How Can Blockchain Help Businesses Transcend to the Next-level?
Over the years, there has been a lot of buzz around the new and disruptive technology ‘Blockchain’. While the technology is poised to revolutionize the finance sector considerably, the impact of this technology has been strongly felt in several public sector undertakings as well.
This peer-to-peer ledger technology that supports the exchange of value without any need for a central authority such as a bank. In fact, it has been considered as an important tool for building trust online that could serve as a strong foundation for a reasonable, secure, and all-encompassing digital economy. Moreover, being a distributed ledger, Blockchain maintains a constantly growing list of transactions across thousands of computers, which makes it extremely secure and impossible to hack.
Blockchain is sure to transform the way businesses are being conducted. Some of the applications of Blockchain, which businesses can leverage include the following:
Smart Contracts: These are self-automated computer programs that are coded to carry out the terms and conditions of any contract. Businesses can use this Blockchain functionality to comply with regulations or reduce the cost for their financial transactions.
Cloud Storage: Businesses have ever-growing databases. As a result, it will lead to high storage cost. A solution that integrates Blockchain and cloud paves way for a low-cost and highly scalable storage option, which businesses can leverage and take advantage of.
Quality Assurance: Blockchain can help businesses assess the quality of a product as it is transparent and thus allows easy tracking of a product during its journey across the supply chain that too at every point of transit.
Apart from the aforementioned applications, there are several interesting applications of Blockchain that has encouraged businesses to incorporate Blockchain for streamlining their business operations. Those who choose to use the growing potential of this promising technology can look forward to a better business in future.