PUBLISHED BY: Albert Gibosse – BLUE LABEL WEEKLY MAGAZINE | WEBSITE
Whereas a database is an abstraction for storing and retrieving data, the blockchain is a technological innovation as well as a decentralized system that actually revolutionizes
the database system by presenting a radical new proposition that works like a network, and that will further revolutionize every aspect of our civilization.
Furthermore, it offers a friction-free cooperation between members of complex networks that can add value to each other by enabling collaboration without central authorities and middle men.
Blockchain Affects Every Industry that impacts our lives | How The Financial Industry Is Benefiting From Blockchain With Its Shared Resources.
As in the case of ATM machines, each machine is owned by a single entity, but accepts most cards from many different networks. This sharing requires a complicated management apparatus, mostly provided by a centralized administrative entity. Blockchain eliminates the need of an administrative entity to manage the process, as it does all the heavy lifting of uniting the interests and business processes of the member banks.
Rather than having hub-and-spoke methods for organizing the shared resources, just imagine a single global blockchain network that is managing the interoperability of bank cards and providing solutions without any central oversight nor middlemen.
Blockchain allows more efficient processes in inconceivable ways, by eliminating the unnecessary frictions that used to characterize the drag(s) on the global economy that we used to be forced to stick with, when dealing with short supply chains and for deals done by the container load, as it was simply too inefficient to have more links in the supply chain when working with smaller transactions.
The level of decentralization that blockchain provides is having huge positive effects on economies in the developing world. Likewise, these positive transformations are helping small businesses compete with giants while also fostering major positive [ global ] implications.
Benefits of the Value Network to Smaller Manufacturers and/or Suppliers
Like Amazon, ebay and craiglist, blockchain is further enabling smaller manufacturers and suppliers to take advantage of the value network.
Moreover, a blockchain also facilitates the development of more complex value networks than can enhance profitability even with the smallest transactions.
Blockchain also makes possible the elimination of incidental complexities, typically involved in business operations by a huge factor to a province, where a much more complex, contingent and interwoven business environment is emerging. Likewise, it is fostering radical changes in all industries by making unprecedented technological change possible, as it challenges leaders to stay on course in such rapidly evolving and intricate environment.
Blockchain is radically changing our world!
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Published by: Albert Gibosse – Blue Label Weekly Magazine [ www.bluelabelweeklymagazine.com ]
Blockchain is a decentralized and distributed public ledger that is stored and distributed across networks and among participants that are expected to come into consensus on the authenticity of the transactions, without the need for a central authority to authenticate the transaction. It is used to record transactions across computer. Transaction records on a blockchain cannot be altered ex post facto without changing all the blocks and the collusion of the network. Databases associated with Blockchains are managed autonomously using peer-to-peer networks and distributed timestamping servers.
Through consensus algorithms, every participant can see the data and either verify or reject it. Approved transactions are entered into the ledger as a collection of blocks and stored in a chronological chain that cannot be altered.
A distributed Ledger is a database of transactions that is shared and synchronized among distributed computers and locations, without centralized authority or control. Each party holds an identical copy of the record, which is automatically updated as soon as any additions are made.
Keeping Data temper-proof
Cryptography protects the identity of users and ensure all transactions are safely done with secured near-real time updates and details, keeping all transactions temper-proof.
BENEFITS and Cost Effectiveness
Blockchain speeds up transactions by removing the need for a central authority. Likewise, it can lead to a leaner, more efficient, and more profitable processes. Blockchain minimizes and eliminates the risks involved in the counterparty risks.
Reduced reliance on some types of third-party intermediaries.
As the entire database is accessible to all parties, its encryptic nature along with the fact that no single party can control the information, makes hacking nearly impossible.
Transparency and Traceability
With information being viewable by all participants and that cannot be altered, that creates trust, reduces risks and fraud.
Track position and when items change hands with near-real time detailed updates.
Digital Records and data immutability
Data Storing, including video, audio or text, organization, titles, assets, rights or text that can be represented digitally without being vulnerable to any manipulation. Its strength lies in its security as the blocks are linked by a hash function – a cryptographic that insulates the set up from alteration.
With no internal database, blockchain is one of the most secured and accurate ways of maintaining records of transparency at the core.
Automatically triggers actions and events and payments once conditions are met.
Eradication of copyrights tampering and infringement
Copy Rights and and Intellectual Property
With digital publishing having reached an unsurpassed level of prominence as well as royalty payments being jeopardized by piracy.
Unfair Distribution of Dividend
Smart Contracts is a mise en garde to intermediaries and make the monetary chain transparent and justified, establishing a reputation system.
Tokenization of Assets
Assets on the blockchain will be tokenized to enable people to buy and sell them, most likely, using digital currency or cryptocurrency.
Content Creators Empowerment
As a barrier-less communication system and the absence of intermediary costs, blockchain is empowering content creators( artists, authors, and beyond ) by establishing a direct relationship between content creators and consumers.
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