{"id":30578,"date":"2019-03-04T15:42:28","date_gmt":"2019-03-04T11:42:28","guid":{"rendered":"https:\/\/corporate.unioncoop.ae\/?p=30578"},"modified":"2019-03-04T15:45:29","modified_gmt":"2019-03-04T11:45:29","slug":"blockchain-automation-its-all-about-simplifying-modern-day-business","status":"publish","type":"post","link":"https:\/\/corporate.unioncoop.ae\/en\/blockchain-automation-its-all-about-simplifying-modern-day-business\/","title":{"rendered":"Blockchain Automation: It\u2019s All About Simplifying Modern Day Business"},"content":{"rendered":"

 <\/p>\n

Business magazines and articles recently have been mentioning this term a lot\u2026 \u2018Blockchain\u2019 or \u2018Block Chain\u2019 and for sure it is an \u2018ingenious\u2019 invention. <\/span><\/p>\n

Blockchain was invented by someone who goes by the name \u2018Satoshi Nakamoto\u2019. Something that started out at a ledger level technique slowly evolved into a great technology that got all the people worldwide talking. <\/span><\/p>\n

So, What is Blockchain?<\/span><\/p>\n

\u201cBlockchain is actually a decentralized, distributed public ledger\u2026\u201d<\/span><\/p>\n

The blockchain is a technology much simple than the aforementioned quote, and some of us who follow banking or investing closely already know it, but do not realize it! <\/span><\/p>\n

To define Blockchain in a\u00a0 simple way, it is a chain of blocks, but not in a literal sense. Logically, the \u2018blocks\u2019<\/b> are \u2018digital information\u2019<\/b> and the \u2018chain\u2019<\/b> is the \u2018public database\u2019<\/b> where this digital information is stored. <\/span><\/p>\n

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The digital information or the \u2018blocks\u2019 have three parts:<\/span><\/p>\n

Part1:<\/b> Blocks are capable of storing information about transactions<\/a> \u2013 not limited to \u2018date\u2019 \u2018time\u2019 and \u2018amount\u2019 of a recent purchase from Union Coop for example. <\/span><\/span><\/p>\n

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Part2:<\/b> \u00a0Blocks even contain information on the participants of the transaction. For instance, when you shop from Union Coop, a block would record your name as a digital signature, instead of a full name. <\/span><\/span><\/p>\n

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Part3:<\/b>\u00a0 One block will be different from the other due to the information stored and can be distinguished with the help of a unique code called \u2018hash\u2019, which is like a name. <\/span><\/span><\/p>\n

Let\u2019s take an imaginary situation wherein you made a massive purchase from Union Coop (thanks to the amazing promotions they have), however, while billing you to realize that you forgot to pick your daughter\u2019s favourite \u2018pancake mix\u2019, then you decide to go back and bring that to include in the existing bill. Even though the updated bill will be the same as the previous one, but they can still be differentiated with the help of their unique codes. <\/span><\/p>\n

How does it work?<\/span><\/p>\n

When a new data is added to a block, it is added to the blockchain. As the name suggests, Blockchain contains multiple blocks attached together and for a block to be added to a blockchain, it must fulfil 4 conditions:<\/span><\/p>\n

There must be a transaction<\/i><\/b>. Referring to the example stated above, there was a transaction established when you purchased from Union Coop. <\/span><\/span><\/p>\n

There must be a verified transaction<\/i><\/b>. In case of public information records, like any security exchange authority or even Wikipedia for that matter, there will be someone to moderate and verify the submitted information. In the case of the blockchain, this job is on a network of computers spread across the globe. So, when you make a purchase from Union Coop, this network of computers quickly check that the transactions on the basis of details provided such as \u2013 transaction time, amount, consumer\/participant and many more. All this information is checked within a fraction of seconds. <\/span><\/span><\/p>\n

Transactions must be stored in a block<\/i><\/b>.<\/b> After all the necessary verifications and approval, the verified transaction\u2019s information such as transaction amount, consumer\u2019s digital signature and Union Coop\u2019s digital approval will all be stored in a block with rest of the thousands of transactions. <\/span><\/span><\/p>\n

Block must be provided with a \u2018Hash\u2019<\/i><\/b>. Once the transaction has been verified, the block in which it is supposed to be stored must be given a unique identification code a.k.a \u2018hash\u2019. Once the block receives the recent hash, it is added to the blockchain. <\/span><\/span><\/p>\n

After being added to the blockchain, it becomes publicly available for everyone to view. <\/span><\/p>\n

\"\"
Blockchain Technology<\/em><\/figcaption><\/figure>\n

 <\/p>\n

Importance of Blockchain technology<\/span><\/b><\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Blockchain transactions are \u2018transparent\u2019 and \u2018secure\u2019, thanks to features such as digital certification, certification of authenticity, ownership and many more. <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Blockchain networks are the most \u2018secured\u2019 networks we have at the moment. Security encryption makes it impossible to hack a blockchain. <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Blockchain technology is relatively cheap to deploy in any business model. <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Centralized model of information sharing makes \u2018Blockchain\u2019 very fast. <\/span><\/span><\/p>\n

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Properties of Blockchain Technology<\/span><\/b><\/p>\n

\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Riskfree exchange <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Durability, reliability, and longevity<\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Transparency and immutability (resistance to alterations)<\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Process integrity<\/span><\/span><\/p>\n

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Blockchain Technology Application in Real World:<\/span><\/b><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Finance<\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Asset Management <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Contracting <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Security <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Data Compliance <\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Education <\/span><\/span><\/p>\n

And many more!<\/span><\/p>\n

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\u00a0<\/span><\/p>\n

Blockchain over the years will prove to be a trustworthy solution in terms of data security, record keeping, compliance and many more attributes. The application of Blockchain at the very moment depends on the imagination of the prospective user and the advancement of Information Technology. Like, Share and Comment!\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

  Business magazines and articles recently have been mentioning this term a lot\u2026 \u2018Blockchain\u2019 or \u2018Block Chain\u2019 and for sure it is an \u2018ingenious\u2019 invention. Blockchain was invented by someone who goes by the name \u2018Satoshi Nakamoto\u2019. Something that started out at a ledger level technique slowly evolved into a great technology that got all […]<\/p>\n","protected":false},"author":5,"featured_media":30583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[211,212,126,213,199,120,215,218,219,198,201,217,197,216,174,145,214,115,196],"class_list":["post-30578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electronics","tag-blockchain","tag-blockchain-technology","tag-blog","tag-business","tag-community-support-in-dubai","tag-dubai","tag-electronics-blog","tag-grocery-shopping-stores-in-abu-hail-deira-dubai","tag-grocery-shopping-stores-in-international-city-deira-dubai","tag-home-delivery","tag-hypermarket","tag-hypermarkets","tag-jobs-vacancies-in-dubai","tag-prepaid-cards","tag-retail","tag-supermarket","tag-technology","tag-union-coop","tag-union-coop-credit-cards"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/posts\/30578\/"}],"collection":[{"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/posts\/"}],"about":[{"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/types\/post\/"}],"author":[{"embeddable":true,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/users\/5\/"}],"replies":[{"embeddable":true,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/comments\/?post=30578"}],"version-history":[{"count":0,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/posts\/30578\/revisions\/"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/media\/30583\/"}],"wp:attachment":[{"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/media\/?parent=30578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/categories\/?post=30578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corporate.unioncoop.ae\/en\/wp-json\/wp\/v2\/tags\/?post=30578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}