Blockchain Technology

Blockchain technology has massive potential with a variety of applications and provides broad opportunities for various infrastructure. The technology assists with resource management and makes communication both secure and efficient. Trust is increased when conducting financial transactions among parties using Blockchain, as it reduces the chances of defrauding and automatically produces a record of activities, hence creating an automated background check of any member of the system. Due to its decentralized properties, Blockchain creates reliability and reduces the risk faced when looking to enter a business agreement with an unfamiliar party.

Blockchain Project

 

Trust

Security

.

Transparency

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What is a Blockchain

 

 

How it works

  • A specific purposed software is created
  • The software is made available to the required users
  • The users create accounts, which in turn forms the chain
  • Actions such as transaction or records are transmitted among accounts
  • Once the action is completed, a block containing the transmission is created and made available to all accounts for future references
  • As more actions are taken more blocks are created and linked together

 

How to implement it

  • A diagram of the desired infrastructure is mapped out
  • The different departments are digitized and interconnected
  • A database is created and secured servers are put in place
  • Notarized documents are encrypted and uploaded onto the database
  • New data is added and safely accessed by any department at anytime

 

The benefits & The drawbacks


  • If implemented in a company with multiple branches, the transmission of information will be instantaneous
  • There would be a greater ease to accommodate customers at any branch
  • When conducting financial transaction third parties would eliminated, making transaction cheaper and faster
  • Increased reliability, and reduction of fraud and corruption in the process of arrangements
  • Reduces doubt in new business ventures, the technology provides a form of insurance among partners along with an established background of each party’s previous interaction
  • The information inserted is permanent meaning that once it is inserted into the database, assuming a mistake was made at the initial input of the information. It can only be edited by creating a new block with the correct information and having it coexist with the erroneous data but has a higher priority. The presence of such an error would only occur in an environment where constant human interaction with the system is required


  • The openness of the technology slices a few layers of the privacy of connected parties, it is not possible to choose which information can be viewed by others on the system
  • The technology lack of third party’s interaction signifies that no one body can be held accountable or approached for a solution in the event of a dispute or an erroneous transaction
  • Transactions and actions conducted with this technology cannot be reverse automatically, a record would be made but to correct the error or receive a refund; the second party would need to acknowledge the mistake and make the final decision
  • Implementation of the technology is not instantaneous, mapping of the sector is required and can be time consuming depending on the size of the infrastructure hence it is impossible to instantly implement the technology throughout in one swoop

 

The changes we aim to make

  • We aim to secure transactions
  • To reduce cost and better manage resources and funds
  • To cut down corruption
  • We aim to facilitate business arrangements
  • Create layers of trust between parties
  • Add multiple layers of security to private database
  • Provide fast and efficient communication