Question

what is Blockchain technology, and how can it be used in organizations and industries to create value?

Answer 1

In plain and simple words blockchain technology is based on a decentralized and distributed digital ledger that is used for the purpose of recording transactions across several different computers. This technology ensures that any involved record cannot be, in a retroactive manner, be altered without having to change or alter all the subsequent blocks. Thus block-chain technology allows information to be distributed, but not copied. The network is connected through peer to peer nodes.

Blockchain technology can be used in organizations and industries to create value. Organizations and industries can make use of this disruptive platform to ensure that there is exchange of value in different transactions being done by them. New opportunities for value are being created by the blockchain technology as it allows industries and individual companies to plan and adapt their products and services. Blockchain technology can also be used by companies and industries to streamline their procurement activities and functions, to combat and reduce error, and to secure their sensitive data. Value is also created as the technology allows companies to decentralize in a systematic manner and while this is being done the technology also focuses on the aspect of speed and automation. Efficiencies kick in and risk mitigation processes are bolstered. All these make blockchain technology an enabler for companies and industries to create value.