Benefits to transform your industry with Blockchain Technology
(By Shivkumar)
Innovators are exploring ways to use blockchain to disrupt and transform traditional business models. Some major industries like global supply chains, financial services, healthcare, government and many other industries, have already acheived significant business benefits.Lets look at those benefits which are as follows:
1. Greater transparency
Data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.
2. Enhanced security
In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.
3. Improved traceability
When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey.These data on blockchain can help to verify the authenticity of assets and prevent fraud.
4. Increased efficiency and speed
Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter.Thus, clearing and settlement can occur much quicker.
5. Reduced costs
With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner.These reduces the cost for for most businesses, which is a priority.
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