What is not blockchain. Everything you need to know.
Blockchain Technology is touted to be the game changer in 2018. But there are some misconceptions when it comes to understanding the technology for enterprise blockchain implementations.
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We’ve been investing a lot of time and energy in blockchain at NEXT and we’ve implemented the beautiful distributed ledger across organizations. We’ve also seen how blockchain can add a ton of transformational value to industries we’re yet to think of.
Before we start working on any new technology, we make sure we understand what that particular technology is NOT. Here are few things which I think is not blockchain:
Blockchain is not a product
Blockchain is a technology framework that works in a certain way. Is it the underlying technology that can be used to build or port existing business applications to improve security, efficiency and transparency.
Blockchain is not a transaction processing system
Blockchain can enhance the way a transaction processing system works. The way blockchain handles transactions are way different when compared to a traditional transactions.
Blockchain is not just confined to finance
Many think that blockchain is a technology built ‘for’ the finance sector. But that’s not true. Blockchain is a generic platform that can be deployed in places where transactions need to be transparent. Though it works beautifully for the finance segments. The technology can be applied to a ton of other industries as well.
Blockchain is not Bitcoin
Bitcoin is a cryptocurrency; it is the first application built on top of the blockchain technology. The currency maintains anonymity, unlike the enterprise blockchain implementations where identity plays the center role of every transaction.
Blockchain is not a database
Blockchain is not a straightforward database and ledgers are not rows or columns in a database. But blockchain can be mentioned as a highly enhanced distributed database system.
Need some more information about blockchain or you’ve got something to implement for your business? Talk to us.