To be able to survive in this consistently evolving economic field, new professionals have to understand the concepts behind scientific and technological development. Predict the new enterprises will form, and which extent they will change the jobs we take into consideration today.
Blockchain Technology is one of the best developments in the recent time. Blockchain has gained more popularity because of its tie-up with Bitcoin, but its application can perform more beyond that. If you do not consider yet, how blockchain can use in business, this is time to start now.
Many business leaders considering blockchain to make more comfortable payment for their business transaction. In particular when other countries involved, Despite the fact that the technology still feels new to entrepreneurs, many organizations have just started to adopt it and some o them already achieved significant benefits. In any case, before you decide if blockchain is the best decision for your business, it’s essential to know how it’s being used.
What is Blockchain Technology?
To keep people’s information secure the companies invented a new technology which can store and distribute the data in a very modern method and enables you to keep it safe. This technology is named as Blockchain.
In simple terms, Blockchain is a distributed ledger which provides a copy of entire ledger to various parties. Which means that the ledger can do any changes (edit, add, delete, etc.). for information, but the previous information stored in blocks cannot be changed. This is possible by using cryptography to connect the data of the newly added blocks with each previous block. Which means, any changes in data will be stored in a block and it is linked with the previous block. So it makes you decentralize business transactions and therefore eliminates the cost, complexity, and lets you make speed up your business transactions. However, now blockchain is the best choice for small and medium-sized business.
Here are the Top 7 Reasons to choose Blockchain
Compare to the other data systems blockchain is a step ahead in data security. Here, each transaction should be agreed before it is recorded. Once the transaction is approved, it will be encrypted and connected to the previous transaction. In fact, the data is stored in a network of a computer instead of one server and make it highly impossible to hack the transactions data. In any organization, where keeping the data secure is more important (financial services, healthcare, government) blockchain is the best choice for them. Blockchain has the ability to change how crucial information is shared by helping restrict fraud and unauthorized activity.
Reducing cost is a top priority for every business. Blockchain eliminates the third parties or middlemen and removes transaction fees. Instead of trusting third parties, you need to trust the data which is available on the blockchain. And also it makes you free from documentation to trade due to everyone will have access to a single, set of invariable version.
As we all know blockchain has the capacity to send and receive payments. Since blockchain has its beginnings in cryptocurrency, this makes sense. But how blockchain is beneficial for business.
In traditional trading, there is a lot of paperwork, and it’s a time taking processes, and have to depend on third-party mediators. But, by using blockchain as a medium, you can transfer funds easily and securely to any receiver in the world instantly at very low cost. By using a digital ledger, data is distributed among the participants. Therefore, everyone has access to the data, which makes easier to trust each other without no mediators. Hence, business matters can happen faster and more efficiently.
Here you will have more transparency. In blockchain, every transaction should go through main central leger. Having access to all participates, every transaction will be visible to everyone. Which means both employee and customer will have access to the data, therefore trust will be created among them.Thus, data on a blockchain is more accurate, consistent and transparent than traditional trading process.
When your business deals with the goods which are traded through the supply chain, you are close enough to understand how difficult to trace the product. But, when you do trading through blockchain, you will have a product audit trail on journey history. Here information related to all the products can be tracked and shows where they came from. This historical transaction makes you verify the authenticity of assets and prevent fraud.
Repeated clients are quite often better than new clients since you get rid of the cost of marketing with a specific end goal to pull in new clients. The more clients you can hold starting with one year then onto the next, the more you’ll benefit. By offering their most loved payment method, you increase the possibilities a client can stick around.
Be that as it may, preferred payment method is just a single way blockchain help foster loyalty. Additionally, blockchain offers clients that reward programs by making the process cheaper and secure and no middlemen to encourage repeat business. Gyft Block, which is an association amongst Gyft and bitcoin API designer Chain, issues advanced gift voucher that can be safely exchanged on the blockchain open ledger.
Blockchain adoption gives you an advantage which place you step ahead than your competitors for many reasons. One is that you will be seen as an innovator who cares about clients. If your organization provides a blockchain, it could make a huge difference. In fact, it probably the one which place you step ahead over the other competitors.
If your organization facing slow, complex and heavy-documentation processes, compromised security or enormous fees, then blockchain is the best solution for your business. The blockchain is a new and still growing technology. In spite of the fact that your business doesn’t have to buy in immediately. You should study the blockchain how it’s changing business world. This will help you to abstain from being under-performing. Particularly, the chance of your competitors adopts the technology long before you do.
Amarendra Babu L is quite passionate about latest IT and Business technology innovations. He works for Mindmajix as a content writer. He Always looking for new ways to explore latest Software technologies. You can always be found on Linkedin.