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25/04/2024
#BLOCKCHAIN
WHAT IS BLOCKCHAIN? A SIMPLE EXPLANATION OF THE TECHNOLOGY
The main and only thing to realize is that Blockchain is the tool that significantly improves business processes and brings more revenue to companies.
If you use a technical language:
Blockchain is like a digital book, where information is written in blocks and each block is linked to the previous one. This makes the business system as reliable and transparent as possible, since any change in one block will automatically affect all subsequent ones. Special encryption methods are used for security, which means that the blockchain cannot be hacked or the data in it can be forged.
It is beneficial for businesses to use blockchain. For example, you can use it to improve the tracking of goods in the supply chain, this will make them transparent and reliable. Blockchain can also be used to improve the process of auditing and verifying data, which reduces the risks of leakage and increases confidence in your business.
Blockchain can allow you to receive an additional source of income, becoming the basis of your new products and services. For example, it can be a digital identification of customers or an intellectual property rights accounting system.
Let's look at an example of using blockchain technology in a supply management system for an industrial company. Of course, let's compare the process of supply management in a regular application and a blockchain application using specific steps:
A REGULAR APPLICATION:
- Step 1: The business owner sends the order to the supplier via the app or by email.
- Step 2: The supplier receives the order and begins its execution.
- Step 3: From time to time, the business owner checks the order status by contacting the supplier or using the built-in tracking tools.
- Step 4: The supplier completes the order and sends it to the business owner.
- Step 5: The business owner pays for the order and closes the deal.
THE APPLICATION IS ON THE BLOCKCHAIN:
- Step 1: The business owner creates an order and it is placed in a smart contract on the blockchain.
- Step 2: The supplier receives notification of a new order and begins its execution.
- Step 3: The order status is automatically updated in the blockchain as the work is completed, which allows the business owner to see up-to-date information in real time without the need for additional requests.
- Step 4: After the order is completed, the supplier sends it to the blockchain, and the business owner receives a notification that the order is ready for payment.
- Step 5: The business owner pays for the order using digital currency or traditional payment methods, and the blockchain automatically executes the payment and closes the transaction.
So, in a blockchain application, the supply management process becomes more transparent, automated and secure thanks to the use of blockchain technology. This allows the business owner to manage supplies more efficiently and improve interaction with suppliers, saving time and resources.
This article describes our service: if you are interested in blockchain-based development, leave your contacts and we will contact you to discuss the project.
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