Enterprise Block-chin Solutions
What is Block-chain Technology?
As initially named Block Chain is a two-part word. The first one is Block which means to store information in blocks and the second one is chain which means to join these blocks in a chain using cryptographic principles. Block-chain is a chain of rigid pieces of information stored in blocks managed by a chain of computers not owned by a single computer. As per the exact definition of a democratized system, the block-chain network has no central authority. As block-chain is rigid, secure and shared, so the information in it available for anyone to see. As block-chain network is built on the principles of transparency, everyone involved is accountable for their actions. Initially, Block-chain was designed to solve the problem of double-spending of crypto currency without the help of any centralized server and provide a distributed ledger. But Enterprises started to explore other applications of block-chain technology. Enterprise block-chain solutions are proving to be an acceptable alternative for the modern-day transaction process.
Structure of a Block-Chain Networks
A block-chain is a distributed, decentralized, and often times a public digital ledger that is used to store transactions across a network of computers so that the record can not be altered or manipulated. It allows the participants of these enterprise block-chains to verify each transaction independently and theoretically inexpensively. A block-chain database is supported using a peer-to-peer network and a distributed server. The use of block-chain network eliminates the possibility of limited re-productivity from digital assets. It makes sure that each unit of value is transferred only one time. It is also described as a value-exchange protocol. Being linked using cryptography, these blocks are virtually impossible to be manipulated. It is one of the main reasons that Enterprise block-chain solutions are looking more and more attractive.
Types of Block-Chain
There are several types of block-chain networks used all around the world but Public Block-chains, Private Block-chains and Hybrid Block-chains are the most common.
Public Block-chains: Public Block-chain has absolutely no access restrictions at all. Anybody with an internet connection can use to send & receive transactions.
Private Block-chains: As opposed to public block-chains, private block-chains are only accessible by permission. One has to invited by the network administers to join it.
Hybrid Block-chains: Hybrid block-chain work by the combination of centralized and decentralized features. The working of a specific block-chain can be based upon which parts of centralization and decentralization are used.
Enterprise Block-Chain Solutions
It wasn’t long ago when big enterprises considered block-chain a myth only used for cryptocurrency transactions but the times are changing and businesses are looking to explore really practical enterprise block-chain solutions and applications. As a result, 95% of the companies across various industries are investing or looking to invest in the block-chain tech projects. Some major block-chain projects have been deployed in industries like cyber security, investing, finance, healthcare, and agriculture. Enterprises are no longer skeptical about enterprise block-chain solutions and are offering enterprise-ready block-chain solutions to their clients. These enterprise block-chain solutions are equipped with better security, privacy, and scaling mechanisms for safe and secure transactions.
Changing Perception of Block-Chain
Block-chain is no longer precepted as an intellectual technology used only for cryptocurrency. More than half of the investors in the USA believe that block-chain technology has more potential than supporting the cryptocurrency. Big enterprises and consumers are started to realize that block-chain has some real applications that can revolutionize many industries such as banking, e-commerce, healthcare, transportation, logistics, automotive, and much more. The perception of enterprises and people towards block-chain enterprise solutions but there is still a lot of research and development that need to be done. It may take a while to be deployed at grass root level just like the internet when it became popular, but it holds the key to the future.