In the age of information, blockchain is king. A system of recording and delivering information, it is exceptionally secure, reliable and efficient, providing a myriad of opportunities for use.
Blockchain is a system for recording information in a way that makes it virtually impossible to change and hack. It’s a digital ledger of transactions duplicated and distributed across a network of computer systems. When a transaction occurs, showing the movement of a tangible or intangible asset, it is recorded as a “block” of data that registers any information you ask it to. Each block is connected to the ones before and after it, forming a secure data chain, preventing blocks from being altered and creating a robust and highly safe system. The network members authorized to access the blockchain manage a decentralized database known as Distributed Ledger Technology (DLT) and blockchain transactions are recorded with an immutable cryptographic signature called a hash.
AlphaCons utilizes the blockchain technology in various applications and industries, going as far as creating its own state-of-the-art blockchain products for customized use. The benefits of using blockchain in any industry are numerous and significant:
Transaction histories become more transparent. Because blockchain is a type of distributed ledger, the shared version is only updated through consensus. Thus, data on a blockchain is more accurate, consistent and transparent than when pushed through paper-heavy processes.
Blockchain is more secure than other record-keeping systems.
Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous one. Information is stored across a network instead of on a single server, making it very difficult for hackers to compromise.
In any industry where protecting sensitive data is crucial, blockchain changes how critical information is shared by helping to prevent fraud and unauthorized activity.
When exchanges of goods are recorded on a blockchain, an audit trail shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed
When using traditional processes, trading is time-consuming, prone to human error and requires third-party mediation.
By streamlining and automating these processes with blockchain, transactions are completed faster and more efficiently.
Reducing costs is a priority for every business. With blockchain, many third parties are not required to make guarantees. Instead, there is absolute trust in the blockchain data.
All parties have permissioned access to a single, immutable version, so no unnecessary reviews are required to complete a trade.