Blockchain and cryptocurrency have achieved much publicity across the world recently. Nowadays we mostly hear about bitcoin, ethereum and other cryptocurrency. The technology that enables bitcoin to securely transact value is blockchain. In simple terms, blockchain is a public ledger that maintains records securely, transparently and with confidence the data cannot be changed due to decentralized control of the network.
Blockchain technology is useful for many transactions and a blockchain consulting company can be of tremendous help in guiding and managing your business. Experts have a lot of experience regarding this technology and can help you avoid many pitfalls.
Benefits of blockchain in various industries
There are many advantages of this technology to businesses in different industries like:
Management of Supply Chain
It is helpful in goods tracking and provides the advantages of cost-effectiveness and the process of transfer, production and the payments can be simplified and managed more efficiently. Transactions can be verified on the blockchain due to the transparency of the ledger to permissioned participants.
Quality Assurance
It provides maximum assurance regarding the quality. If any discrepancy is observed in the supply chain, a blockchain system can take you to its point of origin. This helps in the investigation and necessary actions can be taken. QA reports throughout a process can be recorded on the blockchain and shared with interested stakeholders to confirm adherence to specifications.
Accounting
The blockchain system is very helpful when sharing data between enterprises. It reduces, and in some cases, can completely eliminate disputes which occur frequently across companies. The process can often be simplified and smart contracts used to automate certain transactions.
Smart Contracts
Smart contracts enhance the growth of a business. They help in saving time and the agreements are validated and signed via a blockchain and there is no need for third-party intervention. As a result, extra cost and time are saved. All your assets are under your control. Smart contracts are convenient even for the people who do not have much knowledge about technology.
Voting
This technology can also be used in local voting as it helps in reducing electoral frauds and guarantees more trust in terms of voting. Blockchain technology keeps online voting platforms safe and secure.
Stock Exchange
Stock exchange market considers blockchain technology as a good option due to its reliable and secure nature. In some countries, stock exchanges are evaluating blockchain as a technology to improve operations. This will help in making the transactions easier, faster and remove the third party intervention.
Helpful In Global Transactions
There is a tremendous rise in bitcoins and other cryptocurrencies across the world. Blockchain technology has helped a lot in transferring funds worldwide in the most cost-effective way. Many services charge high fees for the transaction so cryptocurrency is preferred for international transactions due to its ability to keep fees low.
Equal Access
It provides equal access to everyone to participate and there is no partiality. This nature of decentralization provides a more democratic approach for all due to ubiquitous access for many generally not served through traditional businesses.
Conclusion
Blockchain enabled systems can provide many benefits to various industries and processes in terms of cost-effectiveness, time savings and security. These characteristics and what a blockchain can enable across the world has generated the publicity and popularity we see in blockchain within enterprises and the cryptocurrency community.
