Five Ways in Which Blockchain Technology Will Change the Way We Do Business
By Space Coast Daily // September 4, 2018
digital currency market has no doubt been massive
Blockchain technology has been around for barely a decade now and its impact on the digital currency market has no doubt been massive. One thing that makes the blockchain a solid platform is the fact that transactions are more secure and personalized and information contained therein is highly verifiable.
That means the system has huge potential to change how we do business, and as a matter of fact, it has already begun changing various sectors.
Here are 5 ways in which the blockchain technology is changing the world of business:
Finance
Digital wallets came into being about three and a half decades ago and have been improving significantly with time. But the inconveniences that come with middlemen and clearing houses as well currency exchanges, are quite unsettling.
Blockchain technology removes all these inefficiencies by allowing people to transact with customers, anywhere in the world, using the tiniest costs. The use of this technology will literally scrape away all exchange and payment processing fees while making transactions more streamlined.
Smart Contracts
With written or spoken contracts, facilitating, verifying and enforcing negotiations or performance is somewhat unreliable. But with blockchain’s self-executing smart contracts, with agreements between buyer and seller written into lines of code, trust is assured in any contractual enforcement.
With the ability to monitor, enforce and record transactions in a public ledger¸ blockchain technology makes sourcing and verifying information hassle-free. And isn’t that what any business person or customer would want to be assured of before entering into a contract?
Raising Capital
The use of Initial Coin Offering (ICO) framework has broken barriers to raising capital and made access to funding for new businesses more streamlined. It allows startups to rally support organically and crowdfund their project from scratch in a quicker and more seamless manner.
That means businesses don’t have to undergo the complex and highly bureaucratic processes involved when dealing with traditional lenders. And that’s exactly what any startup with a brilliant business idea would wish for (more information at bitmoneynews.com).
Supply Chain Management
Logistics involve a complex chain of operations that are hard to track and/or monitor. And some of the main challenges ailing the industry are lack of transparency and accessibility. Improper supply chain management infrastructure often leads to regular delays, misplacement and sometimes damage of shipments.
With blockchain’s decentralized, unalterable and incorruptible framework, interested parties can enjoy traceability, transparency and real-time updates (on an immutable ledger) on the status of cargo or shipment.
Intellectual Property
It takes time to come up with innovations and creations of art. However, piracy and stealing of ideas has been the biggest challenge in the concerned industries. If blockchain technology can be adopted in the structures of protecting intellectual property, proof of ownership of a given idea or creative piece can be easily made, properly credited and compensated accordingly. This will ensure that inventors enjoy the maximum profit from their creativity.
Conclusion
Blockchain technology is fast changing the operations in various sectors of the economy and its adoption is becoming quite unstoppable. With a solid framework that’s capable of keeping records of transactions in a decentralized system, security, trust and scalability are all guaranteed in one place. So it cannot be vague to say blockchain technology holds the key to future business transactions.
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