Blockchain technology – A top tech trend

A blockchain is an immutable distributed database or ledger that facilitates the process of recording transactions, where the same is shared among a computer network.

In simple words, blockchains are somewhat similar to spreadsheets, where information is entered and stored, however the main differences between the two is how the data is structured and accessed.

Nowadays, blockchains are considered one of the safest effective tools for achieving efficiency and transparency, since it provides permissioned access to the stakeholders with fast and accurate information of an, as stated above, unchangeable ledger in order to track orders, payments, accounts, production and more.

For all the above to happen, a set of rules is stored on the blockchain and run when predetermined conditions are met, called smart contract. Such a contract can be explained as a self-executing computer program and is used to automate the execution of an agreement so that the outcome is certain.

As each transaction is executed and recorded as a “block,” it forms a chronological single-source-of-truth of data.

With the arrival of the Internet of Things (everyday objects that connect to the internet), transaction volumes have exploded, resulting in the slowing down of businesses.

Konkrit Solutions can assess and provide an organisation with a tech strategy, where blockchain use can be identified and applied within the same and the vertical market that it operates in.

A blockchain solution requires a team of cryptographers, DLT architects, software engineers, distributed system experts and business analysts in order to correctly map between the business processes, the desired outcomes and blockchain-based ecosystem.

In a blockchain network, almost anything can be tracked and traded for the sake of lowering risks and costs to all parties involved.