Block Chain

What is Blockchain?

Blockchain is a public distributed database holding encrypted ledgers. Means a block is the current part of a blockchain which records the recent transactions. Once it is verified it becomes the permanent part of the growing blockchain. Blockchain runs some three important technologies

  • Peer to peer network : Distributed machines helps in maintaining the consistency of the public ledger.
  • Private key cryptography : Blockchain uses private key cryptography to secure identities and hash functions to make the BlockChain immutable.
  • Proof of work : The mathematical proof of work ensures that the nodes automatically and continuously agree to the current state of the ledger.

Key Features:

  • Decentralized System It means that the blockchain network have no single centralized computer but Connected with a distributed system. There are multiple distributed nodes connected and update record once the transaction is completed in most secure as well as anonymity.
  • Distributed Ledge: A Distributed ledger is a shared ledger where its database is updated independently and synchronized across the network. All the transactions record is tracked by public, So there by no threat of cyber-attacks. Any changes in the record will be automatically updated to all the participants in seconds.

Digitization Approach:

  • Social Media: (Twitter, LinkedIn, Facebook) It enables organization to engage with their customers and acquire insights about their likes, dislikes, habits and physical whereabouts enabling organizations to provide individual support, hence boosting customer loyalty.
  • Mobile channel and Mobile applications allows customer to engage in transaction anywhere, anytime increasing convenience for them.
  • Data Analytics technology to analyze the data gathered from customer’s social and mobile behavior enables organizations to gain more granular understanding of their customers preferences.
  • Cloud Technology provides the platform and infra to deliver customized technology and services in real time. Cloud technology allows organizations to collect and deliver data anywhere, anytime at global scale.

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