A technology that has created a lot of hype in the recent times is Blockchain. The moment we hear about Blockchain we immediately relate it with Bitcoin. But is this revolutionary technology just limited to cryptocurrency? The answer is NO. Bitcoin is one of the applications of Blockchain and there are multiple areas in which we can use this technology. Many financial experts call it as “the next best thing after the Internet.” Today,companies are exploring ways to adopt this technology to their advantage. It is quite relevant to applications across all kinds of digital record-keeping as well as transactions.
Let us first understand what is Blockchain
It is a decentralised or a distributed database that stores all the data on a digital platform and can be securely shared across networks and users. For every transaction on the digital platform, a block is created which is linked to a specific participant. These transactions form a thread/chain of blocks. Hence, the name Blockchain. All the information available on a Blockchain exists in the database in a shared and compatible format. The system gives access to its users to be a part of this electronic ledger. Blockchain can only be updated by consensus between the participants in the system and once a new data is entered, it cannot be deleted. It contains a record of each and every transaction ever made in that system. Since the blockchain database is not stored in a single location the records are public, verifiable and not easily corruptible.
Uses of Blockchain:
Blockchain was initially created to reinforce digital currency into the market. The technology allows complete transparency of financial data, that too, real time, reduces data corruption, and ensures a record of historical transactions through sequential timestamps. As mentioned earlier, use for blockchain technology is not just limited to finance. The way blockchain is used to trace financial transactions can be applied to any other transitions as well. For instance, in intellectual property blockchain can be used to track ownership and rights to all types of digital content including books, music and even logos. For industries especially dealing with manufacturing, blockchain increases transparency and audit of any supply chain. Additionally, it also works with Internet of Things (IoT) enabled devices to create a permanent, real-time record of the status of an item every time it moves or changes hands. Thus, the technology plays a crucial role in reducing human error through an efficient and accurate way of monitoring any process.
Integration of Blockchain technology in our ERP system:
Today, Blockchain technology is being used in one of the finest areas that can be beneficial to every enterprise in India as well as globally. Enterprise Resource Planning or ERP vendors are implementing this technology to help businesses manage their everyday operations seamlessly. By integrating cloud-based ERP with blockchain technology, enterprises can track data real time, keep immutable record of everything- right from inventory management information to equipment maintenance and dispute-resolution systems. All the new information created can be ported into the the distribution ledger. What is worth mentioning here is that by integrating blockchain with ERP systems you can cull out existing data from the enterprise system and can completely control the accessibility of this information.
Blockchain and Deskera:
Deskera is a leading ERP vendor globally and the no. 1 choice of SMEs in South East Asia. This award winning company uses elements of blockchain in its cloud-based ERP software. This allows one to run checks on data and quickly generate report orders of higher volumes. Because of the way blockchain records, verifies and stores each transaction, the technology makes it possible to check a million transactions at once which is way faster than any other technology.
Future of Blockchain technology:
There is definitely no looking back for this next-big technology. As Blockchain makes its own space and its applications are growing in several fields, it will definitely be the foundation of technology developments across industries. As time progresses we are sure to see much more of Blockchain applications that can give enterprises opportunities to run their business more efficiently.