The evolution of databases beginning with individual silos working in isolation to a centralized server that could be accessed from across the world, has not satisfied the ever growing needs of businesses. We saw the configuration of blockchains, multiple nodes being updated in tandem, the nodes strategically located with no geographical limitations.
The scope of blockchain technology goes well beyond data warehousing, to begin with this is one form of data management and sharing that is extremely secure. Software engineers have developed applications that make a blockchain close to hack-proof. Things will only get better as time goes by and business increase investment in this stupendous technology.
If you had to list some of the most important functions of a business, you would include personnel management, production, inventory and finance (accounting). We cannot forget sales and marketing, the very reason why most businesses form and operate. The amazing thing is that blockchains could help streamline all of these functions, this could happen with better efficiency and lower financial overheads.
Without getting too deep into business operations, let us pluck out one major business activity namely, production. A factory could put its entire production process on to a blockchain, this would be just the beginning. It is possible for external raw material suppliers, external transport services and external logistic managerial services, to reside on the same blockchain.
Go through the above paragraph once more and here is something that becomes apparent. With both external and internal production related activities operating on the same blockchain, the need for multiple data entry, repeated data checks and significant staff deployment would diminish and even vanish. The result would be better efficiency and accuracy and lower operating overheads.
Every business is about money, making money and spending money. The amazing capabilities of blockchains can also be used to handle money related transactions. Payment systems on blockchains can be more secure and much faster than conventional bank processes.
Still on the issue of blockchain based payment systems, you would have undoubtedly heard about crypto currencies. A form of ‘virtual assets’ that could be used instead of conventional money. Still in their infancy, crypto currencies could soon become popular in general business transactions. When this does happen, the challenges of currency conversions and related expenses and hefty bank fees would be a thing of the past.
GLITZKOIN: We are poised to evolve the diamond industry by inducting superior blockchain technology. The project includes a plan to build a robust blockchain based trading platform for diamonds. The project will also role out a crypto currency that can be used to settle payments, on the diamond platform. By combining diamond veterans with decades of industry experience and top technical talent, in the fields of block chain and crypto currencies, we promise to offer a solution that, is safe, secure and unmatched.