Mention Blockchain, and we bet that the first thing that comes to your mind is cryptocurrency. But not many in Malaysia knows that this tech has been used in many other ways since its introduction in 2008.
When Satoshi Sakamoto (not his real name) published his whitepaper on blockchain in 2008, the idea was to provide a public digital “ledger” that’s secure from any form of tampering or hacks. This is achieved by piecing data together to form a “chain” of data blocks that cannot be tampered with without breaking that chain.
His idea was introduced along with bitcoin as its first application. Since then, blockchain has evolved into one of the world’s fastest growing and most publicised technologies with the potential to reshape our economy and society in ways we never could have imagined.
It makes perfect sense why its growing in many countries. With so many benefits, businesses both small and large are clamouring to adapt this tech and they’re all reaping its benefits right now.
The easiest way for one to picture blockchain is to imagine it being a virtual ledger or spreadsheet – copied across many different computers that are all connected to form a “chain”. This technology allows companies to account, verify, distribute, and enforce all transactions that a business performs. All these happen in real time, so it’s not as exhaustive as it sounds.
There are many ways that blockchain can benefit a business, but in this article, we’ll look at three of its most common functions for SMEs :