In this small example given below, involving the retailer, supplier an the bank providing the finance, it is clear to understand how a simple transaction between retailer, supplier and bank which does not get captured and is lost in conventional systems is safely and securely captured in digital domain and stored for future retrieval in the case of blockchain.
In the example Blockchain transaction given below, we find it results in almost 10 individual transactions which would otherwise have got lost or not stored and accessed, frequently leading to rither erroneous interpretation, recording or retrieval.
When we work with a blockchain ledger application, each of the transaction is recorded and interpreted correctly by the different parties to give the correct output, irrespective of the volume or the time span of the transactions, often leading to improved accuracy, trust and understanding between partners, facilitated by technology.
The security given by the immutability of transactional records, besides enabling faster, invisible traceable transactions is what leads to the success of Blockchain based transactions in the future.
Crypto currency as one Blockchain application, is efficient, fast and secure often leading to illegal transactions that beats the regulator's eyes. This is also one of the reasons why Crypto currencies are yet to be legal tender in India and other nations of the world. The author tried to procure some cryptocurrencies like Bitcoin, but because of the fact that it is illegal in India to dabble in cryptocurrency, some caution is being exercised.
The other advantages the world is going to enjoy are the lack of regulations, absence of bureaucracy and elimination of middle men. Governments will become non-entities. The politicians who live off people's emotions and feelings, will suddenly find they are replaceable and mortal.
If I am interested in buying a vehicle, I can straightaway contact the manufacturer, convey my specifications, transfer the money. The manufacturer would get in touch with transporters and logistics people who would ensure the vehicle reaches the customer premises in as short time as possible, all the time ensuring the integrity and sanctity of financial and material transactions.
The amount of data safely processed is bound to be huge, but the availability of faster processors and high capacity data storage systems would make this task very manageable and tracta ble.
In the example of a healthcare application, the vital records of the patient who visits the doctor, the medicines prescribed, the dosages, the pharmacy records of expiry date of medicine, batch no., if admitted the ward no, procedures undergone, details of nurses who attended on the patient, date of release from hospital etc are recorded. Since the transactional records from other patients are also getting recorded and updated in real-time, it is difficult to tamper with individual records, thereby improving the transactional integrity of the process as a whole.
George..
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