Blockchain revolution: How the technology changing business

Abstract

Many existing business processes can be more effective and efficient with blockchain technology to save time, reduce risk and save money. Blockchain is a digital ledger where each block is linked to another block in a time stamped and every block has numbers of transaction with meta data like index, previous Hash and hash of that block. These hash make this digital ledger to an immutable public record of digital transactions. Every new transaction is validated by the other nodes across the distributed network before it is stored in a block. All transaction information once stored on the ledger is verifiable and auditable but not editable. With blockchains, business can establish what they are and then trade items like money, votes, deeds, intellectual property, stocks and bonds, loyalty points, and anything else that has value. One of the biggest divisions in blockchain technology is permissioned versus permissionless blockchains. Permissioned Blockchain is especially useful for the business that have to comply with regulations and wants to complete control of their data. Hyperledger works in this direction that has the aim of improving cross-industry permissioned blockchain technologies. In this paper we explained the some parameter for selecting platform of blockchain for business applications with some use cases and business people can also use Blockchain-as-a-service to deploy their own blockchain app easily that's managed and administered by cloud-based service providers.