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Why the Blockchain?
This section discusses the importance of blockchain technology and why we have decided to integrate this disruptive technology into the MagnumMeta ecosystem.
Cybercriminals and cyberattacks have always posed a severe threat to the public. This has raised the importance of proper cyber security for any organization, individual, or business.
- The immutability and the P2P (peer-to-peer) connections of the blockchain technology offer an environment where data cannot be tampered with.
- The decentralized nature of blockchain technology eliminates the need for a central means of storing data which gives rise to a more transparent and secure means of storing data.
- All forms of data stored on the blockchain are verified and encrypted by a secure cryptographic algorithm.
The existing supply chain management suffers several defects and service redundancy due to a lack of transparency and trust, lack of reliability, and lack of coordination.
- Each transaction is stored in a block that exists within the blockchain.
- All transactions are recorded adequately in a decentralized distributed ledger.
- Complete transparency as everyone can verify product authenticity and the status of a product delivery.
Traditional paper-based processes are inefficient, prone to human error, and necessitate third-party intervention. Transactions may be conducted faster and more efficiently by using blockchain to streamline these processes. Documentation and transaction data can be recorded on the blockchain, removing the need for paper exchange.
Smart contracts can even automate transactions, enhancing your efficiency and speeding up the process even more. The next stage in the transaction or process is automatically started after pre-specified conditions are fulfilled. Smart contracts eliminate the need for human intervention and the reliance on third parties to verify that contract requirements have been satisfied.
Your information is sensitive and valuable, and blockchain has the potential to drastically alter how it is handled. Blockchain helps prevent fraud and unlawful conduct by producing a record that can't be changed and is encrypted end-to-end. Data privacy can be managed on the blockchain by encrypting personal data and limiting access via permissions. Instead of a single server, data is kept over a network of computers, making it nearly impossible for hackers to access.