Role of Blockchain Technology in Tech Industry Explained

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blockchain technology in tech industry

Blockchain technology is most simply defined as a distributed, decentralized ledger that records the provenance of digital assets.

A simple analogy for understanding blockchain is Google docs. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred.

This creates a decentralized distribution chain that gives everyone access to the document at the same time.

Blockchain has mainly three concepts :
Blocks
Nodes
Miners

Briefly, we can define them as,

  • Blocks: Every chain consists of multiple blocks and every block consists of three things,
    data, nonce, and hash.
  • Nodes: No one computer can own the chain. Instead, it is a distributed ledger via which the nodes are connected.
  • Miners: Miners create new blocks on the chain through a process called mining.

The emergence of blockchain in Tech has raised the demand for various blockchain posts such as blockchain developers, blockchain engineers and blockchain consultants etc.

IBM has announced a new blockchain in Tech initiative. This initiative will help set a standard for this blockchain in Tech companies but also help them like yours update their records with information from product sensors, such as barcodes or temperature readings.
60% of ongoing blockchain in Tech initiatives currently provide a visible improvement to existing processes.

Advantages of blockchain technology in Tech companies :

  • Less security risk: Nowadays when cyber terrorism kind of things such as malware, phishing etc are so common, every company must ensure that their infrastructure and data are safe. With blockchain technology data is no more centralized and it will automatically reduce the risk of hacking or breach of data.
  • Strengthen productivity: Blockchain technology provides real-time updates for all of your data and it will positively impact the rate at which your business develops, produces and distributes your services and products etc.
  • Improved tech ecosystem: Through blockchain technology, only those participating in your business’s process of exchanging valuables have the access to the security-rich blockchain. Simply you can say that everyone has control but not absolute control of the tech’s ecosystem.
  • Automation: Transactions can be automated with “smart contracts“, which increase your efficiency and speed up the process.
  • Instant traceability: Blockchain creates an audit trail that documents the provenance of an asset at every step on its journey.
  • Greater transparency: Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies.

Blockchain and Tech Giants:-

Apple: When everyone is looking into using blockchain, no doubt Apple is no exception.
Apple has proceeded cautiously with cryptocurrencies. The company banned cryptocurrency wallets from its app store in 2014, but now reversed and allowed it.

Apple should be looking into using blockchain, there is very little actual evidence that the company is doing that.

Apple has filed a new patent application with the U.S patent and trademark office that indicates it is creating a system for certifying timestamps using blockchain technology.
Most of Apple’s income is based on hardware sales, it makes minor sense for Apple not to explore the use of the technology than for it to do so.

Amazon: Amazon-managed blockchain is a fully managed service that allows you to join public networks or set up and manage scalable private networks with just a click.

Once the blockchain network is running, you need to continuously monitor the infrastructure and adapt to changes, such as an increase in transaction requests, or new members joining or leaving the network.

Blockchain makes it possible to build applications where multiple parties can execute transactions without the need for a trusted, central authority.

Facebook: From payments to privacy, the blockchain industry is a buzz wondering what Facebook has planned, according to Financial Times.

Facebook could be eyeing a payment product using blockchain. One idea about being bandied about is that a social media giant will deploy blockchain to create its own cryptocurrency to enable payments on the platform.

On the privacy and data fronts, experts told the paper Facebook could blockchain technology to enhance privacy for the billions of people that are on this platform any given day.

Facebook announced it was creating a team to study how the blockchain technology behind bitcoin can be used in developing new products.

Google: Google cloud will offer a new service allowing users to deploy and run nodes of Theta’s blockchain network.

The company is now engaged in the blockchain. Blockchain has been using Google cloud services from the beginning and adding services wherever it has seen opportunities.

Microsoft: Microsoft uses blockchain solutions to compute royalty statements for Xbox game publishers in hours, instead of months.

Microsoft also launched an extension to visual studio code users to create smart contracts.

Summing up, it can be concluded that the in-demand Tech professionals in our exclusive network will help deploy and develop blockchain within your business to drive productivity, decrease security risk and improve the current ecosystem.

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