Blockchain is helping to transform business to share information safely and know the assets safely to collaborate better. As blockchain paves a way for innovations all over the industries which will eventually affect our day-today lives. It becomes imperative for all the organisations to improve their quality and testing needs of this technology. Industries and banks are moving ahead in the blockchain and are re trying to implement blockchain. Hence blockchain testing becomes an important type of testing.
What is blockchain ?
A blockchain is sequence of blocks that are linked with timestamp of previous block. Each block is a collection of information. All blocks are arranged in chronological order in the ledger.
- Supply chain management: The blockchain provides most transparent and secure way of monitoring transactions. Blockchain helps these transactions for permanent decentralisation of records which leads to save time, costs and errors. The blockchain application programs can be used to create traceability systems which help organisation to engage better with customers at POS as they have real time information collected across the supply chain.
- Stock trading: Blockchain application software’s helps to automate buying and selling and trading stocks making the process seamless and efficient.
- Retail: blockchain process can decentralize the customers trust by linking it to sellers across multiple market places and platforms. It mainly helps buyers connect with sellers saving them from the hassles of connecting with middleman and the costs also matters.
- Music and entertainment: blockchain can be used in music sectors by the entrepreneurs to make it easier and the artists will share their work via smart contacts and generate royalties based on purchases.
- Industrial IOT and mesh networking: In the age, when smart phones can talk to the fridge and cars the blockchain would supposedly manage and try to process the heavy load of information securely.
- Infrastructure security: Most organizations are easy to hack. With most critical infrastructures such as transportation and power plants becoming equipped with connected sensors.
- Insurance: blockchain application helps people to enrol the customized micro –insurance. It means this helps blockchain to act as a third party when exchange of assets happen between people or any parties.
- Health care: As blockchain is popular in the health care sector, where critical people share private data while maintaining security and integrity of data. Combination of accurate data leads to better diagnoses and good quality successful treatments and reduced costs.
- Government: when it comes to managing the public services, the blockchain reduces the paper based work and reduces the fraud and improves the sense of accountability of authorities as well as common people.
- Food and beverage: blockchain helps manufacturers and distributors to monitor the food supply chain so that the contaminated and mislabelled products may be traced to their root.
- Energy: blockchains may be used to manage the decentralised energy generation scheme which teaches them to generate energy, buy and sell using contacts.
- Airlines: Implementing block chain will help secure the personal data while booking a flight, as an amount of personal data may be captured while booking. By securing the travellers data make them feel ease.
- What is block chain? why the industries should encourage this technology?