What is BlockChain

How can my Business use Astir BlockChain Services?
BlockChain Explained:

BlockChain was developed as the background technology for Bitcoin, which is why it has become synonymous with cryptocurrency. BlockChain, in essence, enabled BlockChain to circumvent 3rd party entities in the verification process for transactions. By replacing a single data repository and verification entity with a vast network of computer nodes, BlockChain created a transaction, verification, and record storage system that was more secure than anything that preceded it. Using a BlockChain platform will accomplish 2 things:

  • Creating a chain of transactions, an identical record of which exists in each computer node, creates a transparent, unchangeable history of what has occurred.
  • The use of a vast network of computer nodes to create identical records of individual transactions eliminates the need for a single point of storage and/or verification.
What BlockChain Means for Businesses:

In the vast majority of current systems, the data surrounding a transaction is kept in a single location (i.e. a financial transaction exists in a bank ledger): a database or data warehouse kept on a local or cloud server. Even though there can be numerous physical and digital security measures applied to keep this record safe, being held in a single location makes it easy for a hacker to target and attempt to corrupt the record. Also, this type of system creates a single entity that can verify that the record exists.

BlockChain uses a network of computer nodes to create multiple, identical copies of that transaction record. This means that the transaction can be verified my multiple entities, and a single record (or even multiple records) being corrupted has no effect. Having so many identical versions of the record in many different locations results in a virtually hack-proof set of records, as a hacker would need to target every single version of that transaction across every single node within the BlockChain network.

The more computer nodes used by the BlockChain network, the more secure it becomes. Each node will have it’s own physical and digital security measures, increasing the overall security of the records exponentially. As the network grows, the likelihood of a security breach becomes increasingly difficult to the point of impossible. Therefore, BlockChain platforms are inherently safer than any traditional system can ever be.

There is also another byproduct of the BlockChain network. By creating so many identical versions of a record, each of which can be used to access and verify a transaction, a BlockChain platform can essentially eliminate the need for 3rd party verification entities. For example, a BlockChain ride-sharing program could accommodate direct fund transfers between users and eliminate the need for banking or financial transaction companies to be engaged. The BlockChain network itself would enable and record the transaction, allowing both users to verify that the transaction was completed without the need for 3rd party facilitation.

BlockChain in Practice:

In it’s most rudimentary form, BlockChain is a methodology for data transmission, verification, and record keeping. Therefore, it can be applied to any business in any industry; as long as there is a need for some form of data to be stored, secured, retrieved, and viewed by multiple sources. BlockChain is being used to create systems and apps for everything from medical records tracking to real estate purchase verifications. Cryptocurrency was just the birthplace of BlockChain… the underlying technology can be used for anything.

Below are some examples of how BlockChain is being used:

Cybersecurity – BlockChain apps are replacing traditional IDs with digital identity verification, and replacing passwords with digital authentication.

Healthcare – Outbreaks are being documented by the CDC and patient record management is being handled by BlockChain apps.

Finance – Companies are using “smart” contracts to automate the execution of contract responsibilities, and are creating cryptocurrency wallets using BlockChain platforms.

Manufacturing – Supply chain tracking, prototype and proof of concept tracking are being documented on BlockChain platforms.

Charity – Charitable donations are being documented and tracked using BlockChain apps.

Retail – New peer to peer retail, ride share, and travel service markets are being created on BlockChain platforms and are using cryptocurrency.

Media – Artist recordings are being executed and stored, and royalty payments are being tracked via BlockChain apps.

Astir Services has comprehensive BlockChain as a Service (BaaS) solutions that can help your business capitalize on this cutting edge technology. Our consulting services can help you understand how to best utilize BlockChain, and our development and management services can help you get up and running.

The Astir Family of Companies

Astir Services is an EEO employer, and is always hiring U.S. Citizens, GC, E3, TN, H1B, H4 EAD, L2 EAD, F1 OPT-STEM/CPT. Astir Services is an E-Verify company.