While block chain has been a buzz word for a decade now, still it has not realized its full potential. Very few organizations have tested the effectiveness and adopted in their process integrations. While the benefits are significant, the reluctance and precautionary outlook has held the growth trajectory of this. Embracing the technology sooner would provide leeway to users in focusing more productive tasks.
To debrief block chain, it is a well-integrated process whereby the transactions are arrayed into blocks and incremental information gets added into the block. This gives a full view of entire transaction to the authorized users for quick decision making. The transactions are irreversible and unalterable thereby avoiding redundant reconciliations and manipulations. Businesses get huge cost advantage due to avoidance of intermediaries. The transactions are entirely decentralized as they remain in public data base and does not have any single controlling party.
Major disruption is set in financial industry by way of digital assets and crypto currencies though regulatory guidelines from governments are awaited. Still the scope of block chain spreads across Banking, Supply chain management, Internet of Things (IOT), Insurance, Healthcare, Charity, Crowd funding, Real estate, Retail, Governance, Legal are only few examples.
