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What does blockchain mean for business:

Best apps that will help your company in 2022

Mike Danilchyk
Founder, CTO of Web3soft Top Blockchain Development company
- What is Blockchain technology and how does it work?

Blockchain is a continuous chain of blocks in which data is embedded in a digital code and stored in transparent databases with an increased degree of protection against forgery and deletion. Every process here has a digital record that can be verified, identified, saved or shared.

In simple words, blockchain is a database that is stored on many computers at once. New blocks of the chain are created constantly and every formed block stores information about a group of transactions. When a new block is created, it must be checked by other participants in the chain and, if everyone agrees, is included in it.
Unlike regular databases, you can’t change or delete records, you can only add new ones.

The principle of blockchain work is similar to the principle of DNA: each block stores information about the entire system and prevents existing links in the chain from being eliminated.
It is also important to understand that blocks are added to the blockchain using the process of mining in which the miner makes money on every new block. When the first transaction is made, several network members should confirm it and that’s the point of decentralization without intermediaries.

- Why is blockchain important for business? Is it has a real value or just mass-marketing hype?

Blockchain technology has already entrenched in the market to think of it as a fast trend. Day by day companies perform a huge number of operations and periodically face the problems of optimizing business processes and data storage methods. Transparency and traceability are important in all transactions in order to avoid fraud and increase their efficiency. The traditional business organization system doesn't provide such opportunities and still far from being perfect.

Furthermore, in some industries, customers have a desire or need to check product's originality and quality. For today, they are experiencing considerable difficulties in it. For example, the procedures for establishing the authenticity of antiques, precious stones, works of art are expensive and are not always provided with high standard but the consumer is forced to resort to them. Blockchain-based solutions allows to build and greatly simplify such processes, as well as help the company to reduce costs and increase the level of service.
In short, blockchain in business operations is about:

Trust: blockchain solves the problem of confidence between the two contracting parties and simplifies partnership.

• Security: blockchain algorithm provides an unalterable record of all transactions with end-to-end encryption. It excludes fraud and any other unauthorized activities.

• Distribution: blockchain allows to exchange the data in an ecosystem where neither party is solely responsible for interaction.

• Speed: removing intermediaries and automating routine tasks, blockchain allows to process operations much faster than traditional tools and methods.

• Cost reduction: blockchain technology helps to reduce costs and increases the efficiency of transactions. It is also simplifies the audit and reporting procedures and reduces the number of manual operations.

• Immutability: transactions that are recorded in the blockchain can’t be changed or deleted. This feature makes it possible to use the technology as a tool for tracking information or assets even after the passage of time.
- What Blockchain-based applications are used in organizations?

Blockchain can be useful in tasks where the speed and reliability of data transmission are important. In my view, these two aspects are neсessary in almost any area of our modern life.

Smart contracts
A smart contract is an algorithm of certain actions that runs only when the specified conditions are met. A smart contract can be created for just about any operation or task and allows to conduct transactions with money, real estate or other assets transparently and without intermediaries.
The main scope of application of smart contracts is trade, property transactions, insurance, taxation, gambling, inheritance. In real business, smart contracts help the company grow and increase profits.

Logistics and supply chains
Blockchain helps to optimize the processes of raw materials monitoring, food tracking, warehousing, inventory management.
The distributed structure of the technology allows several companies to interact on the platform reliably and conduct business without fear. This methodology also makes blockchain much more secure and accurate tool than centralized server systems that are controlled by operators.

Financial transactions
Using a blockchain system will remove the need for the involvement of third parties. It allows to store and transfer funds to each other (without banks), identifying individuals, registering transactions and concluding contracts. Besides, the use of blockchain will significantly speed up payments, reduce operating costs and ensure a high level of security and anonymity of cross-border payments.
According to my forecasts, blockchain has already defined the future of FinTech and, in general, it will make our life more convenient and simple.
Public sector
Decentralized technologies can provide transparency of operations in many procedures from voting and digital identification to maximizing resources and eliminating corruption.
But this scenario endangers the traditional existence of politicians. Therefore, most likely, we will not be able to observe bright cases and implementations in the public sector in the near future.

Culture and Art
Slowly but surely NFTs and blockchain transforming the basic principles of art collecting.
Using NFTs you can sell almost any virtual object: pictures, texts, music, 3D models. NFT buyers receive unique digital certificates or a way to say “it's mine!” about a picture on the Internet, while the artwork continues to be publicly available on the Internet.
Crypto art, on the one hand, satisfies people's striving for collecting and, on the other hand, supports authors, artists and masters.
Authentication of branded goods
Today, luxury brands offer customers unique codes and certificates to confirm the authenticity of their purchases. But global centralization still makes them vulnerable to fraud.
With blockchain, it is possible to trace the path of a Chanel bag from the supplier of the material to warehousing, distribution and, finally, the buyer. And even when the customer decides to resell this bag, the new buyer can trace all its paths and add his name to authenticity.

Secure Data Storage
An application of blockchain for data storage has several important advantages:
· Firstly, using of distributed storage is much cheaper than cloud systems;
· Secondly, it is much secure, because there is no single server that an intruder can access;
· And thirdly, the blockchain prevents data censorship – any information can remain online all the time without interference from large organizations.

- Final Thoughts
Integrating blockchain technology into business simplifies many procedures, makes them faster, cheaper and safer. The opportunities provided by blockchain may be of interest to any company and are already used by leading brands in a variety of industries.
The introduction of the technology is a relatively low-cost way to transform business according to the requirements of today, but first, the company's top management must understand in which processes the blockchain will bring the greatest benefit.

- How Can Web3soft Help?
High results in the implementation of new solutions can be achieved only together with professionals and like-minded people. Web3soft is a trusted development partner with years of experience in blockchain. Our team will help you find growth points for your business and optimize many key tasks.