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 to the blockchain system
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. Multiple nodes present on the system stores the data. 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 because the record is transparent and shared with everyone on the network. The blockchain system removes any chance of delay or record counterfeiting.
Wills and Inheritance
Wills and inheritance is another area where you can apply the blockchain system. 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 uploaded documents to the network. Any changes applied will not replace the previously added file rather it will update as a new record. 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 have lots of confidential as well as sensitive information. They also need to be sure that there is no tampering with or loss of this information 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.