You probably first heard of blockchain as the innovative record-keeping technology behind the bitcoin craze. But did you know it has capabilities that transcend cryptocurrency – and that it’s poised to revolutionize business and commerce in unprecedented ways?
Many forward-thinking companies are adopting blockchain to transform supply chains, payments, food distribution and more. It’s a technology definitely worth knowing about and our fast facts offer a concise overview of blockchain’s business applications and impact.
Let us explain Blockchain
A blockchain is a shared, digital ledger used for recording transactions. Its name is derived from its composition: individual records are stored in blocks and linked together, forming a chain. Each transaction added to a blockchain is validated online by multiple parties, forming a peer-to-peer network.
This technology offers multiple business applications
- Creates trust between businesses unfamiliar with each other, eliminating the need for an intermediary.
- Forms a robust online accounting system that enables businesses to securely accept cryptocurrencies as payment.
- Enables seamless sharing of data within a decentralized ecosystem where no single entity is exclusively in charge.
- Generates an unalterable record of transactions with end-to-end encryption, blocking fraudulent activity.
- Helps businesses lower costs by eliminating middlemen – vendors and third-party providers – that traditionally handle processing duties.
Source: https://searchcio.techtarget.com/feature/Top-10-benefits-of-blockchain-technology-for-business
Learn your blockchain lingo
Decentralized
Refers to a shared network of dispersed computers (or nodes) that can process transactions, independent of a third-party mediator.
Hash
A unique, identifying code that is given to a block once all of its transactions have been verified by the participants.
Smart Contract
This is a business rule-based code which processes the evaluation of data against the terms of the contract. When the terms are met, the smart contract triggers an action, like an ACH payment.
InComm Payments and our innovation hub, Go Studio, are developing cutting-edge blockchain solutions to drive your business and customer experience. To learn more, visit www.GoStudio.io/
