Blockchain provides a great opportunity to significantly transform your business. Blockchainoffers to help you assess use cases and associated value and then establish a solution to securelyexchange transactions, automate business processes via smart contracts, and monitor and analyzethe data. The blockchain network is self-checking, reconciling every interaction within 10-minuteintervals. Each group of these transactions is referred to as a “block”.
With blockchain, data gets replicated over multiple nodes of a network (distributed) and there isno central governance over the data (decentralized). It is also immutable since the inserted datacannot be changed, naturally it becomes irrefutable proof and thus smooths and quickenstransactions between networks participants. Blockchain incorporates the highest levels of securitywith the best cryptographic mechanisms to ensure the privacy of data stored. The data cannot becorrupted since changing any element means overriding the entire network. Blockchain will bringvalue wherever there is a need for various and multiple participants in a business network totransact, and exchange and share data while maintaining a trusting environment. iTechtions willprovide you with the necessary knowledge and services to tap into the great possibilities ofblockchain technology.
Automating transactions across financial institutions via blockchain may revolutionize thisindustry and greatly improve efficiency and security across the globe. To send money to yourfamily in South America, but avoid the seven-day delay and 20 percent surcharge, use a blockchainfor instant transfer to a receiver that can instantly deliver it at far less cost.