BlockBill : The Blockchain-Powered Paperless Billing Solution
distributed ledger that records data consistently across all locations . Immutable , time-stamped transactions with full transparency minimize the risk of fraud to an absolute minimum and hence can be used to record transaction / s between parties across various application domains , including government administration , elections and record maintenance .
Consensus protocols must be followed before any transactions can be recorded on the blockchain , even the same for origination and initiation as well . These protocols mandate that at least 51 % of nodes are in consensus for any operation to be carried out on the blockchain . A block of transactions is stored after being grouped . Each block contains a link to the preceding block , which is the previous block ’ s hash .
Since each node has a copy of the entire blockchain , any attempt to corrupt mandates that at least 51 % of nodes have to be compromised , which requires extensive effort , thus increasing security considerably ; this means that even if a bad actor tried to add a flawed transaction or change some of the earlier transactions , other nodes would reject the request , making it very difficult , if not impossible , for them to do so . Additionally , as blockchain networks are immutable , data that has been written cannot ever be changed in any way . All of this contributes to the fact that blockchain technology is far more secure than other platforms or record-keeping systems .
Blockchain provides an audit trail that records a product ' s journey , helping to prove its origin and address concerns in industries dealing with environmental or human rights issues or fraud and counterfeiting . It enables businesses to focus on building a transparent supply chain and tracking goods , preventing theft , circulation of fake goods , and product loss . Blockchain traceability makes it possible for all parties to monitor the goods and communicate provenance information directly to customers . It can also reveal weak points in the supply chain through traceability data . For these reasons , blockchain is starting to be applied in supply-chain-based businesses across a wide range of industry verticals .
Organizations can significantly reduce the costs related to third-party providers by embracing blockchain . Blockchain eliminates the requirement for any vendor charges because it lacks a centralized player . Additionally , authenticating a transaction requires less engagement , reducing the need for spending money or effort on simple tasks . Further , it streamlines reporting and auditing procedures and lessens manual activities like data aggregation and amendment . Blockchain technology ’ s capacity to simplify clearing and settlement directly translates into process cost savings .
98 April 2023