Blockchain as a buzzword has been already picking up the speed in digital transformation. JD.com China's largest retailer recently announced it is launching a new blockchain technology platform for use by enterprise customers to build, host and use their own blockchain applications. Blockchain has the potential to change the way we interact with each other and with centralized third parties forever, simply because we do not need them with this system.
In simple terms, blockchain is a digital, distributed ledger of transactions that you might think of as a spreadsheet. Yet it comprises a constantly growing list of transactions called blocks all of which are sequentially connected. It creates a permanent and unalterable record of every transaction. Once you have agreed on a transaction and recorded it, it can never be changed. You can subsequently record another transaction about that asset to change its state, but you can never hide the original transaction. This makes the technology highly immutable. Another feature that makes blockchain stand out of the crowd and showcases it as one of the prime time technologies is its security. Blockchain has not been hacked as of yet; and practically, it cannot be. This technology uses public and private keys to secure the blocks created on the ledger. The mechanics of the Blockchain are novel and highly disruptive. The transactions don't even need to be financial in nature. It can be anything from data shared, through to messages sent anything that requires two people transacting. For this reason, blockchain is a potential game changer. The platform JD Blockchain Open Platform, allows customers to generate and adjust smart contracts on public and private enterprise clouds. This technology can help companies to manage their operational procedures like tracking and tracing the in and out of goods and charity donations, authenticity certification, property assessment, transaction settlements, digital copyrights and improve the productivity.
What I am saying is that blockchain replaces novation with a single transaction based on mutual trust. Novation was a solution to the problem of mutual trust at technical scale we now have the technology to do this without a novation solution, this changes the concept and perception of ownership and as a result how transactions are processed. But blockchain doesn't have to be permissionless.
A recent survey of 1,000 companies by Deloitte confirms blockchain has moved behind the experimental stage. Momentum is shifting from a focus on learning and exploring the potential of the technology to classifying and building practical business applications the survey's authors observe. The Deloitte survey educates many of the organizations to apply the blockchain technology and it's true that many companies are moving forward with this technology. Near about 40 percent of the heads are expecting that they can deploy this technology into their organization. In addition to this they are also ready to invest more in this technology. About half of that number, 34%, says their company already has some blockchain system in production, while another 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months. How the use case for the blockchain can be developed and identifying whether this is a right approach or not for the business? But Tom Davies of Cisco facilitates or provides some guidance to support with the possibilities that the blockchain offers. You can apply it to so many use cases that it's tempting to do just that," he says. "But if you pause and think a little a bit about your use case, more often than not, there's decent tech out there that will serve you just as well if not better." The key factor in a blockchain decision is based on database requirements, Davies points out.
If you don't need a database, you probably don't need a blockchain. If you don't need a place to store a bunch of data, you won't need a blockchain. This is the new technology which is quite trendy now days and this will increase with the same effort in terms of technology and we will get in touch with it. With this new tech we can get into it and do it implement fast and we will do it fast.