Blockchain is a distributed ledger which is delivered over the internet and can be used to store transaction details. It is immutable and facilitates the process of recording transactions and tracing assets in a particular network. The applications of blockchain are increasing beyond all possibilities. These include, but are not restricted to smart contracts, crypto currency, health care applications, Governance solutions, IoT etc. One of the key benefits of blockchain is that once data is added to the chain, it can’t be changed or removed. This makes blockchain extremely trustworthy.
The key advantages of Blockchain are –
- Data Security – Security of data in Blockchain network is more guaranteed than any other existing technologies. Data is encrypted in a way that the sender and the receiver alone can access it as a block where misrepresentation of data is highly unlikely.
- Data Transparency – Data is stored on either a public or private network and gives users full transparency over who accesses their data, when, where and why.
- Data Immutability – Since changing any ‘Block’ in the chain needs a re-organisation of all the previous blocks, which in turn demands a major support in the network, this becomes highly impossible.
- Auditability – Since the data is sequentially stored and publicly held, every transaction leaves an audit trail ensuring that tracking a digital asset from the beginning to end of its life is made possible.
- Automation – The intermediaries are replaced by ‘Smart Contracts’ so the transactions and information management process are automated, making the scope for errors nill.
- Impossible Loss of Data – The decentralized approach reduces the possibility of data loss. Most of the data will be stored in different nodes ensuring that the network is not compromised.
- Trustworthy System – Blockchain data structure permits the users to authenticate the transactions easily without a third-party aid while auditability, transparency and data immutability enhance the trustworthiness of the system.
With Reganto, we have created the next-generation SaaS based private Blockchain platform capable of providing data channels to selectively publish trusted, immutable data. Reganto – The future of document verification.
Established in London in 1983, The Wealden Group has since been providing industry leading HR, Payroll and Time & Attendance solutions to clients as diverse as Government Bodies, International Groups, Schools and Universities, commercial businesses and large multi-national organisations. We have served over 1000+ blue-chip customers in our time, many of whom have been with us for well over 20 years.
We are now inspiring the next generation of users on our latest transformational platform using Blockchain, Conversational UI/UX, Artificial Intelligence, Machine Learning and unique activity-based workflows to improve productivity and user experience.