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What You Should Know About Blockchain Uses

Literally, every procedure utilizing a ledger or trusted third party has the potential to be transformed by the blockchain concept. Even the idea of centralized servers can be uprooted by the technology. Utilizing the unused processing capabilities of workstations and clients within an organization with implementing a blockchain network can remove the need for dedicated servers. This should be music to the ears of companies using IT in Ottawa, as reducing the capital and operational expenses associated with servers, and transforming it into operational expenses of their existing clients, will certainly bring about savings in the long run.

In the previous articles, we have discussed blockchain in terms of hiring employees and monetary systems such as Bitcoin and banks. These uses bear significance for users of tech support in Ottawa, but what other uses have the blockchain for the typical enterprise?

Below is an explanation of some potential applications of the blockchain that can help users of computer services in Ottawa streamline their daily business processes, ultimately affecting their bottom line in a positive manner. This is not a comprehensive list of potential uses and as always, further research is encouraged.

Supply chains: Not only does blockchain hold the potential to bring about security and decentralization into the supply chain, but it also brings about capabilities for public record traceability and transparency. This has major implications for all business sectors but with trends in the public consciousness regarding food and it’s sources, it has an extra benefit for food companies who pride themselves in locally sourcing their ingredients, or for producers who go beyond the certified organic call-of-duty. A company by the name of Provenance has conducted a pilot programme using the blockchain in the supply chain of tuna from Indonesia. The capabilities for blockchain incorporation is not limited to food, it can be used in every supply chain from source to destination.

Smart contracts: Smart contracts are digital agreements between 2 parties where execution of the contract is based on the fulfillment of conditions that are held within the contract. The fulfillment of these conditions has to be validated by the nodes on the blockchain network before the completion of the executable actions. For example, one party agrees to buy goods from another on a specific day of each month, and the other party agrees to ship the goods the next day. If the buying party does not place the funds on the blockchain on this day, the goods will not ship. If the goods do not ship the day after the funds are placed on the blockchain, the buyer receives a refund. The convenient thing about this is that the execution of the contract is automated, so there is no need for middlemen to settle disputes. This will no doubt resonate users of managed services in Ottawa as the lesser the number of parties involved in an exchange, the lesser the expense and complication.

Cloud storage: Similar to the distributed processing system touched upon at the beginning of this article but using hard drive space instead of CPU processes. Distributed cloud storage is another fascinating area where the blockchain can be incorporated. In a distributed cloud storage system, data is shared amongst the blockchain network (secured with encryption, of course!). Meaning that data can be accessed by the owner of the data even when individual nodes on the network are not available. Storj is an exciting company which provides an incentive-based solution through paying owners of nodes, which hold data for other clients, with their own cryptocurrency. Companies availing of IT consulting in Ottawa could benefit immensely from distributed cloud storage. Whether they be to use the services to store their data or get paid to use their unused hard disk space, ultimately expenses will decrease, or profit increase.

As mentioned at the start of this article, this is just a snippet of the uses for blockchain technology beyond the realm of Bitcoin. The sky seems to be the limit when it comes to new applications for this simple yet powerful technology. Companies are encouraged to explore the potential use of the blockchain within their organizations, which will no doubt their daily operations both internally and externally.