If you own a business, you might have served a million clients and did a ton of work, but eventually ended up with a few dollars in your bank account. However, experts say that it’s absolutely normal. There is a popular saying, “You need to spend money to make money”, and that is usually true. However, have you ever wondered, if the business could be about making money but also in an affordable way? The majority of the money lost by businesses today is by paying extra fees to the intermediaries, human errors, and delays. Now, imagine, how much you can save by boosting your work process, and eliminating any third-party involvement, and human errors. Blockchain technology has made it possible for enterprises to optimize their operations.
“Blockchain” has been the new buzzword around the world today. Over the years, technology has evolved and shown true potential for innovation and new development. Popular for its advanced features, the decentralized and transparent platform is used by enterprises to make their present business organization much more efficient and effective. In today’s competitive market, getting an edge has become difficult. However, blockchain technology provides businesses with that edge and keeps them up and running in the game.
The distributed ledger technology with its time-stamped data storage option, data transparency, and immutable nature made it easy for businesses. Some of the key features that make blockchain an important element in business are:
The main objective of blockchain technology is to develop a transparent environment of development where people can trust a virtual and digital space for the exchange of important data and most importantly conduct secure transactions. Here are some of the important areas in business where blockchain can make a difference.
One of the important key areas of any business is the supply chain. Whether big or small, an efficient supply chain is essential for every business. Supply chain management involves transporting the product safely, and maintaining its quality of it. With the help of blockchain technology, supply chain management becomes easy and error-free. Since the platform is transparent and stores data with date and time stamps, it becomes easy to track the data of anyone operating the system.
Quality assurance is another sector where blockchain can make a difference. Every company wants to deliver the best quality products to their clients as it increases their brand value. Blockchain makes tracking data easy, and integrating the products with the technology will make it easy for the customers to track the origin of the product and its journey. The customer can utilize the QR codes to know the history of the products they buy.
Smart contracts are yet another field that blockchain can improve. It is common that after signing an agreement, it would take days and weeks for the money to transfer. However, blockchain makes it easy and quick. With pre-programmed contracts that are agreed upon between two parties, the blockchain-integrated smart contracts execute the transaction once the conditions are fulfilled and activated. The best part is that no permission or approval from third parties is required. By eliminating intermediaries, the system is safe and saves time and money.
Blockchain offers security to the customer’s personal data. Today, many people refrain from utilizing e-commerce platforms as the information is vulnerable, however, blockchain assures security. The technology is existing since 2009 with the inception of cryptocurrency, yet today it is considered the “need of the hour”. Integrating the technology into any business will help create a safe, and transparent platform and provide an edge in today’s competitive market.