For more than two decades cloud computing is been around. Cloud computing makes data storage hassle-free because managing software and hardware become vendors responsibility.
The term "Cloud" has gained tremendous reach in the last couple of years. Due to technology advancement and availability, tech-savvy businesses have increased and many industrial front runners are recognizing the benefits of cloud technology. Most importantly they are utilizing these technologies adroitly to increase their profit, better customer service and to effectively run their business. Cloud technology has exponentially increased data storage and keeps all the vital programs, information secured. Utilities like pay for what you need, automated upgrades and effective scaling.
Cloud-based applications could be up and running for weeks, and the cost is very low. We are all aware of cryptocurrency and Bitcoins lately. That's because of the buzz hyped up for the Bitcoin bubble. It's bizarre to think in 2011 bitcoins was traded for $1. In recent times its whopped to $19,000. As a business owner or an organization, you would not be much interested in buying Bitcoins or any form of Cryptocurrencies as a part of the investment. But you all should know about the technology that made Bitcoins a sensation -- The Blockchain technology.
What is Blockchain Technology?
A blockchain is a series of time-stamped unchangeable records of data that is controlled by a bunch of computers owned by one organization. These data blocks are bound and secured using principles of cryptographic.
In simple terms, it's a new method of storing data that enables various stakeholders to share access confidently to the same information in a protected environment. This allows building new infrastructure for innovative apps far beyond positively changing businesses, cryptocurrencies, and communities. In blockchain technology, whatever is built on it is naturally transparent and whoever is involved is responsible for their activity.
For example, banks facilitate traditional currencies for the transaction, with blockchain technology it enables free cryptocurrency to transfer a secured decentralized environment. All these data are interlinked, run and owned by the user.
By default, many people are associating blockchain with Bitcoins and other cryptocurrencies. But in a way it could be because of the success and popularity gained by the Bitcoin gave everyone the insight of the blockchain technology. Bitcoin is one of the applications built using blockchain technology.
Various other sectors should also be aware of blockchain technology and its benefits. Especially businesses can take immense advantage of blockchain technology increases accountability and reduces the cost.
What's so special about Blockchain technology?
1. It does not depend on third-parties for verification.
2. In blockchain data structure is append-only which enables data alteration and deletion.
3. Records all the transactions in chronological order. So blockchain time-stamps all the blocks.
4. In smart contracts, the pet-setting condition can be enabled. It triggers if automatic conditions are met.
5. Whatever transaction takes place it's transparent and authorized users can view it.
Here are the few benefits mentioned in blockchain technology. Practically, blockchain technology is suitable for any type of organizations like healthcare, agriculture, education, property, retail, e-commerce, logistics, etc.
A detailed understanding of the implementation will help the user yield the best out of it. Check out Cloud Assert blog page for more latest updates and get in touch with us for any queries at support@cloudassert.com