Inclusion of Blockchain in enterprise & beyond

1. Inclusion of Blockchain in enterprise & Inclusion of Blockchain in enterprise & beyon beyond d d d Blockchain is attracting interest from businesses, research communities, the government, and all industries. Every organization is looking to automate its operations by adding smart technology of Blockchain and the internet of things to improve security and management. In this article, we will explore the architecture of Blockchain, its applications, industry case studies, and complexities to overcome in the future to understand the inclusion of Blockchain in enterprises and beyond. Blockchain architecture Blockchain, whether public or private, incorporates an architecture to run smoothly. The architecture is designed in such a manner that it gives a visual of benefits to the organization. Let us see the architecture and understand the key role of Blockchain for enterprises. •Data structure: Blockchain involves a clear and organized architecture of Data structure. It is a form of a linked list of blocks recording the information of transactions. Each block contains the address of the previous block or hash. This type of data structure provides ease in

2. identifying the inconsistencies in the chain. For example, any alteration in the information can be easily identified by studying the previous information if the new stored transaction shows any mismatch or not. •Network and Privacy: Blockchain is a smart technology allowing a number of participants to work together through peer-to-peer network models. Whether a blockchain is public or private, the allowed and authorized participants can modify or add data. They can also use data validators known as miners. •Security and Scalability: The added validators allow new nodes or blocks to join into the hash. Each newly added block goes through the validators offering integrity and security to prevent malicious activities. Blockchain Applications Blockchain technology has proved itself in automating and bringing products to businesses. Following are the applications of Blockchain technology: •Assets and Data Management: The implementation of Blockchain technology in Cryptocurrency have opened new opportunities for businesses. Blockchain can be used as a distributed ledger where each block acts as an ownership transfer certification. •Market place: Sell and purchase of digital assets are highly popular in the blockchain world. Since Blockchain is a decentralized system, it is a cost friendly ledger for businesses. Third party involvement is eliminated with Blockchain since it does not rely on a single party for management. End users do have better control over the chain, and only the participants are involved in the application of Blockchain, making it a great marketplace for trading mechanisms. •Automation and data exchange: Workflow with Blockchain is efficient and fast. Data is exchanged among the peer-to-peer network participants, creating opportunities for data monetization. Blockchain Case studies in different industries Now that we have seen the applications of Blockchain, it is time to see case studies where blockchain technology is transforming enterprise operations. 1. Finance and insurance: Finance has been a major part since the start of blockchain technology. Cryptocurrency was the first application to deploy blockchain technology, and since then, the finance and insurance sector has been enjoying the benefits. Chain core has implemented the blockchain technology using it as a distributed ledger among the participants. It has facilitated a faster and smooth clearing of settlement transactions with increased security. Another example of blockchain

3. technology is visible in the KYC process. Know your customer does not share or gather the data from customers. Instead, it relies on a blockchain where the user's information is stored in the block. Whenever the information is fetched from one block, the complete chain appears in front of the requester. 2. Energy sector: We have learned about Blockchain acting as a digital certification. In the energy sector, with the increasing global warming, companies and users want to consume energy sources from groups that are certified with green energy. Blockchain is acting as a distributed ledger in the field of the energy sector, where it is used to identify the source of energy. Further, the sources can be validated if they are green friendly or not, reducing the cost of the overall operation. Traditionally, it was time consuming, but digitization through Blockchain has solved it for businesses. 3. Travel and Mobility: Blockchain can store the information of cars, passengers, and drivers in a secure manner. Blockchain based services can connect similar passengers for a better ride sharing experience. It does not require any central authority to manage the complete process. 4. Logistics: We cannot forget the use of blockchain technology in the logistics sector. From tracking of assets to the complete transaction history, Blockchain is assisting the logistic industry with automation. Transporters and customers can have a better match for an efficient delivery model through the power of Blockchain. What is beyond? When we use beyond, we are to study the future of technology. Blockchain looks promising to the users. Transformative applications are still far away from 2022 since blockchain development companies and blockchain developers are continuously exploring the possibilities of Blockchain. Blockchain will definitely create value for the economy by slashing down the cost of business operations and engaging automation. We still have to walk far away and polish the capabilities of blockchain technology and derive unique values from it for the users. Ending words The general public and businesses will have a massive benefit in their day-to- day activities once blockchain technology engages in the majority of the systems. A great example of the same is KYC, which we have discussed in the article. In the end, Blockchain is undoubtedly a transforming technology bringing the power of efficient business operations through digital ways.