT infrastructure from scratch to a secure fort, extensive IT management experience, planning and implementing computer systems and networks.

HR

Sonali Paul

Human Resource Executive

Highly competent, Reliable, knowledgeable and highly organized team player Human Resource Executive possessing excellent communication skills, team building and relationship management.
My areas of expertise is across HR Generalist & Talent Acquisition. A good multitasker with the ability to make quick difficult decisions.