Blockchain Basics 14 – Blockchain and Business Solutions

Blockchain Is Revolutionizing Business

Realtime Access to Worldwide Networks

No matter your company, its industry, large or small, local or global, blockchain technology will eventually revolutionize how you do business. Do you have a need to share and record information with multiple business entities?

Do you need to know the identities in your business network? For example, to adhere to regulations such as anti-money laundering (AML) or know your customer (KYC)? Do you have frequent exchanges with others perfect for automation and pre-programming, freeing up valuable time and resources? Or, would you benefit from transaction resolution in minutes rather than days?

Imagine the future of connected devices with the Internet of Things (IoT) and the blockchain. We have faster and more trustworthy global payments and real-time access to a worldwide network of suppliers and partners. Private and public sectors are finally drawing from the same verified and encrypted data. From smart contracts to shared ledgers, anything is possible through blockchain technology. Blockchain is taking the world by storm.

Records of the Future

Blockchain is a shared, immutable ledger that lets you record the history of transactions. It is not a database, but a network, and by establishing trust, accountability, and transparency, it can transform the way we carry out transactions. Blockchain can be adapted to virtually any contract, deed or payment for every business. Even when discussing blockchain in its most basic terms, understanding how it works can be tricky.

Essentially, the breakdown of the blockchain includes distributed ledgers, nodes, smart contracts, and public and private networks. It is decentralized, immutable, sharable, and/or secure. Its data is protected by cryptography that can only be changed through peer approval.

To get a comprehensive overview of how blockchain technology works, read the entire series of Blockchain Basics starting with Part 1 on our PURA blog, the BlogChain. We work to provide one of the most complete and up-to-date blogs in the industry.

Decentralized Access Management

Just this year saw the launch of a new blockchain-based content platform – Decentralized Accessible Content Chain (DACC) – for solving content and user data access management issues in the digital content industry. The project was previously known as Decentralized Accessible Content. DACC is the world’s first decentralized Identity and Access Management (IAM) content chain.

The project provides users and content creators with methods to securely initiate, store and manage access permissions to their data and intellectual property (IP). IAM ensures content creators and owners have full control over who accesses, shares, and monetizes their data and how.

Since blockchain technology began with cryptocurrency, it is natural that the most well-known blockchain applications are related to sending and receiving payments. The technology is especially useful with remote employees and transactions along the global marketplace. Currently, companies like AbraBitwage, and Coinpip are using blockchain applications for this very purpose.

However, small and large businesses are catching up in finding common and teachable solutions to many of the most common tasks related to record-keeping, payments and money transfers, smart contracts, notary, distributed cloud storage, digital identity, supply chains, gift cards and loyalty programs, networking and all things internet.

A New Era Of Project Management

Alehub is a blockchain-based digital platform launched last year that assists businesses in identifying and approving contract partners and features the token is ALE. Its platform assists organizations with managing talent, assessing skills and formalizing contract agreements. ALE also helps to facilitate reservations, payments, compensation, and profit-sharing transactions.

According to IBM, a leader in blockchain business technologies, industries currently poised for blockchain adoption and transformation include banking and financial markets, insurance, healthcare, and media and entertainment. Consequently, IBM technology is already in application in use cases in identity management, food safety, cross-border payments, and supply chains.

Smarter and More Efficient

Every day, cutting-edge technology changes the way we connect, engage and improve the world around us. Most of the time, these innovations come to life in ways that we could not ever have imagined, allowing us to make progress faster, smarter and more efficiently than ever. Blockchain is one of those advancements.

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