Blockchain: A Truly Independent Ledger.
When we think of something indestructible, the Internet rarely comes to mind. However, it is just that: a network owned by everyone and no one, located everywhere and nowhere. Blockchain is a ledger system that relies on this inherent quality of the internet—decentralization. Thus, it is available to anyone, yet unchangeable, since no single party controls it.
This rapidly advancing technology is not just used by virtual currencies, but by many businesses worldwide. Its applications range anywhere from secure transactions to keeping track of sensitive data. Find out how your business can benefit from it, too.
No intermediaries or third parties
There are no third-party transaction fees. In addition, that means the system is significantly less prone to human error.
Due to modern hashing algorithms and Blockchain’s distributed nature, hacking or tampering with the system is nearly impossible. Any alterations to documents or transactions would produce a different signature which would alert the network. Because of this, fraud and genuine error is easier to spot.
Option for automation
A systemized method of making secure transactions allows for machines to make automatic transactions much more easily and safely.
Available anywhere, anytime
The system only needs an internet connection to be used. Therefore, transactions and records can be processed from anywhere, in 10 seconds or less.
Easily trackable transactions
The distributed ledger offers a complete, unalterable history of the contracts or transactions pertaining to a certain item. That means the system can automatically track the transactions behind an item from its origin all the way to the customer.
All for a very low price
Transactions typically only cost a meager 0.000630 percent to account for the raw computing power needed to process them.
Integrating Blockchain Into Your Business Apps.
Imagine being able to instantly and securely invoice a customer from your ERP system simply by clicking a confirmation button. Such functionality is one of the most basic benefits of blockchains. In the world of blockchains, there’s no such thing as recording a transaction, for records and transactions are one and the same.
With these advantages in record keeping, blockchain makes an excellent extension to any ERP system. Companies around the world, such as Alibaba, have begun using blockchain’s advantages for tasks ranging from preventing fraud to easing the handling of millions of transactions.
Integrating blockchain with your back-end apps allows you to report on your balance in the blockchain and exploit its advantages. Our experts are happy to help you ensure security and scalability inside your business by integrating blockchain into your existing business apps, such as Dynamics AX or CRM.
Using Ethereum as a service through Microsoft Azure, we can seamlessly integrate blockchain functionality into Dynamics AX. In short, our solution involves using the AX web service functionality to call on the Ethereum blockchain service, making it return relevant values to AX. This connection allows you to easily set or retrieve data in the blockchain, such as balance information and the transaction count for a particular wallet account.
Regardless of the scope of your blockchain implementation, our solution allows you to extend, rather than rebuild, your current business system’s functionalities.
What’s The Catch?
There really isn’t one.
Here are some common concerns about blockchains, and why they’re not to be concerned about.
Unlike with systems involving a 3rd party, the only way to refund a transaction in the blockchain is by having the receiver send it back. Once confirmed, transactions are “set in stone” in the blockchain, so reversing a transaction must be done with a second transaction. Permanently storing transactions greatly benefits blockchains by making them highly secure and nearly impossible to tamper with.
Like almost any system involving computers, blockchains are prone to cyberattacks. This is not a flaw of blockchains themselves, as they are extremely secure compared to most systems. Rather, this means that they have to be integrated by professionals, especially in large scale operations.
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