Everybody seems to have a love/hate relationship with the middlemen involved in their businesses. However, even at the most basic levels, you cannot ignore the importance of mediators as a large number of jobs get done under their share. Many of you have the same thinking but wait until you finish this blog. You may just discover many advanced highlights to help your business grow and flourish.
Now, if you are unaware of the radical revolution of Blockchain, then you just might acquire the required knowledge here which ultimately gets you familiar with the Blockchain Technology Benefits businesses are reaping. This blog, we will be taking you deep into understanding the functionality of blockchain, its implications, and the possibilities that it can bring into your business.
The history of Blockchain dates back to 2009 when its first-ever database got devised and hence revolutionized as ‘Digital Gold’. Unfortunate is that many still lack the knowledge of its working and management.
You may have started wondering about its needs by now, and here’s why Do you require this technology to transform your business?
There is truly no control over increasing consumer needs and demands. At this point, a strong and flexible base is mandatory for businesses to shape according to the growing demands. Also, here the chain that takes you from products/ services to customers is crucial in several ways. With various suppliers in between, there is hardly any propaganda for its management. So, if one thing goes vague then how can you still have the mindset of living forever with your procured reputation?
Blockchain is known to include things that can come to your rescues such as artificial intelligence apps, cloud technology, machine learning, increased security, and much more. Imagine how easily you can cancel outs middlemen and outsource benefits with the help of this one
Technology.
Can Blockchain Transform the Business World?
Personally, the answer is yes, this under-the-covers technology has great potential of revolutionizing the economy and for paving a new path for business development. Blockchain technology is nothing but an open-source distributed database that uses the state of art cryptography. This ultimately helps in collaborative tracking of information, transactions and any other interactions between businesses. And, don’t forget to count in the increase in privacy protection and transparency. The potential for Blockchain to manage your highly distributed many-to-many system is plenty, which arises the need to follow Blockchain Technology Trends to achieve monumental business growth.
Just have a correct outlook on it by participating in the newest best technology for your business. Blockchain Technology Vs Third-Parties – Who is Better and Why? Well, in a general business the scenario mostly involves two transaction parties and one or more third parties depending on the requirement of the particular business. Now imagine that for once you have involved Blockchain into this specific scenario. What happens? The applied calculation, work, or computer interfaces made by a third-party reduces. In this system, Blockchain operates as a shared digital record book. Moreover, each transaction made gets recorded on the interface of a blockchain forever.
Also, to be honest, it may seem like a ton of work initially, but if done correctly then blockchains are even able to read tricky transactions and the result is always beyond your expectations. Think about it and if you plan on investing some time upon it, then accuracy, utility, success and a greater customer base aren’t far away from your reach.
Prior to incorporating such a robust technology in your business, you must get deep knowledge on who uses blockchain technology which helps you widen up your knowledge over its scalability and expandability.
Benefitting from the Innovation of Blockchain Technology
‘A must-read part for booming industries and businesses’
1. A Blessing for the Payment Industries
Consider the example of ‘Banking’. The chapter where individuals usually don’t have access to the central banks but somehow are still able to exchange money at an international level is nothing new, right? But a similar thing is also executed by Bitcoin which is also a cryptocurrency. The difference here is that bitcoin allows funds to get transferred instantly and that too without the need for mediators. So, here cancels out all the charges and unrequired fees.
Looking at a larger scale, to have a system as such truly helps the poorer nations to transform economically at a faster pace. According to surveys, it has also been proven that banks are looking forward to inculcating blockchain’s transformation into their system.
2. A Digital Transformation for the Healthcare Industry
Medical records stored at hospitals are often daunted for their lack of security in data management. And, being an industry where you can’t take risks with legacy systems and security it is highly difficult to stick to customer trust.
Blockchain technology in healthcare has made a difference in addressing personalized care and operational costs. This is done with the careful connection of a universal infrastructure within the business. So, the healthcare businesses and patients both remain benefitted under the uncompromised privacy provided by Blockchain.
3. Potential for Insurance Companies
There is no risk greater than the ones involved in an insurance company. Now, this is also one industry where larger services of middlemen are involved. So, undoubtedly there is more fuss and hence claimed money often takes time to be paid.
But, wouldn’t it be wonderful if transparency is created in between the customer and insurer in a hassle-free manner? With Blockchain this is no longer a dream, this technology allows us to
verify data in even the most complex insurance contracts. All claims made by the customers can be recorded easily and kept safe into the network for future references. Moreover, you receive your money instantly.
Besides the risk of fraud is almost nil in this entire process.
4. Are you sure that your Charity goes into the Right Pocket?
Well, if this question hasn’t stroked your mind yet, then you may be still living under the rocks. There are no limitations to fraudulent activities and once needs to ensure that the money actually lands in the needed pockets.
Heard about the BitGive Foundation? Here’s a little insight into their work-
This foundation has ensured that donors can trace their support in real-time. The entire process of fundraising hence becomes transparent and the cause of charity is assured to be fulfilled.So, you see this is how Blockchain and smart contracts have opened impossible doors and made visibility a possible term in the Business world.
Customer satisfaction – Is it possible with Blockchain?
A plethora of proof and surveys show that Blockchain technology has been seen to boost customer satisfaction. The entire process from production to shipment and delivery becomes easier to track and Calculate.
Having such factors upfront help businesses get better and raises their consciousness to do better. Whereas the customers get a vision on all businesses while acquiring the knowledge to only choose the best for their means.
That time isn’t far when Blockchain technology will take over our old methods and change the system into one which is more defined, reliable and secure. After all the age-old quote “Old is Gold” doesn’t do justice is defining all purposes. Sometimes the new can polish your aims and boost your success like never before.
The potential to Blockchain Technology is plenty but now it only depends upon how you see it profiting you in your aspects of a business.
