Benefits of Blockchain to Business
Blockchain is just a decade old technology that started its real journey through Bitcoin.
Now, this decade old tech is not only limited to Bitcoin it empowered the whole crypto world and set foot aside from cryptos to many sectors, specifically Business and Commerce.
If you’re running any business then this emerging tech will help you to achieve your goals fastly.
To get a better understanding of how blockchain helps business, I’m highlighting the major benefits of Blockchain technology to business in this post.
#1. Record Keeping.
Blockchain is made for keeping records whether it’s crypto transactions records or Land titles or Patents or Researches.
You can use blockchain to store data because it is immutable and datas time-stamped. In case of dispute, the title can tracked through the path of the origin.
#2. Greater Transparency.
All the data on the blockchain is visible to everyone because no central authority controls the blockchain even in the private and federated blockchain; the control of the blockchain is not under any individual’s hand.
Transparency means business can’t do shady practices and adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company’s growth, its community and customers.
#3. Enhanced Security.
Often news came out about hacks or theft of organizations’ valuable datas, but till this day no one can’t be able to hack the Bitcoin blockchain network or any other crypto blockchains because of encryption.
In Blockchain every block is connected and encrypted so if anyone attempts to tamper block they have to start with genesis block to end block which is impossible to do. That’s why integrating blockchain in your business will ensure all the data is safe.
#4. Improve Traceability.
If you run a business that deals with products that traded through a complex supply chain, it is hard to track the product.
But in blockchains transparency and a secure environment, all the records of the product are made available to view and verify the authenticity plus it also helps to do an audit trail that shows where an asset came from and every stop it made on its journey.
#5. Feedback.
Getting feedback from customers is crucial for any business to fulfil customers desires.
When Blockchain is used to track throughout the lifecycle of a product, the product designers and manufacturers can easily find out loopholes in your product and overcome them to make the product more effective.
#6. Increase Speed & Highly Efficient.
Remember the era of papers where each document recorded on the paper and have to pass certain criteria to be considered as valid once but in the digital age specifically after the blockchain emergence, depending on paper is fading away.
Blockcain can handle hundreds, even millions trillions of data easily without hiding from anyone, process them faster and also eradicate human-based errors with the help of automation.
#7. Reduce Cost.
Every business main goal is to earn more profit by maximizing outputs minimizing the cost with the help of machines or technology.
By using blockchain in business organisations radically reduce the cost of 3rd party vendors and less interaction needed when it comes to validating a transaction, further removing the need to spend money or time to do basic stuff.
Conclusion.
These are the benefits you can get if you integrate Blockchain in your business.
Now it’s your turn to decide to use Blockchain in your business or not after knowing the benefits.
If you want to know the overall benefits and drawbacks of blockchain then, you can read my previous writing on the Advantages and Disadvantages of Blockchain.