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Top 4 Benefits Of Blockchain For Businesses
Top 4 Benefits Of Blockchain For Businesses

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Blockchain has been immensely popular in the industry for a long time now. People might get confused with blockchain as it has been misinterpreted as a cryptocurrency since its debut. You, as a consumer, might not know several things about blockchain, and it's necessary to understand the concept and ideology behind the world's fastest and most secure connected technology. As a starting, let me stir the clouds around and present a clearer picture of blockchain technology and how it promises confident, connected, and distributed growth for a vast pool of industries. Let's get started. 

The Rise Of Blockchain 

This decentralized technology started in 1991 when the world was still struggling with web 1.0 and 2.0 technologies. Stuart Haber and W. Scott Stornetta began working on this technology without realizing its potential of this technology. By the end of 2003, Hal Finney brought the idea of a Non-Fungible currency where ownership could be transferred. The concept is the key for NFTs of the 21st century. In late 2008, Satoshi Nakamuto, the father of cryptocurrency, presented crypto to the world and conceptualized the idea of Bitcoin as the new-age digital asset for the world. However, he set the limit to Bitcoin, and there can be only $ 21 million Bitcoins in total. Later in 2013, Vitalik Buterin started ethereum just after Bitcoin was valued at $ 1 billion. Ethereum paved the way for a new platform to build a different set of applications. Unlike the traditional technology and applications, ethereum based web and mobile apps were decentralized. In simple terms, there was no central authority to regulate and control the application. Every user has its limits to establish a certain amount of control. Apart from these DApps and De-Fi solutions, Smart contracts also came into existence in 2015 and gained immense popularity. This was a golden era for blockchain as several renowned organizations like the Bank of England, the European Central Bank, the Bank of Japan, and IBM demonstrated their interest and belief in emerging technology. In 2017, blockchain-based bitcoin was recognized by US regulators as a mainstream investment, and several countries like Japan legalized the currency.

4 Reasons Why You Should Be Shifting To Blockchain 

Traceability Like Never Seen Before 

Most businesses like shipping and supply chain management are leveraged by blockchain technology. One of the most significant problems in traditional technology is traceability. Blockchain technology allows you to share any product's data with customers directly without any chance of data compromise. Efficient traceability also empowers supply chain management companies to monitor their inventory effectively. 

Enhanced Transparency 

Transparency in a transaction is the utter requirement to facilitate trading and businesses. Blockchain empowered the world's financial services with digital assets and cryptocurrency that offered unmatchable trade transparency. The service is based on distributed ledger technology and a decentralized data network. The distributed ledger technology records every data and transaction from multiple locations facilitating the understanding between parties. 

Unbeatable Security 

The concept of digital signatures and transaction encryption brings more security than existing storage systems. While performing a data transfer, the signature is linked immediately to the previous transaction, and nobody can further modify it. It results in a long chain once the transaction is successful. It also offers the option to anonymize personal user data and permissions to withhold unwanted access. Distributed data management and storage comes in handy while managing these digital signatures or footprints of every action. 

Enhanced Efficiency 

Blockchain products and services like Smart contracts help enhance the efficiency of your organization. Smart contracts allow you to transact directly with your client or consumer. It eliminates third-party involvement and directs the trade by facilitating the understanding between the parties. It also has an auto-revoke feature that terminates the engagement if parties fail to meet the conditions. These processes save you from wasting a lot of time on discussions as to who violated the argument and whether it should be revoked or not. Additionally, intelligent contracts prevent anyone from modifying the conditions without being noticed, thanks to distributed ledger technology. 

Conclusion

Blockchain technology is an emerging and developing sector that has the potential to uproot traditional technology architecture. The technology is beneficial for a chain of businesses and services, including healthcare, education, and gaming. The concept of web 3.0 and blockchain is new to the world, and companies are not familiar with the use and benefits of this cutting-edge technology. Leaders like Microsoft, Apple, and Linux have realized the potential of blockchain-based products and services, including metaverse. Global investments worth billions are in place to equip businesses with blockchain replacing the traditional technology architecture. It’s time for the change with blockchain. Several blockchain development companies offer blockchain development for a vast pool of businesses.

 


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Tarun Singh
Associate Manager

Growth hacker with experience in building, maintaining, and running successful digital marketing campaigns. Bringing forth broad marketing knowledge, coupled with focused campaign experience -Adept at creating and implementing client-centered, successful campaigns, aimed at improving brand awareness and presence and promotional value. Developing and implementing marketing campaigns, using email marketing strategies, and leveraging social networks to achieve digital marketing goals.

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