EVERYTHING YOU NEED TO KNOW ABOUT THE BLOCKCHAIN FOR BUSINESS

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Everything You Need To Know About The Blockchain
For Business
Undeniably, blockchain remains an ingenious
technology invention so far. Considered as a
brainchild of either a person or a group of
highly intelligent mathematicians who opted a
name Satoshi Nakamoto to introduce blockchain.
Since its introduction in the market, it has
evolved to become something great. Today every
single person and every single business want to
understand blockchain in detail. Blockchain
technology-a distributed ledger created a
backbone of an entirely new type of internet
wherein participants or users can distribute
digital information but are not allowed to copy
or edit that same information. Although,
Blockchain was originally designed for digital
currency Bitcoin, the tech community explored
additional potential uses of the bitcoin
technology. To date, the total value of digital
currency or bitcoin is close to 9 billion USD,
no wonder bitcoin is called as Digital Gold in
the modern world. Indeed, blockchain has the
potential of bringing the digital value to any
business. This blog is an attempt to enhance your
understanding of what bitcoin technology is and
to know why it is considered revolutionary.
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• Are you curious about how blockchain works, how
  you could utilize this technology, or what are
  its benefits? Wed better get to know how it is
  defined.
• What is a Blockchain?
• The blockchain is a database based and managed on
  a peer-to-peer network of computers often
  referred to as nodes. You can also call it as a
  distributed ledger, which is a decentralized way
  of documenting transactions in a chronological
  order. Every participant in the blockchain has
  uninterrupted access to the blockchain and its
  history. After every recorded transaction,
  accounts of all the participants are modified
  with updated information. Group of transactions
  forms a block and each block is then linked to
  one that comes before it. It results in a
  chronological record, which is impossible to
  tamper, alter or manipulate.
• We think. The blockchain technology represents
  an incorruptible digital ledger of economic
  transactions, which we program not only to record
  financial transactions but everything of a
  virtual value.
• What Blockchain means for your Business?
• In near future, Blockchain will mean business.
  In last two years, it has become successful in
  building trust with accountability and
  transparency and is evolving as the next
  generation of a transaction system. Smart
  contracts are taking business application much
  further to create environments that are
  replicated, shared, and permissioned for
  creating transaction models, and hence business
  models, out of the same.
• Blockchain Benefits for Businesses
• Transparency In a distributed ledger, every
  transaction is recorded publicly. Public
  verifiability allows anyone to verify correct
  system working.
• Integrity In a blockchain, you can archive and
  authorize everything in a decentralized
• way ensuring that the data processing happens in
  a reliable and transparent manner.
• Immutability Apart from blockchain participants,
  no third party entity is allowed to make any
  changes to the system.
• Security As there is no any central point of
  data storage, chances of data exploitation

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In an attempt to solve these issues, world
financial system is heavily investing in bitcoin
technology in last few years. Primarily most of
the investment in bitcoin technology has been in
finance-focused blockchain startups. This is also
one of the reasons many businesses think that
bitcoin has no potential beyond the acumen of the
finance industry. Well! The financial industry
is not the only industry that can utilize bitcoin
technology to enhance its productivity. Real
estate, antique and art, metal, recruitment,
verification services, insurance, manufacturing
supply chain, diamond trading, and healthcare
industry are next in the race to invest in
bitcoin technology. Blockchain definitely has the
potential to drive efficiency and simplicity in
all these industries apart from bringing many
more known and unknown benefits. According to
the prediction made by the World Economic Forum,
by 2025, 10 of GDP would be stored on
blockchain or blockchain-related technology.
Conclusion Businesses are geared up to use
blockchain technology as many of the blocks
necessary to on- board industries are already in
place, only a few blocks need still more
strengthening to make them enterprise ready. A
secure global network is what needed by todays
bitcoin technology to function properly along
with inbuilt dynamism. Reliable and trusted
network-one provided by the Bitcoin technology
is the only option for businesses dealing with
the high amount of data and high value of
transactions. To empower such networks we will
require additional distributed nodes and storage
capacities with the potential of linking it to
the cloud-based systems. Nevertheless, business
needs to strategize interaction between legacy
applications and blockchain-based systems to
eradicate problems that might arise in the
future. Are you looking to increase security,
speed, and transparency of your business
transactions? Lets make your business smarter
efficient. Sphinx is a leading blockchain app
development company offering blockchain,
ethereum, cryptocurrency/bitcoin and multichain
app development services to different industries.
Hire our skilled blockchain developers to design
decentralized distributed apps for your
brand. Considering interests of both, investors
and business owners at its core, we thrive to
develop Blockchain Application for your business.
For a free consultation, Contact Us.
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