Blockchain is growing day by day, encapsulating almost every field in the industry since it is a safe and reliable way to share information between individuals. Blockchain automates the process, taking out many intermediaries. Therefore, increasing the profits and reducing the costs. Many services are shifting from traditional ways to the blockchain system due to the benefits it offers.
Main Reasons for the Shift
The cryptographic tools secure the information that is present on the blockchain system.It encrypts the data or information before storing it on the network, thus, making it secure and safe.
The information, once stored, cannot be changed. The data gets stored on multiple nodes that are present on the system. Any modification made on one node needs to be replicated on the other nodes, to make it a valid change. In case of an invalid change that only appears on one node, the difference gets removed immediately, making the tampering impossible.
All the nodes or the systems present in the blockchain network are tested and validated.
Industries that are shifting to the blockchain system
Supply Chain System
The blockchain system provides a transparent and more reliable method to monitor the transaction. As the product moves from one point to another, there are chances of time delay, human error, and other discrepancies. With the blockchain system, this can be easily monitored, as the record is transparent and shared with everyone on the network.The blockchain system removes any chance of delay or record counterfeiting.
At SAFEBOX, users receive a code for the data added to the system. This record is shared with the individuals involved in the process. Since this record is immutable and unique, it makes the entire process transparent and reliable.
Wills and Inheritance
Wills and inheritance is another area where the blockchain system is applied. As discussed earlier, the blockchain system does not allow any tampering with the data or documents stored on it. Once we add the will to the system, it immediately gets shared with everyone. This way, it gets verified and also becomes transparent and dismisses any false claims that usually arise with the inheritance.
SAFEBOX allows users to keep their transaction records in the system. Here the user will get a hash for the documents they uploaded to the network. Any changes applied will get updated as a new record and not replace the previously added file. The hash value generated for this new record will be different from the previous one. And, by comparing these hashes, the user can keep track of all the transactions made.
Banking is one sector that is readily moving towards the blockchain system. Banks havelots of information that need to be kept secure and safe. They also need to be sure that this information cannot be tampered with or lost due to system failure. The blockchain system uses a distributed ledger technology that allows the users to store data in a secure network that cannot be lost or tampered.