{"id":16495,"date":"2022-03-21T12:22:18","date_gmt":"2022-03-21T12:22:18","guid":{"rendered":"https:\/\/www.orangemantra.com\/blog\/?p=16495"},"modified":"2025-10-16T05:54:13","modified_gmt":"2025-10-16T05:54:13","slug":"how-blockchain-powered-transformation-is-reshaping-businesses","status":"publish","type":"post","link":"https:\/\/www.orangemantra.com\/blog\/how-blockchain-powered-transformation-is-reshaping-businesses","title":{"rendered":"How Blockchain-Powered Transformation Is Reshaping Businesses"},"content":{"rendered":"

Blockchain is the \u201chottest\u201d topic at the moment. It\u2019s disruptive yet transformative in novel ways.<\/span><\/em><\/p>\n

However, many business leaders are unsure what blockchain is and how to make their \u201celevator pitch\u201d with this evolving tech. In this blog, we have tried to explain blockchain in the best way possible. Also, you would get to know the 360\u00b0view of blockchain features, benefits, and project scopes. So, let\u2019s dig in.\u00a0<\/span><\/p>\n

How Blockchain Works in a Business Setting<\/h2>\n

Consider \u201cyou\u201d (a node) has got some transaction files on your computer (a ledger). Two government accountants (say the \u201cminers\u201d) have the same file on their computers. It means the file has been distributed to various parties. As a result, when you make a transaction, your computer sends an e-mail to each accountant and informs them about the action taking place.<\/p>\n

\"How<\/p>\n

Each accountant rushes to check whether you can afford the transaction or not (the first accountant to check it will receive his salary in \u201cBitcoins\u201d). The first to check and validate will hit \u201cREPLY ALL\u201d, attaching their logic for verifying the transaction (proof of work). Now, only when the other accountants agree to this verification, all the accountants will update their files. This process is termed \u201cblockchain technology.\u201d<\/p>\n

\u00a0Is blockchain a complicated technology?<\/h2>\n

Yes, but only as a concept. And so long as you don\u2019t understand it thoroughly. Complexities and challenges are just the milestones of the implementation journey to make you realize the value of such implementations. The above example explained may sound like layman\u2019s language, but a good point to start for beginners.<\/p>\n

In the traditional business world, third parties act as intermediaries for financial transactions. If you have ever made an international transaction, you may be aware of the intermediary (mostly a bank that works as a medium). To complete the transaction, you need to wait for 2-3 days, and on top of it, the intermediary will charge a commission for initiating the transaction, either in the form of exchange rate conversion or some other charges.<\/p>\n

Blockchain is an open-source technology that offers an alternative to this traditional intermediary for the transfer of the cryptocurrency Bitcoin. The intermediary is now replaced by the collective verification of the ecosystem eliminating the delay, and offering benefits like a high amount of traceability, security, and speed.<\/p>\n

It\u2019s an example of \u201cpublic blockchain\u201d where there are multiple versions of you (nodes) on a network acting as the executors of transactions and miners, simultaneously. The transactions are collected into blocks before getting added to the Blockchain. Miners receive a Bitcoin reward as per the computational time given to check:<\/p>\n