Recently, the block chain technology trend is taking a steep rise in terms of businesses being vocal about them wanting to use it for reaping several benefits with regard to efficiency and transparency.Firstly, let’s understand what is this blockchain that everyeone is talking about and why are they doing so.

Blockchain, invented in 2008 by Satoshi Nakamoti, is based on a distributed ledger which contains a chain of blocks wherein any structured information is recorded and noone controls the information. Data is updated only if the parties in the network come into consensus or same conclusion. What made the idea of bitcoin founder Satoshi Nakamoto so useful was the specific balance of three technologies which include internet, private key cryptography and a protocol regulating incentivization.

Many enterprises have come to realize the signifcance of block chain technology. For example, Nestle, a Swiss food and beverage manufacturing giant, is using block chain in collaboration with OpenSc platform to track food along its supply chain that creates transparency in logistics and supply chain activties. Similarly, Unilever has been working with IBM to develop block chain solution to eliminate online media squander with its “zero-leakage” policy in any media investment. Additonally, PepsiCo, in May 2019, reported 28% boost in supply chain efficiency after it conducted trials with the help of Mindshare. Few other companies that are exploring the use of block chain include Walmart for food tracking, Mastercard for instant payment facilities, Facebook for creatng cryptocurrency to enable payments on the platform, Metlife in automating insurance claims and many more.

However, block chain is not free from demerits. Critics argue that block chain uses immoderate energy, lacks network security, has sizeability problem, is immutable meaning when private key is lost then it is unfeasible to ingress into network.

The point, at last is, a embryonic block chain is being popular across the enterprises for all the benefits it bring to the business operations with enormous potential in tracking or keeping record of transactions in a shared ledger across entities in a network.