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Blockchain Is Not Just For Cryptocurrencies! Here’s How Enterprises Can Leverage Blockchain To Improve Efficiency
Blockchain Is Not Just For Cryptocurrencies! Here’s How Enterprises Can Leverage Blockchain To Improve Efficiency

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The term blockchain might be quite new for most of us. But if you have been following NASSCOM blogs you might have come across blockchain a few times. Though blockchain might be something we have not heard, there is absolutely no doubt that we have all come across “CRYPTOCURRENCIES”! Bitcoins and ethernets were among the most trending topics a few months back. It turned regular people into millionaires and millionaires into billionaires, which got several of us interested in cryptocurrencies and most of us started investing in them. Blockchain was the fundamental platform behind bitcoins, ethernet and everything related to cryptocurrencies. Blockchains acted as decentralized systems for recording and documenting transactions that took place involving a particular digital currency. or else, we can say that blockchain was the transaction ledger that maintained identical copies across each member’s computer within a network. Therefore, ensuring that the transactions of digital currencies were incorruptible, enforced transparency, and bypassed censorship. Decentralization, persistency, anonymity and audibility were some of the key features of blockchain that made it efficient in online transactions.

Let’s get back to the topic.

Here Are Some Other Uses Of Blockchain, Besides Cryptocurrency.

Blockchain in Chatbots

chatbot

Ever since the emergence of the COVID-19 pandemic, most organizations were finding it really difficult to meet customer demands, answer inquiries, respond to comments etc. One of the best solutions for all this was the introduction of smart chatbots. Chatbots could answer questions 24/7, schedule calls, send notifications, and even identify emotions with sentiment analysis. Users and enterprises started depending on these smart interactive bots like never before, everything from account processing for banks to receipt management and medical record analysis was done by bots. Therefore, reinforcing the need for security and privacy among the conversations between users and chatbots. Chatbot development services began implementing blockchain to chatbots that helped build a backend capability that shows the end-user the number of successfully completed transactions performed by that chatbot. By leveraging the distributed ledger technology (DLT) all the transactions in the Chabot were safely stored in blocks, each block had its own hash value, therefore, making it easier to analyze and find the block if there were any issues. This made it much secure for users to make payments for shopping via chatbot or even order food as the transactions were well documented and the blockchain technology was absolutely reliable. 

Blockchain in Internet of Things (IoT)

IoT

Industries, factories, product manufacturers all have deployed millions of IoT devices across their domain for better operational efficiency and management. These IoT devices generate tons of valuable insights every second through connected networks which are essential for the industries for better operations. Enterprises must ensure that these networks are tamper-resistant and that each transaction must be seamlessly verified to prevent disputes and build trust among all the network devices. With the help of Blockchain, each transaction of data between devices is precisely recorded, put into a data block, and added to a secure, immutable data chain that can never be altered. Blockchain has the potential to help address several challenges in modern IoT deployment from security and scalability to data monitoring and accessibility.

Blockchain In Mobile App Development

mobile app development

We already know that blockchain is imperative for application security and safe transactions. So, we won’t say the same thing again other than blockchain technology is essential for mobile applications related to banks, insurance companies, retailers with online payment etc. How else is blockchain significant for mobile application development? Currently, the bitcoin blockchain size is around 15 GB, therefore, we get an idea about the storage requirement it needs to accumulate a bitcoin app into your phone. A blockchain application can quickly free up all the unwanted space on a smartphone or tablet, making it feasible for large applications to take up very little space. With blockchain, your application will not require the need of any third-party solution to complete a transaction as it allows you to directly streamline and automate the process. This empowers mobile applications to support fast and efficient operations 24/7.

 


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