Blockchain is a revolutionary new approach to managing transactins. Through its unique distributed nature, it has the potential to radically transform the way we do business by simplifying how we track goods, services, money, and data.
How Does Blockchain Work?
A blockchain is a virtual, public ledger that records everything securely and transparently. It acts as a ledger, which can capture information about suppliers, partners, customers, goods, services, money, or any type of structured (or unstructured) data.
Blockchain brings two important advancements to data management: data is recorded and digitally signed; and then shared through a broad network. While simple, these two innovations allow for fast, precise, and transparent exchanges with revolutionary possibilities.
Here’s how it works: once data has been recorded inside a blockchain, it becomes connected to the data in front of and behind it. This makes it (essentially) impossible change, meaning that data can only be added (appended) to the network. The data is then shared with many (or all) of the other peers in the network. Instead of using a central entity to manage the chain, blockchains use peer-to-peer networks further securing the irreversible, permanent chain, and preventing any block from being altered. When someone joins the network, they get a full copy of the chain.
So what happens when someone creates a new block? That block is sent to everyone on the network. As each transaction occurs, it’s encoded into a block of digital data and uniquely signed or identified. Each node can verify the block to ensure it hasn’t been tampered with.
In layman’s terms, blockchain is a record-keeping tool that makes it easier and safer for businesses to work together over the internet. This data is then held in a network of computers, owned and run by the users themselves.
The Benefits of Blockchain
Streamlined Business Processes
Thanks to blockchain technology, transaction histories become more and more transparent. Using blockchain, it’s possible to create distributed services that are able to compete with centralized, and more established competitors. This allows customers to take control of their own data and migrate away from well-established institutions with their strict policies. For example, consider the disruption caused by crypto currencies: these block chain based solutions have allow customers more control over their own financial decisions and opened new opportunities for trading and exchange.
Industries Disrupted by Blockchain
Supply Chain Management
The Bottom Line
DVO Consulting's Blockchain Solutions
DVO Consulting is an emerging leader in the Blockchain Solution Services marketplace. Through internal expertise and external vendor relationships, we provide evaluation solution services to organizations that want to adopt blockchain solutions.
We evaluate the market place, provide impact analysis, detailed functional review, and enable your business to evaluate if blockchain solutions are right for your organization’s goals.
Our engineers provide design, development, testing, implementation/deployment of blockchain solutions. We are partnered in with leaders in this technology developing the most cutting-edge advancements in the blockchain solutions space.