From boosting payments and supply chains to improving healthcare and smart contracts, blockchain is set to revolutionise the way business is done. Essentially, blockchain is a shared digital ledger that’s managed by a global network of computers in a more secure way.
Imagine a massive, connected and decentralised Excel file. Information held in the database is distributed and continually updated by the computers in the network. Every entry made is added on the next so everyone accessing it can be kept in the loop of who amended it. And everything that’s been entered remains there for time immemorial thus making it easier to keep a tab on the progress of a deal or transaction.
In the blockchain world business heads can handle large amounts of transactions automatically through smart contracts. You don’t need to trust another party, you can always verify the contract, its contents and its history. Smart contracts allow organisations to embed information and make payments into a blockchain network for the automatic handling of transactions sans any intermediaries.
So if you’re looking to utilise this technology, here are the fundamental steps:
