What is this blockchain?
Definition: Blockchain is information storage and transmission technology which uses a blockchain 👍
These blocks store data transparently, securely and immutably. Each block contains data, such as financial transactions or information about the owners of digital assets. These blocks are linked to each other by cryptographic links* (unchangeable, unforgeable), creating a chain of blocks that is difficult to alter or tamper with.
Blockchain technology is used in many fields. Especially for digital currencies, smart contracts, property records…
Companies and blockchain
Companies are already using blockchain technology in various areas, such as:
- Financial transactions:
Businesses are using blockchain to transact faster, cheaper, and more securely than with traditional banking systems.
- supply chain management (the supply chain):
Businesses use blockchain to track products and raw materials at every stage of the supply chain. En other words, cThis reduces the risk of fraud and improves operational efficiency.
- Smart contracts:
The blockchain is also used to create automated contracts. They run automatically when certain conditions are met.
- Digital identity management:
Businesses use blockchain to store their customers’ identity information in a secure and verifiable way.
- Non-fungible tokens (NFT):
Companies use the blockchain to create non-fungible tokens (NFTs). They represent unique digital assets such as digital artwork or collectibles.
Examples of companies that use blockchain
- CROSSROADS uses the blockchain for the traceability of its products. Thus the company tracks the origin of the food products sold in its stores. This allows consumers to verify the origin and quality of products, and businesses to reduce the risk of fraud.
- VISA uses the blockchain for payment management. It facilitates international transactions using a cryptographic token. It is used to make online payments.
- MAERSK uses blockchain to manage its supply chain. This enables the company to track containers and goods transported by ships, which helps to reduce costs and improve operational efficiency.
- UBS uses the blockchain to manage its digital assets. The company stores information on stocks and bonds, which allows it to reduce costs and facilitate transactions.
- The auction house SOTHEBY’S used blockchain to arrange the sale of an NFT artworkthis allowed transparency in the auction and monitoring of the owners of the work.
- the startup BLOCKPASS uses identity management. It thus administers the digital identity data of users in a secure and verifiable manner.
The advantages of this technology for companies
Several reasons why it can be advantageous to use the blockchain:
- Security and transparency : blockchain technology allows information to be stored securely and transparently, using cryptographic links to ensure that the data cannot be altered or tampered with.
- Cost reduction : By using blockchain, companies can reduce the costs of managing transactions, the supply chain and digital assets.
- Automating : Smart contracts help automate processes that normally require human intervention, reducing errors and delays.
- Transparency of ownership : By using the blockchain, companies can store information about the owners of digital assets, which helps to facilitate transactions and reduce the risk of fraud.
- Transparency : blockchain technology makes it possible to transparently manage information relating to transactions, which allows better monitoring and better confidence on the part of users
- Immutability : once stored in a blockchain block, the information can no longer be modified or deleted, thus guaranteeing long-term traceability of information.
- Interoperability : Blockchains can be linked together to create larger and more efficient data networks.
There are many other examples commercial uses of the blockchain in companies in different sectors and of different sizes.
This technology is evolving. Uses are discovered day after day and its use is becoming more democratic. More and more companies are using it to improve their performance and meet consumer needs. In sum, blockchain technology offers opportunities for companies: better transparency, better security, cost reduction and automation of operations.
* Cryptographic links are techniques used to link blocks in a blockchain. They ensure that blocks cannot be modified or tampered with once they have been added to the chain.
Cryptographic links are generated using hashing algorithms. These algos transform the data of a block into a series of characters, called hash.
The hash is then linked to the previous block, thus forming a cryptographic link between the two blocks. Thus, if the data of a block is modified, the hash no longer corresponds to the hash of the previous block, which then reveals a modification.
This is why cryptographic links guarantee the security and integrity of the data stored in the blockchain.
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The blockchain for dummies when you are a company
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