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1) What is Blockchain?
A blockchain records all actions in a database by grouping them into “blocks,” each one secured, unable to be altered, and timestamped. Each block is linked to the previous block in chronological order and contains all its data, forming a “chain.” Once the newest block is completed, it joins the blockchain. A blockchain is not stationed on one master computer, but instead distributed over numerous computers, thus creating a permanent, shared registry that’s unable to be tampered with.
2) What is a smart contract?
Smart Contracts are self-executing contracts that activate when the authorized information is verified and triggers the coded actions as directed within the contracts. The coding of the contract is agreed between the partners that are using the contract. It allows suppliers and customers to pass information or value between themselves without daily management of the relationship.
3) How does Blockchain help my Business?
Independence – You don’t have to depend on intermediaries. This cuts costs, increases efficiency, and prevents fraud from a third party. Because smart contracts are decentralized, you don’t have to worry about bias from any governmental body, either.
Trust – There’s no need to trust a person, all you have to trust is the system. And if you know anything about blockchain, you know the system holds true.
Security – This ties in with trust. Think about it this way: If a thief wants to take your money, he’ll hack into your bank account. But because blockchain is decentralized – there is no one place to attack. A thief can’t just hack into your bank account. They would have to take over 51% of the network in order to control anything. Smart contracts, which are encoded into blockchain, are just as secure.
Speed – These contracts aren’t just secure or accurate – they’re fast. And it’s not just because it removes wait times for lawyers and notaries. Since the contract is monitored by the blockchain, the results are almost instant. It’s a completely automated process.
4) What Blockchain is best for my company?
There are many different Blockchains to choose from to use. The most popular is the Ethereum Blockchain. The choice of Blockchain depends on the business model of your company. If your company is a supply chain of products, Ethereum would probably be the best choice. If your company is web based and solely exist online, and is more of an information-based company, then EOS may be the Blockchain of choice. Calix Solutions will help determine the right Blockchain for your company as we work together to implement the technology best suited for your business.
5) How soon can I get Blockchain implemented into my business?
Implementing Blockchain into your business can be a quick process or a longer process depending on the structure of your business. Whether you're a brick and mortar or strictly online presence. Is your company a supply chain or information-based company? All of these factors calculate into the time needed to implement the Blockchain Technology into your company. Calix Solutions can help you determine what you’ll need to improve your organizational efficiency.