In the modern digitized era, every company has to embrace the advanced latest technologies available to compete with the updated market requirements. The market trends and social media are flooded with updated technological buzzwords everyday. Biometric IDs, Cryptocurrencies, AI, ML, bio-engineered crops, etc. One among the most trending technological advancements based on current market research is Blockchain technology.
The field of Blockchain has made a huge impact in most of the market sectors with a wide range of growth rates. A recent estimation has revealed that more than one-third of the companies and organizations around the world have adopted the latest technologies of Blockchain.
On the other hand, Odoo ERP being an all-in-one management software has had a tremendous growth rate in the ERP market over the past decade. With the provision of modular solutions, Odoo helps in streamlining the business functionalities with multiple integrated solutions with third-party applications with latest technologies. What if we integrate Odoo ERP with Blockchain?
Concept of Blockchain
Blockchain technology is defined as a ‘distributed, decentralized, public ledger.’ It can be easily simplified when we separate the compound phrase into two identical words; block and chain. ‘Block’ here represents a group and the ‘Chain’ represents the series of links. Thus a Blockchain (Block + Chain) is digital information stored in the database. Digital information will be stored in blocks whereas the chain is the public database in which the blocks are stored in a series. An identical number named HASH will be provided to every stored digital information in blocks.
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Further, the blocks containing the digital information consists of three parts in it.
- Storage of transaction information
- Storage and records the participants of the transaction
- Storage of information which helps in distinguishing it from the other blocks
Why BlockChain Integration with Odoo is important for your business?
- Highly Securable
Blockchain integration provides a very high security rate by means of its decentralized nature.
- Highly Transparent
Blockchain is an open technology that provides a highly transparent system with reduced discrepancy.
- Increased Financial Efficiency
Transactions take place directly from one individual to another without any third party involvement. Thus, it increases the overall cost-efficiency of the implemented organization.
- Innovative Scope
Being an open and programmable technology feature, Blockchain technology has a massive scope that can help organizations in redefining their businesses processes.
- Easily Traceable
All the transactions performed in the working systems can be easily traceable even in an organization with complex architecture.
Working system of Blockchain
A Blockchain is nothing but a unit comprising various blocks interwoven together in it. The Blockchains inscribed can be extended and developed additionally by means of adding blocks to the chain in the series of links.
In order to add additional blocks to the series of chains, the following processes are to be followed.
- Transaction must be processed.
- Verification of the processed transaction
- After verification, the storage process takes place.
- Finally, the added block should be provided with a HASH. Once the additional block is HASHED, it gets added to the Blockchain.
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Blockchain Integration with Odoo ERP
Odoo ERP being an all-in-one business management suite helps in streamlining the various business functionalities of the organizations. With its unique modular solutions such as Manufacturing, Sales, Accounting, eCommerce, etc., Odoo helps its users to simplify their challenging business processes.
On the other hand, Blockchain provides its users with a transparent public ledger system through which compiling data of sales and other digital information can be handled securable and at ease.With the advanced perspective of latest technologies, the businesses aim for decentralization, highly securable, immutable, and transparency in the transactions performed.
What if we integrate the fastest growing open source ERP solutions with advanced technologies of Blockchain?
Odoo ERP Blockchain integration is the process of acquiring an integrated solution with Odoo and Blockchain technologies in order to decentralize the digital system and provide secure and independent transactions. Also, as a distributed ledger system, Odoo Integration with Blockchain provides more transparency in the working system along with more accuracy and data consistency.
Future is all about embracing the continuous upgradation of technological advancements in our work space. Integration of Odoo ERP with the Blockchain technology is the next huge step of potential growth in the enterprise software market. As an official Odoo Gold Partner in the USA, France, and India, and with more than 19 years of market experience, PPTS offers our Odoo ERP integrated services in order to elevate our customer’s business growth rate.
For more information regarding the Odoo Blockchain integration, feel free to contact us. Our Odoo experts guide you through the entire Odoo requirement processes.