Exploring the Potential of Blockchain Technology in your Organisation

Internet was the big revolution in the 90s, and as we entered the 21st century, the Internet took all of us in the digital era. Now, the world is planning to go through another revolution - the decentralisation Revolution - and the signs have started showing up.

Blockchain technology is built on a system of distributed ledgers with the primary objective of transparency via decentralization.

Before we go further, let's understand, what is a blockchain technology?

The blockchain technology is a framework that allows you to create a ledger that is relatively easy to use and very difficult to fake / break into. It is accomplished with cryptography, decentralization and a bunch of other things, but this is the basic idea. If we go into details, it is an incorruptible ledger of data transactions that arranges records in chronological order. It is accomplished by DLT(distributed ledger technology) that decentralizes data storage across a network of computers. With the help of a cryptographically secured algorithm, when a data is entered into the blockchain, it is linked to previous and future blocks of data due to which once the data is entered and approved, it cannot be altered in any way. This security is of great use when it comes to areas like finance, and this was the very reason for the upsurge in the number of cryptocurrencies in recent times. Though this is just the beginning, the potential of blockchain technology is vast, we have only explored the tip of the iceberg.

Blockchain technology with its specific features can play a key role in different areas, and these specific features are as follows:

1. A Transparent System

When you have data stored in a shared network, it means all the parties involved will have access to the same data. In the current scenario, organizations suffer from the problem of data siloes. Each team handling a particular process handles its data which is separate from the data of the rest of the work going in the organization. It leads to data siloes and many times it results in confusion, poor coordination, and time consumption. When you have a blockchain network, all data is stored within one system. It means all the transactions done can be checked anytime and everyone in the workplace will be on the same page. Moreover, when the whole system is decentralized, it not only provides transparency but with blockchain technology it also keeps the data unaltered and secured.

Transparency is also important when teams working together cannot trust each other. Through blockchain technology, you can create a safe trustless environment where trusting each other is not important instead people working together can put their faith in an open system.  If we put this in the whole scenario, it is bound to free you of audit and legal costs.

2. Precise Tracking of the Product Cycle

Since blockchain technology keeps the data secure and unaltered, it is very good at keeping records. If your company is building a SaaS product, you can keep a record of the whole product cycle. All the events that happened, the ideation, the research, the testing phase, everything is documented via blockchain technology. So, you can track every minute detail of the product cycle, from the origin of its idea to test the product with its customers.

This precise documentation and its tracking help us to keep in mind the direction where the product cycle is going. Like where the raw materials came from, what all came out from the ideation process, efforts that went into the testing phase, and the contribution of all the team members into the project. The additional benefit is your team members become more accountable in doing their parts making your work culture more effective and efficient.

3. Smart Contracts and the Power of Automation

The world was never this busy before, with the focus on getting more work done in less time, more and more processes are being automated. Smart contract is another feature of blockchain technology which can be of tremendous help to different organizations. Smart contracts are self-operating computer programs that are automatically executed when specified conditions are met. With smart contracts, you can share things of value; it can be resources, time, and efforts based on the need of the person or the organization you are dealing with.

If explained in simple words, smart contracts are more like blockchain enabled vending machines; the way vending machines are configured to take the money and give you the product of your choice; the same way smart contracts work on the basis of the pre-installed configuration. Once a particular set of demand is met, the contract gets into action.

With the help of smart contracts, many solutions could be automated which can make the whole work process efficient and straightforward. Moreover, you don’t need intermediaries to work with different organizations. Smart contract does the work for you with trustless and autonomous execution with zero manual errors.

If you are an organization dealing with different clients, working on various projects, or building a SaaS product, implementing blockchain technology at your workplace can take your productivity to the highest levels. Blockchain will act as an independent data source for you which would be accessible to everyone you are working with helping your team to be focused and be on the same page. Not only the data stays secure via blockchain, but the paperless nature of it also eases its usage and accessibility. You need an internet connection and a laptop to verify the data, and you can do that from anywhere.