Many would ask: How does blockchain affects my business? What is blockchain? How does it change the current economical system? This post is targeted towards equipping you with the essential knowledge you need to have in order to succeed in cryptocurrency, the modern global currency.
Blockchain operates as an application programming interface (API), that is, standards need to be developed before there is general acceptance. Although, its concept is straightforward but the fundamental technology sometimes poses difficulty to the lay man.
Oftentimes, many businesspersons are confronted with the doubt of blockchain security. Opposite to popular belief, blockchain is a step forward for securing transactions. Just like computing, security is not intrinsic. Blockchain utilizes hashing, public key encryption digital signatures, and other reputable mechanisms in a bid to secure its users. Recently, Gartner predicts the stabilization of the industry in 2018 with 75 commercial blockchain platforms before consolidating to about five platforms in 2019 (The Evolving Landscape of Blockchain Technology Platforms).
However, the security of any blockchain system is determined by the security consciousness and reputation of the company managing it. If not properly secured, a bug in a blockchain can disrupt the whole system for example, on November 6th, 2017; $280 million in assets were accidentally (and temporarily) frozen in a blockchain managed by Parity Technologies due to a bug in the platform.
This program is still developing and, like other software platforms, they are subject to bugs and operational errors. However, blockchain technology is likely to be intrinsically embedded within business processes in years to come. Those businesses that have technology with flexible deployment options, and those with modern enterprise resource planning (ERP) solutions in place, will be in a better position to take advantage of blockchain technology and adapt faster.
Any technology that provides components needed to achieve business growth is worth of note.
**-SAMSON MIRACLE**