What is blockchain technology?
Actually, this technology is based on an exquisite methodology including connected blocks of data locked with a hash. Am I sounding a bit incomprehensible? Let me explain.
Though, the interesting point is what facilitates this connection? and why this connection is robust and invincible?
Well! the answer is crypto hash, which is also known as a timestamp. This crypto hash sticks with every block of data and keeps data safe, even when the data is in a distributed manner and modifications can be made in real-time. So, now you would have got the idea that what is this technology.
Supply chain Industry
In the current scenarios, where the supply chain industry is spread over a larger area (national and global), there is a lack of transparency in this system. As manufacturing is global, it is hard for buyers to know the actual value of products. Blockchain technology offers a distributed ledger system that can be used for the exchange of data, agreements, tracking, and payments. Moreover, the data is available in a secured channel, since every block is available in a collaboration with each other.
Food Industry
Experts are trying to improve different aspects of this sector, and one of them is food recalls. Today, foodborne illness is very common, and for companies, it is very hard to find contaminated packages from farm to stores. With the track and tracing property of blockchain, it is very easy to find out such packages. Such systems are very helpful for both restaurants and grocery stores, as when an outbreak of problem occurs, they can gather all the information from the source of food till the end delivery. It helps them in taking required actions.
Voting
If you think that blockchain system is beneficial for industries that handle heavy supply chains including buying and selling, then you are mistaking again.
Shake off all your doubts, as this technology can integrate higher level integrity and transparency in elections. It can help in resolving various issues in the election by streamlining the process of vote counting. Here are some advantages that this technology can offer in the election system.
So, it is hard to change the votes and establish fraudulent data.
Now you would have understood how this technology is disruptive. At Techugo, we are using this technology for creating great mobile applications. We understand that excellence is a true jewel and this technology is allowing us to fuse unmatched excellence in every application. Get our assistance to secure a high-grade blockchain based mobile application, to increase productivity and efficiency of your business. For more information. get in touch with us.
