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“Blockchain technology solutions are facilitating newer ways of doing business with remarkable efficiency”, Elucidate.

Topic:  Awareness in the fields of IT, Space, Computers, robotics, nano-technology, biotechnology and issues relating to intellectual property rights.

4. “Blockchain technology solutions are facilitating newer ways of doing business with remarkable efficiency”, Elucidate. (250 words)

Reference:  Financial Express

Why this question:

The article brings out newer insights of the utility of Blockchain technology and in what way it is making the businesses of today more and more effective and efficient.

Key demand of the question:

The answer must discuss the significance of the applications of Blockchain technology to Businesses of today’s world.

Directive:

Elucidate – Give a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.

Structure of the answer:

Introduction:

Define what Blockchain technology is.

Body:

Explain that Blockchain solutions are transforming the way companies and individuals do business, locally and globally, by simplifying transactions and increasing their efficiency.

Discuss that Blockchain works by establishing a peer-to-peer network where each participant maintains a database—a ledger—of all the network’s transactions. Compiled into “blocks”, transactions are then linked together using cryptographic hashes forming a “chain”. The cryptographically-connected blocks create an underlying data layer that provides a common, unified view of information for parties who can access the data. This gives organizations a new way of establishing trusted business networks. 

Kist down the advantages and applications.

Highlight the possible challenges involved.

Conclusion:

Conclude by reasserting the significance of such technology.