Why BlockChain is Disruptive – A Closer Look
Why BlockChain is disruptive
BlockChain is an open source technology with Application Programming Interface which helps organizations in management of documents and transactions. The beauty with BlockChain is that it is a shared digital infrastructure that houses trusted documents and data. BlockChain can be regarded as the standout disruptive technology in recent times and may even usurp the Internet as the most beneficial innovation. Platforms like bitgale.com have exhausted the intricacies of BlockChain and its impact to industries and here, you get to identify how disruptive it can be.
What makes BlockChain disruptive?
Improves LG process
The Letter of Guarantee is what every party in a transaction needs to maintain transparency and operational efficiency. Bettering the LG experience has been a question many have failed to respond to but BlockChain is coming in with a solution. BlockChain offers validation effectively and the beauty is that parties get to have real-time status visibility.
Can be scaled beyond imagination
As opposed to other infrastructure where a limit is placed owing to the extent of technology and bandwidth, BlockChain has a distributed model made up of nodes that have their own capacity when it comes to storage and processing capabilities. This means that as demand rises, BlockChain can also be scaled to meet the demand and the possibilities are endless.
Decreases costs in banking
The costs associated with conventional banking are huge to say the least and this makes the customers pay a high price for banking services. With BlockChain, customers can utilize any bank for their LG and the recipients can also view the LG from any bank. The costs previously associated with having to take statements from each specific bank is effectively eliminated since the information is available on the shared ledger.
As an open source technology, BlockChain doesn’t face undue control over its operation or design. The previous uncertainty about systems is eliminated and this ranks as the major positive. Getting trusted and verifiable information on whether a supplier is getting the original document provided by the bank was an issue and it got worse when it came to validating that the documents were from the source prescribed. With BlockChain however, suppliers can trust a payment slip from any buyer since operations within BlockChain are handled by Miners who are part of the open source community and are therefore trusted with a verifiable record.
BlockChain is flexible
The factor that makes BlockChain a disruptive technology is the fact that it is very flexible. It is programmable and can thus be customized to suit a specific demand of the market base. Proprietary modifications can be instituted on BlockChain to fit in with the industry or business being run and this makes it usable in any enterprise.
BlockChain reduces the time taken in the back and forth communication between parties to a transaction. Since it places everything in a shared ledger, all transactions are recorded from every party that is a part of the transaction.
The biggest element that makes BlockChain disruptive is its ability to reduce previously notable errors in managing transactions. Notifications are sent to all parties when any transaction is made which eliminates the need for verification. Accuracy and security makes the process error free and it is also impossible for any party to alter the transactions or recorded ledger details that have been made part of a blockchain.
Previously, it was a demanding task to track transactions but BlockChain has made the process seamless. Interactions between a buyer and a seller or the transaction parties can be made easy especially since visibility is captured easily and all parties are privy to any transaction records including any developments made.
Stands independently as a platform
BlockChain stands as a platform where applications and organizations can base their ledger transactions off of. The technology can be used in banking, real estate registration among other revolutionary industries. It is not a platform set for a single industry and its worldwide adoption cements its ability as a platform that can work effectively across varied settings and this is what highlights its disruptive nature.
It has full automation
All operations within BlockChain are automated using prescribed software. Every transaction is handled in an automated way which ensures that it is swift, secure and above all efficient.
It is peer to peer
BlockChain is not managed from a central setting, it is distributed so that anyone can view what is going on. With BlockChain, there is no need for third-parties when it gets to management of transactions.
Operations are in real-time
Every process within BlockChain is handled in real-time and is transparent. Whenever a transaction is recorded, it is monitored by the open source community and after a Miner validates it then the transaction can be viewed within the blockchain in real-time.
Transforms the e-commerce world
It is a crucial tool for the e-commerce world especially since it provides any digital e-commerce solution needed in terms of ledger management and operation. No duplicate transactions or lost payments can be experienced due to delayed transaction details or lost information between buyer and seller.
The wide architecture that BlockChain has ensures that at no one time will it be hard to access information about a specific transaction. Transactions are stored in nodes unlike with banks which have centralized servers which can almost assuredly face technicalities which may make information inaccessible.