Over the past ten years – in the fields of banking, investing and cryptocurrency – the concept of Blockchain is familiarised as the record-keeping technology behind Bitcoin. When we speak about the Blockchain by means of its technical definition, it is defined as a ‘distributed, decentralized, public ledger.’ But what’s behind it? Is it really hard to understand the underlying meaning of a Blockchain? The answer is NO.
To be more precise, the concept of Blockchain can be easily explained compared to the above technological definition. First let us separate the compound word 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. Here the block is the digital information whereas the chain is the public database in which the blocks are stored in a series. A hash (an identical number) is provided to the every stored digital information, blocks, in order to provide a unique identifying number.
Further, these blocks which contain the digital information consists of three parts in it.
- It stores the transaction information.
- It records and stores the participants of the transaction.
- It stores information which helps in distinguishing it from the other blocks.
How does Blockchain work?
A Blockchain is a unit which consists of multiple blocks interwoven together in it. Further, the Blockchain gets developed by addition of blocks to the chain whenever the digital information is stored in the series of links.
In order to add the digital information to the series i.e. to add a block in the chain, the following four processes should happen.
- The transaction must be processed.
- The processed transaction should be verified.
- Once verified, it should be stored in the block.
- The provided block should be entitled with a hash. Once the stored block is hashed, it gets added to the Blockchain.
Odoo ERP and Blockchain integration
Odoo ERP one of the all-in-one management software helps in organizing the various departments of an enterprise such as sales, manufacture, accounting, etc. Whereas on the other side Blockchain technology is used to create a transparent public ledger system through which compiling data of sales and other digital information can be handled securable and at ease.
As we embrace ourselves in the technological era, our future will be of more advanced. Decentralization, security, immutability, and transparency in the transactions are all that we aim for. The above-mentioned requirements are already met by the concepts of Blockchain. Further, it allows for verification independent to the third-parties.
As Odoo ERP is the fastest growing enterprise management software in the ERP market and Blockchain being our advanced development in the transaction system, what if we proceed with Blockchain and ERP integration? Will integrating Blockchain ERP would be a massive advancement?
Odoo ERP Blockchain is a concept of integrating Blockchain ERP so that the entire digital information of the enterprise will be decentralised. Thus the entire work process and its information will be more secure and allows independent verification apart from the third-party verification.
Moreover, since Blockchain is of a distributed ledger type, Odoo Blockchain integration will provide more transparency in transaction histories among the participants in the network. Thus the data provided would be of more accurate and consistent.
As said earlier, the future is all about continuous technological advancement. Integrating Blockchain ERP would be the next huge step of potential growth in the enterprise software market. PPTS as an Odoo silver partner render our services in Odoo implementation, customization, migration, and integration. If you have any queries regarding the Odoo ERP system, feel free to contact us.