Implementation of Hybrid Blockchain and how it can help in solving everyday problems

Blockchain technology is the latest and unique technology that is transforming the work process across the globe. As depicted by the best blockchain development company in Kolkata, in the realm of blockchain, Hybrid Blockchain Technology is helping enterprises, governments, and different other type’s organizations better handling their work process and improve their systems effortlessly.

What is Hybrid Blockchain Technology?

According to ITSpectrum Solutions, a leading blockchain service provider in the industry, blockchain is basically used and works in three different ways such as public, private, consortium, and hybrid. Talking about the hybrid blockchain it has impacted several industries with its potential and it is the mix of both worlds, both as in public and private blockchain. Using hybrid blockchain can be beneficial for organizations as it gives them better control over what they want to achieve.

Before delving deeper into the knowhow of hybrid blockchain technology let us first understand the working principle of public and private blockchains and how they function. According to the best blockchain developers in Kolkata, a public blockchain can be easily accessed by everyone and anyone can participate to have control, for example, Bitcoin, which is a public blockchain. However, things are quite different in terms of private blockchains as there are administrators who are on standby to control the permissions in terms of additions and modifications of data, for example, Ethereum is a private blockchain.

Coming back to hybrid blockchain, as mentioned earlier it is the mix of both worlds and it can be implemented in order to employ public blockchain for making the ledger accessible to all, and also the private blockchain which will run in the background giving access to the modifications made in the ledger.

According to the blockchain experts of ITSpectrum Solutions, blockchain technology has successfully adopted by many industries globally as it has the potential to change the way digital data is processed and handled. Here are some of the ways or an overview of how hybrid blockchain can aid in mending everyday problems.

•    Solve issues with data storage

According to the best blockchain development company in Kolkata, in this digital era handling, digital data can be tough if not managed the right way. It is further impossible to cut off yourself totally from non-stop data streaming and deliver or get the data you need. With the advent of social media platforms, implementation of artificial intelligence, and machine learning the vast amount of data or information stored is continuously growing.

Hybrid blockchain can potentially help in solving data storage problems thanks to the decentralized way of working. Being decentralized every bit of information is encrypted and uploaded to the blockchain before being distributed in order to make it available to be accessed. It even allows the data to be accessed even when the network is not functioning as well.

•    Boost Internet of Things or IoT devices

IoT or the Internet of Things can be quite tricky to manage using a public blockchain as it might provide the hackers with access to free data and use it to map the nodes in the blockchain network or even hack the network as well. Implementation of hybrid blockchain can help the IoT devices and they can be placed in a private network and give access to only those who need them the most. However, some of the aspects of the network can also be made public which totally depends on the total amount of data shared by the devices. Hybrid blockchains can easily solve the problems associated with the operations of IoT devices.

•    Securing transactions

The transactions made between the industries are usually done through third-party financial institutions which are centralized as well. According to the best blockchain developers in Kolkata, the implementation of a hybrid blockchain for the transactions can certainly improve the efficiency of the transaction procedures for many business processes. Hybrid blockchain can help the organizations and secure the transactions by implementing smart contracts which can help the applications run smoothly with third-party intervention. The transactions being made using hybrid blockchain only when both parties agree on the terms specified in the contract.

•    Simplifying supply chain management

With each passing day management of logistics and supply chain management is becoming an extremely complex process. In the supply chain, hundreds of products are moved from one place to another in their supply chain journey. As so many products are being handled at once there can be instances when something can go wrong with the process, errors, frauds, and any other unforeseen circumstances. Hybrid blockchain can help in facilitating the efficiency of the supply chain process by offering superb security and transparency regarding the movement of the products. If implemented the right way hybrid blockchain does have the potential to work better than the traditional method of supply chain management.

According to the best blockchain development company in Kolkata, hybrid blockchain does have the potential to change the way industries function and can certainly improve the efficiency of the process as well. According to market experts, with the implementation of hybrid blockchain in the above-mentioned sectors, there can be dramatic changes in problem-solving.