The word blockchain has gone viral for the last decade, and especially in the financial sector. Despite its significance and wide acceptance of this technology, the majority of the entrepreneurs are yet to comprehend the importance of integrating blockchain technology into their business environment.
Before talking about its application it’s we need to understand that blockchain refers to a digital ledger of transactions which keeps an unchangeable record of data operations. This way blockchain removes the need of a middle man and allows you to connect directly with the dataset stored in the network. Blockchain can revolutionize any business (and make your job a lot easier) because of its unique features such as decentralization, smart contracts, improving efficiency, transparency, and immutability, making it ideal for implementation by both small and large businesses.
How blockchain helps your business
Elimination of fraud
Blockchain technology gives you a spectrum of opportunities such as using blockchain ability to achieve autonomous consensus and peer-to-peer transactions between parties. This technology plays a key role in improving transactional productivity; secure payment systems, reduction in transaction fees and minimizing time lay and delays experienced in chain supply. The technology has disrupted the intervention of third-parties in transaction leading to transparency and elimination of fraudsters.
Data tracking is becoming popular with blockchain technology. When it comes to shipping of goods a clear record keeping is done on blockchain ledger at every critical point, such as payment dates, dispatching and arrival time. This information is instantly recorded into the blockchain ledger through smart contracts. This enables businesses to carry out an efficient investigation in case of complaints or loss of goods. Also, data tracking by blockchain ultimately helps to cut down the administrative bureaucracy and costs.
A smart contract is a self-automated computer program that can perfectly execute terms of any contract without the intervention of mediators. “Smart contracts” make it possible for businesses to be able to bypass regulations hence “lowering the costs for a subset of normal banking financial transactions.” Blockchain has to revolutionize the entire industry and the manner in which business undertake in the digital era. If your business embraces this technology, you will be likely to perform incredibly well as compared to competitors that remain rigid.
About the author
Joey van Kuilenburg is a Product Marketeer who is making the world a better place, one product at a time. He prefers to put in a bit of extra work to make an “ok” product or experience an amazing product or experience.
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