The use of blockchain technology is expected to expand significantly over the next few years. The game-changing technology is considered innovative and revolutionary because blockchain will change existing business processes, bringing increased efficiency, reliability and security.
Blockchain technology gives companies certain business advantages that help them:
- Establish trust between parties doing business with each other by providing reliable, shared data;
- eliminate siloed data by integrating it into a single system through a distributed ledger that resides on a network that authorized parties have access to;
- Ensure a high level of security for the data;
- eliminate the services of third-party intermediaries;
- generate real-time tamper-proof records that can be accessed by all participants;
- guarantee the authenticity and integrity of products in commerce;
- clearly track and monitor goods and services throughout the supply chain;
- Ensure food safety through the Oracle Blockchain platform.
Three types of blockchain
Public blockchain
A public (or inclusive) blockchain is a network that anyone can join without any restrictions. Public blockchain, governed by rules or consensus algorithms, is used by most cryptocurrencies.
Exclusive (or closed) blockchain
An exclusive (or closed) blockchain allows companies to control the range of people who can access blockchain data. Only users who have been granted appropriate permissions can access certain data sets. The Oracle Blockchain platform is an exclusive blockchain.
Federated Blockchain.
A blockchain network in which the consensus process (the mining process) is controlled by a selected set of nodes or stakeholders.