There's only one definition we all know about blockchain that is something to do with cryptocurrency but it can do much more than cryptocurrency.There's many scenarios of how blockchain could work with enterprise applications to provide more secure and streamlined business processes.
Blockchain allows owners to track and trade things of value such as secure,private,and self-reconciling chain of transactions.This adds speed and flexibility to cash and assets management.for example:companies could raise needed cash quickly or accelerate by selling invoces on an autonomous invoice-factoring marketplace.
Essentially, a blockchain based transaction does away with need for third-party oversight because software itself is controlled and open framework that is visible to all transaction participants.
Enterprises could create a self governed blockchain network for suppliers and partners.This could enable automated smart contracts, instant payments and activated shipments.
One of the fundamental feature of blockchain is that each individual data record or element is encrypted.If each data element is secured and encrypted with blockchain member's key,a cybercriminal would need to have access to each key of each member to access all of blockchain data.Its not like that it secure data 100% but it can help to prevent exposure of large number of private records in single act.
Blockchain helps you to guarantee quality and safety of the materials.It makes easier to track and locate in-use products.Blockchain is helpful in each and every aspect and truly trustable.
In some cases,using blockchain require reconstructing existing ones using cloud applications but it is useful technology which is very helpful.
