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Do you know why enterprise blockchain services are flourishing?- It's all because of 5 essences of blockchain!



Everything in the world starts with simplicity! Blockchain revolution started with simple cryptocurrencies. Cryptocurrencies' invention has many queries to date, but the underlying blockchain technology is ready to hit our real-life. Blockchain framework was developed to log the transactions of cryptocurrencies in a decentralized, transparent, and peer-to-peer manner in a highly secured way. The features of blockchain technology have now attracted the industries to bind the tech into their process to enhance transparency, security, peer-to-peer transactions, and much more. 

You may wonder why the enterprise blockchain services are increasing in number every day. It's all because the future of sectors lies in decentralization! In this blog, let's have a sneak peek on the essence of blockchain technology that makes service providers more enthusiastic about the tech!
5 Essences of blockchain technology
Blockchain technology enables enterprises to operate globally without the need for monitorization. The consensus mechanism of network peers devoids intermediaries and chaos in the process industries. The blockchain network is built as a trustless system, and hence, the peers can transparently access every authorized information. 

Unique solution to integrate and organize entire data
With this eminent Distributed Ledger Technology(DLT) on hands, industries can experience immense integrity of processes. For instance, a blockchain-based healthcare ecosystem can securely establish better orchestration of data between pharmaceutical companies, physicians, patients, third-party vendors, research scholars, chemists, and other subs. 

Enterprises can customize their data management on the blockchain with permissioned and hybrid configurations based on their requirements and norms. 

Data Managed in a decentralized server
The Blockchain network holds a copy of data transactions on every single node. The changes and additions of data reflect on every node of the blockchain community. Only verified transactions are added as a data block in the blockchain, and the data is maintained in a decentralized network. The decentralized data storage avoids a single point failure system, thereby increasing the security of enterprise data.

Peer-to-peer transactions
The main aim of cryptocurrency invention is to devoid intermediaries. Hence, blockchain technology also abides by the mythology. The traversing of products or data can be processed without any third-party interventions and scams by binding blockchain technology in processes. 

Ensuring the origin of transactions
Blockchain framework logs the records in chronological order and immutable manner. The data transactions recorded in a blockchain network can be traced back to its origin, and the loyalty of ownership can be claimed for legitimate reasons. However, the crypto transactions are verified and approved by the miners of the crypto community. In the case of an enterprise blockchain framework, it's the responsibility of the community to assign miner nodes with proper qualifications. 

Smart contract deals
The blockchain-built smart contracts pave the way for dispute-free, ever-lasting agreements among B2B, B2C, and P2P. Smart contracts are computer protocols that execute automatically on the satisfaction of specified conditions. 

The partners must detail every decision on the smart contract code for future references. Parties involving in smart contracts must abide by the terms and conditions; any deviations from the norms can be claimed for punishments. 

Wrap up!
Industries are moving forward for the revolutions with eminent technologies. Blockchain will be the undeniable technology that every enterprise strives to implement in the near future. Major sectors like finance, banking, insurance, healthcare, supply chain, e-commerce, real estate have already started to experiment with pilot projects in blockchain technology!

To know more about enterprise blockchain services, do ping us!

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