When talking about blockchain, people often think of Bitcoin cryptocurrency. Yes, it is thanks to the success of Bitcoin that we have better understood this technology. But many other sectors can also benefit from this technology including industries and businesses.
Secure Data and Absence of Intermediaries
Computer hacking is one of the big worries for companies as well as for all organizations using a large amount of data. So everyone is looking for something powerful and reliable to deal with this problem. Blockchain proves here as the best solution to data security issues and unwanted actions. Every participant using Blockchain can access the full database and its full history. Everyone can directly consult and verify the registers of their partners without having to resort to intermediaries.
The blockchain makes it possible to validate, secure and preserve peer-to-peer transactions, relying on a network of computers. Certainly, but a priori, we have been able to do this for years without the need for a blockchain! However, in a few years, many changes have taken place, especially in the “individual”: Indeed, he traded the confidence he had in his “nearby shopkeeper” for the possibility of having more goods. Then, he wanted these goods to be delivered to his home.
It didn’t cost him more and didn’t require any effort from him. Indeed, the Internet has given us the ability to exchange with anyone, on the other side of the world, and at any time of the day or night. Technology has made it possible to reduce distances, and some companies have built their business model on this principle.
Traditional companies have had no choice but to integrate this “time factor” in order to survive. To meet the expectations of the individual, they implemented different tactics and sought to optimize the sequences that made it possible to render the “service”. In other words: perform the same operation, but faster.
Access to Data, Transparency, and Traceability
The main advantage of Blockchain is that businesses can access the data flowing through the chain and then verify it. If, for example, the supplier of a product has suddenly changed the formula, this is recorded in Blockchain. Information constantly flows through the ledger and is constantly checked by participants. Transparency is therefore required and product traceability in the supply chain is possible. If an irregularity is detected in the supply chain, the blockchain system makes it possible to carry out investigations and take the appropriate measures.
For most companies, quality and warranty are a priority. With Blockchain, there is no need to rely on third parties or intermediaries to guarantee quality. You can check whether your business partner is reliable or not. The partner you need to trust is Blockchain data. Plus, you won’t have to go through a lot of documentation to complete a transaction, because everyone has the ability to access data that can’t be deleted or changed.
Want to apply blockchain to improve your business? It is recommended to take blockchain consulting as soon as possible!