Blockchain solutions based on Hyperledger and Ethereum and many more has tremendous potential to reshape multiple industries including, finance, supply chain, education, healthcare and much more while helping set a new standard in each respective market.
In a distributed ledger, parties can run their own node, each having a timestamped copy of the blockchain database. Every node is only privileged to data that is relevant to that party.
The Cryptography component of Blockchain enables a system to encrypt and secure data. Only users having private/public keys with enough privileges, can push/pull data to or from blockchain.
Enables the autonomous execution of business contracts based on pre-defined conditions. Smart contracts allow companies to utilize executable code on a blockchain.
Shifting documentation to a digital blockchain based database, allows more processes to be automated or optimized, minimizing human resource and errors, and saving a lot of time.
Distributed Ledger Technology ensures all permissioned parties involved in various processes can access all data relevant to them, without compromising on the security of sensitive information.
Blockchain makes it easy to track process workflows and verify all relevant data transactions at each stage.
With digitization and automation slowly setting the standard in the industry, Blockchain can provide the necessary security to prevent sensitive data from being compromised by cyber attacks.
IoT sensors and robotics are gaining ground in multiple industrial processes, and blockchain technology will play a critical role in supporting this shift.
Blockchain can help eliminate the need for third-party reconciliation between companies and regulators, and open doors for trustworthy and reliable joint ventures.
Having a distributed ledger helps minimize contractual conflicts that could arise between different parties in business processes and also save millions in litigation costs.
Data is stored on blockchain is immutable and easily auditable.
Enterprises can maintain transparency in their processes while keeping sensitive data private.
All data on blockchain is cryptographically secured and because the encrypted data is distributed, there is no single point of failure.
Blockchain enables a secure transition to automated and paperless transactions reducing the overall organizational burn rate.
Only permissioned parties can access certain documents/data and make changes to them.
Blockchain solutions can be easily integrated with any existing platform using custom plugins and adapters.