Everything You Need To Know About Block Chain Technology

You must have heard somewhere that “Blockchain is not for small and medium-sized business (SMEs), Blockchain is for huge enterprises”

Well, this blog will clear your mind and your perspective on the blockchain and its usage for every business.

Today, the business world is divided into parts, on one side we have businesses which are understanding the importance of blockchain to achieve the autonomous and remote consensus among users. On the other hand, there are businesses who are afraid of relying on a technology.

The basic benefits of blockchain like secured data storage, affordable security, better know your customers(KYC) protocols, and to serve the transactional services and products to market at a quick and low-cost method are transforming the business transaction methods.

To understand the importance of blockchain; we need to understand the benefits of it. We need to understand that blockchain has a wide range of benefits for almost every business industry. Let’s check out some of them:

Benefits Of Blockchain Technology Is Not Limited To Cryptocurrency Only

This is a myth that most of us believe; blockchain technology is beneficial for cryptocurrency business only. But, Today, Blockchain technology is invading almost all the industries in different sectors; let’s check out the benefits of blockchain technology:

Smart contracts:

We all are aware of the traditional ways of signing a contract and how much time consuming this process is. With blockchain construct and smart contracts, you can automatically validate, sign and enforce the contract.
There are solutions like credits which provides autonomous smart contracts by pairing it with its own internal cryptocurrency.

Supply chain management:

The benefits of blockchain like cost-effectiveness and traceability have gained an enormous traction in the supply chain management. It can be used to track the origin of the product, movement of goods, quantity and many more.
B2B ecosystems are getting transparent with the help of blockchain; the business processes are now more simplified like payments, ownership transfers, and production process assurance.

Government or private elections:

The government of Moscow has set an example to the world by leveraging blockchain technology in their local voting initiative. The Moscow government has already announced in the previous year that they are going to build a pilot system to track the votes via blockchain.

Inspired by Moscow, Russia has also planned to use blockchain in its private sector as well for allowing the shareholders to vote on corporate decisions.

Stock exchange:

Do you know Australia stock exchange has switched their operations to blockchain for their operations? Now the ledger will be distributed over a network of computers and each has to verify the accuracy of any transaction, instead of ledger being limited to a single computer.

Peer-to-Peer transactions:

There is no doubt that bitcoins have introduced the fastest, affordable and secure transfer of funds to anywhere around the globe. The existing payment gateways like Paypal; which provides international transactions securely work on sizeable fees per transaction.
Which blockchain and bitcoin are removing the specific limitations like minimum transfer amounts, location restrictions and many more.

Over to you!

Even after realizing the impact of blockchain on different industries one could argue that the business is still not ready to work with decentralized digital ledgers. If you can check the speed at which blockchain technology is progressing you will understand the need for adopting it in your business as well.