Blockchain and business: the order of interaction

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.