Blockchain in the world of companies or industries has developed quite rapidly starting from 2014. Forbes issued a list of Forbes Blockchain 50 in which giant companies in the world have begun to look at Blockchain and even implement blockchain technology. In marketing, we know the term https://mdernluxury.com/luxury-brands-use-blockchain-marketing/ which is one of the outputs of blockchain technology.
Blockchain is making a big change that is the internet of value. In the past, the internet was known as a place to exchange information, while nowadays blockchain is known as a place to exchange value or transactions. Blockchain itself does not depend on certain parties or is trustless such as a central bank or certain banks so that information can be verified by anyone. Blockchain is run with a consensual system where the majority will be the controller.
The benefits of blockchain are offered so that the internet of value is a permanent transaction so that if a transaction has been carried out it cannot be canceled, all information contained in the blockchain can be confirmed as true, there are many blockchain products around the world, ownership is ensured using digital signatures, can transfer ownership of these tokens to others easily, have money that does not only have numbers but has a function in managing the money.
A company needs blockchain technology, especially businesses that have multiple parties, these parties can view their data and verify their transactions without the need for a central trust or main party that stores their transaction data.
Blockchain technology allows everyone to see the same data independently. Blockchain will eliminate the need for a central authority so that everyone will have the same ledger, have a consensus mechanism, and can build applications.
The problem when companies use their own blockchain technology solutions is to set up a blockchain server which is already quite difficult by building infrastructure, it is difficult to measure the blocks that will be used such as the mechanism, the framework used to format the ledger. The next problem is that if you want to manage blocks, the company must also manage security, billing data, and the last problem is to create your own blockchain network which costs quite a lot because it requires its own consultant to build its blockchain network.