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Blockchain 101: How does the technology exactly work?

Written by Varsha Saraogi on Wednesday, 07 November 2018. Posted in Innovation, Technology

Find out how you can capitalise on blockchain technology for your business

Blockchain 101: How does the technology exactly work?

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: 

 

About the Author

Varsha Saraogi

Varsha Saraogi

As junior feature writer and a recent MA Journalism graduate, Varsha has joined the Elite team to fuel her passion. Along with being immersed in the money making sector and ranting about women’s rights, she will be hunting for news about everything business related. And burying her head in economic magazines. Follow her on twitter at @msvarshasaraogi for her mundane musings.

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