Blockchain definition
Blockchain is defined as a securely shared decentralized data registry. Blockchain technology allows a common group of participants to share data. Transaction data from multiple sources can be easily collected, integrated and shared with blockchain cloud services. Data is divided into shared blocks that are chained with unique identifiers in the form of cryptographic hashes.
Blockchain provides data integrity through a single source of truth, eliminating data duplication and increasing security.
Since data cannot be changed without the agreement of all parties, fraud and data tampering are prevented in a blockchain system. A blockchain ledger can be shared but not modified. If someone tries to change the data, all participants are alerted and it is known who made the attempt.
Benefits of blockchain - Business value
The use of blockchain technology is expected to increase significantly in the coming years. This rule-changing technology is both innovative and revolutionary. Blockchain will innovate existing business processes with modern efficiency, reliability and security.
Blockchain technology provides certain business benefits that help companies in the following ways:
- Establishes trust between cooperating parties by providing reliable and shared data
- Eliminates siled data by integrating data into a single system through a distributed registry shared within a network accessible to authorized parties
- Provides a high level of security for data
- Reduces the need for third-party agents
- Creates real-time and untouchable recordings that can be shared among all participants
- Allows participants to guarantee the authenticity and accuracy of products placed in the trade flow
- Ensures seamless tracking and monitoring of goods and services across the supply chain