Blockchain and business: the order of interaction

Dec, 21 2022

Blockchain is an encrypted database containing information about all transactions of its participants.

Contrary to popular belief, blockchain is not used only for conducting operations here and now. For example, the system can fix an obligation to transfer property or perform work in the future, that is, fix an option or an option contract.

In fact, the blockchain reflects an agreement between the parties, which in turn is fixed in 16 or more servers that are not interconnected and form a single chain.

Blockchain Differences in Cryptocurrency and Business

Many entrepreneurs are afraid of blockchain integration in business because transactions in cryptocurrencies are open to public access.

The fundamental difference between blockchain in business is the confidentiality of information, business operations will not be available to third parties.

What are the advantages of blockchain for business?

1. Round–the-clock service – the system is fully automated; the human factor is eliminated after setting up the server.

2. Efficiency – the time of payment is up to 3 hours. Usually, the operation takes place in 3-5 minutes.

3. Security – operations intersect through servers that are not interconnected, respectively, even if one of the elements of the blockchain network has been subjected to a hacker attack, this will not affect the operation of the network.

Are there implemented blockchain systems in the state or business?

Yes, the entire database of Georgian real estate works on blockchain. This contributes to the prompt change of information about the owners, registration of collateral, mortgage, at the same time, the system is protected from fraudulent actions.

What awaits blockchain in Russia?

Blockchain is not yet integrated into our life and corporate structure, but business interest in the system is growing every year, so Sberbank of Russia realized this 4 years ago and created its own blockchain laboratory. According to analysts of Sberbank, blockchain will enter all spheres of life: business – signing documents, medicine – storing patient databases, investments – the ability to track that all payments have been made as intended.

Author of the article
Blockchain and business: the order of interaction
Valentina Khlavich
Managing Partner
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