{"id":12701,"date":"2022-05-10T05:19:11","date_gmt":"2022-05-10T05:19:11","guid":{"rendered":"https:\/\/newswiredelhi.com\/index.php\/2022\/05\/10\/how-the-future-of-business-could-be-built-on-blockchain\/"},"modified":"2022-05-10T05:19:11","modified_gmt":"2022-05-10T05:19:11","slug":"how-the-future-of-business-could-be-built-on-blockchain","status":"publish","type":"post","link":"https:\/\/newswiredelhi.com\/index.php\/2022\/05\/10\/how-the-future-of-business-could-be-built-on-blockchain\/","title":{"rendered":"How the future of business could be built on blockchain"},"content":{"rendered":"
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May 10<\/strong>: Raviteja Adapa, Founder and managing partner of\u00a0Ledgerchain, powered by Bintex Futures, discusses how the future of business could be built on blockchain.<\/p>\n

On paper, blockchain is irrefutable. It delivers transparency, it\u2019s immutable, self-governed, and secure. The only thing holding the technology back until recently was a lack of understanding from traditional businesses. Now, with the growing acceptance of crypto, and the adoption of Bitcoin by major institutional players, the potential behind blockchain technology is being realised in business.<\/p>\n

Spreading to other sectors<\/p>\n

Traditionally applied to crypto and financial markets, most recently we\u2019ve seen how blockchain technology can be used within art and culture in the form of non-fungible tokens\u00a0(NFTs).\u00a0NFTs recently received mainstream attention with the sale of artist Beeple\u2019s \u201cEverydays \u2013 The First 5,000 Days,\u201d by Christie\u2019s for\u00a0$69 million. Elsewhere, assets such as\u00a0shoes\u00a0and\u00a0real estate\u00a0are being tokenised and worked with on-chain.<\/p>\n

Due to its vast capabilities, industries from insurance to gaming to education to agriculture could take advantage of blockchain technology. By running their business on blockchain, organisations will be able to speed up processes and increase auditability, automation, and the transparency of shared data. Importantly, bringing blockchain-based processes to company operations eliminates the timeless issue of \u201csingle point of failure.\u201d<\/p>\n

The tech behind blockchain<\/p>\n

Vamsi Sagar Gunda, Vice President of LedgerChain, powered by\u00a0Bintex Futures<\/a>, explained \u00a0that yearly spending on blockchain solutions will reach\u00a0nearly $16 billion by 2023. Yet despite this, many won\u2019t implement blockchain-based solutions because of its connection with the crypto world and lack of knowledge of the technology.<\/p>\n

Typically, technological advancements take a while to reach a level of maturity that can be accepted by the wider market. Like other new technologies, such as the internet, blockchain will follow the same path of adoption in the years to come. However, when the time comes, blockchain and smart contracts will remove the traditional hurdles many organisations face such as a lack of transparency, reduced security, low efficiency and speed, heightened costs, and an absence of traceability. Blockchain will do this by relying heavily on cryptography and the automation and unbiased processes of using code.<\/p>\n

To boil it down to the basics, the public ledger inherent in blockchain makes transactions 100% visible to anyone, creating full traceability and transparency, and consequently security as ill-actors\u2019 movements can be followed easily. Confirmations between blocks can take mere seconds or minutes which is a gamechanger in terms of ensuring efficiency and ushering in a new era of high-speed and instant transactions. Finally, the technology\u2019s cryptographic hashing functions enable immutable transactions. These hashes work as identifiers for the data blocks; the hash of each block is created in relation to the preceding block, which is what links them together. It is this process that further ensures a blockchain\u2019s security as transactions cannot be manipulated or altered once executed.<\/p>\n

Blockchain governance<\/p>\n

An important element of blockchain projects is a focus on governance capabilities. Even though the crypto industry is decentralised, it still manages to organise and run itself while ensuring fair and transparent operations. This is because projects implement their own governance models, whereby proposals are put forward and voted on for approval by holders of the specific blockchain\u2019s coin or token.<\/p>\n

Crypto manages to achieve this form of governance while holding true to the founding ideals of decentralisation and democratisation. That\u2019s not to say that centralised finance (CeFi) and traditional organisations can\u2019t implement similar models. Just as enterprises will gradually increase adoption of blockchain technology, they too can begin to put business decisions to a vote, and in turn, see an increase in community engagement.<\/p>\n

Early blockchain adopters and the way forward<\/p>\n

Kalyan Kolluri ,\u00a0Vice President of\u00a0LedgerChain<\/a>, powered by\u00a0Bintex Futures,\u00a0\u00a0 further explained, this technology still has much to prove, blockchain is already being used by countless organizations that realize its potential. These include\u00a0IBM,\u00a0British Airways, shipping company\u00a0Maersk, healthcare provider\u00a0Pfizer, and\u00a0HSBC. British Airways, for example, is working with several other airlines to\u00a0trial blockchain COVID-19 credentials. IBM and Maersk have teamed up to create the TradeLens blockchain platform, which is\u00a0designed to capture important information\u00a0about each shipment in a supply chain in real-time. And DHL and Accenture have created a blockchain-based serialization prototype to\u00a0track pharmaceuticals across the supply chain.<\/p>\n

The growing examples of traditional enterprises using blockchain prove that the technology can help solve countless issues. With mainstream adoption on the rise, conversations about what business built on blockchain will look like continue to evolve.<\/p>\n

He further said , new blockchain\u00a0LedgerChain\u00a0is useful for Develop the cutting edge technologies in different verticles for a smoother and\u00a0faster transactions at a negligible gas fee.<\/p>\n","protected":false},"excerpt":{"rendered":"

May 10: Raviteja Adapa, Founder and managing partner of\u00a0Ledgerchain, powered by Bintex Futures, discusses how the future of business could be built on blockchain. On paper, blockchain is irrefutable. It […]<\/p>\n","protected":false},"author":1,"featured_media":12702,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":228},"categories":[4],"tags":[54],"class_list":["post-12701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","_links":{"self":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/12701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/comments?post=12701"}],"version-history":[{"count":0,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/12701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media\/12702"}],"wp:attachment":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media?parent=12701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/categories?post=12701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/tags?post=12701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}