| |November 20198expert opinionTHE FUTURE IS DECENTRALIZED?lockchain is a database & platform which stores chain of unique transactional chunks with time stamps as distributed ledgers among network of commuters called nodes in decentralized controls. The underlying technology ensure that data integrity should be intact and remain consistent across participants. It is comprised of several pieces: a da-tabase, software application & connected computers.There are reasons for making blockchain so popular because of resiliency, reliability, fraud prevention, trans-parency and collaboration architecture. The first use of Blockchain is reported way back in 2008 which described it as a "purely peer-to-peer version of electronic cash" known as Bitcoin, by Satoshi Nakamoto of Japan. Some-time term bitcoin and blockchain is used interchangeably but this is not the case. The underlying technology of blockchain's decentral-ized data management has been grown over from Public to Private and Consortium blockchain and further extend-ing its usage to closed loop applications for an enterprise or between group companies but its defeat the purpose of decentralization since in private or consortium block-chain single entity controls the environment with re-stricted data accessibility & authorizations but actual idea is to leverage the backend architecture which can handle the vast transactions in low cost hardware models with data transparency,consistency, integrity & audit trails.In the advent of Private & consortium blockchain its potential uses has been increased multifold in the differ-ent capacities of the business other than just restricted to crypto currencies. Here I would not be focusing on bitcoin but will share insights its application in various public & private domains like Supply Chain, Health care , Telecom & Public sector entities . BBy Tarun Bali, Head IT, The Body ShopTarun has 19 years of rich experience in managing IT landscapes for Automobile component manufacturing, Wholesale and retail channels, eCommerce. His working portfolio includes IT vendor management, datacenter management, project management, CRM & loyalty, BI, SAP.Tarun Bali, Head IT
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