Blockchain is a distributed database that stores information across many computer nodes. It’s like a spreadsheet you can use to keep track of records, like who owns what at any given time. That’s where the name comes from “block” is short for Blockchain, while “chain” refers to the links between each block. One of the best aspect of Blockchain. is that it has no single point of failure or central control. Information is stored on multiple computers at once, making it more difficult, if not impossible, for hackers to corrupt the data. This technology creates a digital ledger, which lists all transactions. This allows for the creation of digital assets and record keeping. The digital ledger also allows for peer-to-peer transactions and secure online payments (Sharma et al., 2021).
One primary industry that will use these services is the financial industry. In a financial institution like a bank, the Blockchain is used as a distributed ledger system maintained by a network of computers using cryptography to secure the integrity of the data stored on it. The network of computers can be completely decentralized if needed or run by a single entity like bitcoin’s Blockchain. This technology is one of the most exciting new developments in recent history because it promises to change how we do business, operate our financial institutions, and store and transfer value across borders. It can also help reduce fraud and increase efficiency in many industries, such as healthcare, real estate, insurance, etc.
The Blockchain is a distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The technology is called the distributed ledger because all the transactions are stored in blocks and then connected through chains. Technology has been around for quite some time, but it has recently attracted a lot of attention from many industries because of its potential use in financial services.
From an advanced technology scope, Blockchain is a new technology that has the potential to disrupt many industries. Blockchain technology provides a secure and transparent method of storing data in a distributed ledger. A peer-to-peer network of computers maintains a roster that no single computer can control. Blockchain can improve business processes by eliminating the need for third parties or intermediaries such as banks or governments. It also allows participants to verify transactions without needing a central authority like a bank or government regulator. As an IT manager, your first step should be to educate yourself on Blockchain and its uses in business processes. You should also be aware of cybersecurity and data privacy regulations related to Blockchain technology.
Understanding what Blockchain is and how it works, you can begin planning strategies that will enable your organization to use this new technology effectively for improved business processes (Carson, 2018). In addition, you should be aware of various security measures that can be used when implementing this type of system into your organization’s environment. As an IT manager, I would embrace Blockchain. For instance, training for my team could be conducted via a webinar or workshop. The strategy I would use is to start small and build from there. I would recommend using a combination of security methods such as encryption and password management tools, as well as having employees create multiple accounts for each project.
Blockchain is an excellent way to handle data integrity because each computer in the network can see all transactions and update its copy of the ledger, making it impossible for one computer to change another computer’s copy of the catalog. This also means that if someone tries to forge a transaction, all other computers will reject it because they share information (Teodoro, 2021).
Carson, B. Y. (2018, June 19). Blockchain beyond the hype: What is the strategic business value? McKinsey & Company. https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/blockchain-beyond-the-hype-what-is-the-strategic-business-value
Sharma, S. K., Bhushan, B., Astya, P. N., & Debnath, N. C. (2021). Blockchain applications for secure IoT frameworks: Technologies shaping the future. Bentham Science Publishers.
Teodoro, F. (2021). Blockchain 3.0: Why bitcoin, Ethereum, and other cryptocurrencies are built on ancient technology and how the tangle will replace them. Createspace Independent Publishing Platform.