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How Blockchain will help you to enhance your business?

How Blockchain will help you to enhance your business?

This article is not about explaining what a blockchain or cryptocurrency is. Rather it is an explanation about, how Blockchain is going to affect your business?

As we are heading towards a New Year 2019, it is expected that Blockchain is going to boom the industries, in spite of the market fluctuations and scare-mongering the technology will stay for definite and will go far beyond cryptocurrency and bitcoin.

80% of the Fortune 100 companies are researching on how to implement the block chain technology in their current business model. Many of the IT companies, accounting firms and also government houses are also working on this new technology and implementing them as well.

Now take a look on, how it is actually going to help the business.

1. Eliminating the errors- One thing needs to be noted that all the information that exist on a Blockchain has a shared database which means the information are publicly available on the internet and easily confirmable and no hackers can corrupt this information. Since, it’s a database hosted by millions of computer at the same time and thus they cannot have a single point of failure. This means there are no chances of missed transactions, machine or human errors or any interchange done without the consent of any one of the two parties involved.

2. Clear transaction- Since the Blockchain acts as a self- auditing system of digital value, the network merges every transaction that happens in ten- minute interval. Also, the way data is stored one can be assured about the fact that it cannot be manipulated and cannot damage you as well.

3. Store Digital identities for Real Goods – Any real goods like – machines that are involved in the transaction gains digital recognition which helps them to interact with their partners even in the future. Because no one can manipulate the identity, one can easily maintain a lifelong record book.

4. Easy and safe payments and transactions- Use of Blockchain technology make the transaction process more secure and fast transactions. As with centralized payment system, the payment needs to be cleared by third party organization which in turn might be time -consuming. Whereas, Blockchain focuses on peer-to-peer transactions, removing any third part interference and thus cutting down the costs as well. The only confirmation the transaction needs is from the Blockchain system itself. Once, it receives the confirmation from the system it instantly transfers the money. Thus, the process becomes very easy.

5. Customize smart contracts- Blockchain enable you to set up your business rule and execute the same. Thus it helps to customize the smart contracts are per the requirements, streamlining the transactions and removing the other intermediaries. This in turn helps in increasing the security and reducing the risk of hacking.

6. Secure you supply chain management- Since Blockchain tracks the movement of goods, every time the goods changes hand the information gets documented and thus offering highly secured Supply chain management. Keeping records of transaction history starting from manufacturing to sale Blockchain helps in reduction of time, making business cost-effective and deleting human error. Not only that, the end users can also get detailed information which in turn helps to increase their trust. Thus, business reaches its goal from all ends.

The reliability and transparency involved with Blockchain is attracting more and more employers towards it and run their business successfully. But, like every other new technologies Blockchain is also going to face new challenges in its everyday use, which hopefully it will be able to overcome.