Across financial industries, service sectors, industries are exploring mechanisms to reap in rewards of blockchain technologies. Most business houses have achieved success overnight and new ones are planning to incorporate it as part of their set up. Let us now understand on how blockchain can have a positive impact on your business.
Through use of blockchain technology transparent histories are becoming more transparent. A distributed ledger, all parties share data on a common platform and not at an individual level. Sharing data has to be updated on consensus signifying everyone has to give their approval. To share of an individual record means collation of all resources. On the other hand blockchain providers assure a reliable and convenient process. Even changing a single record in a system would mean alteration of all possible records.
Rather than traditional record keeping methods, blockchain provides a secured option. Before recorded transactions needs to be agreed upon. An approved transaction is encrypted and establishes a link with previous transaction. A fact is that since data is stored on a wide array of servers it becomes difficult to compromise on transactions at an individual level. In industries like finance or health care where critical information needs to be shared this assumes importance. Blockchain companies in India manage critical information to reduce occurrence of frauds.
Suppose you company could be dealing with products which passes through a complex supply chain. It really becomes hard to locate a product to its point of origin. Exchanging of goods on a block chain leads to an audit process from where an asset started off and what is its current position. Via the historical data at your peril you can reduce possibility of fraud and cut down on errors.
Increase in speed and efficiency
When you are relying on traditional process, everything seems to be a time consuming affair. Chances of errors increase leading to third party mediation in certain situations. To automate and streamline process via the concept of blockchain transactions can be undertaken in an efficient and fast manner. By the help of a single ledger system record keeping is undertaken no need to be dealing with multiple clutter of ledgers. With readymade availability of information scope of errors reduce as each one can place their trust on others. Settlement or clearing can occur in quick manner reducing the scope of intermediaries at a negligible level.
Reduction of costs
For any business cutting down on costs appears to be a major priority. When you avail a blockchain technology no need to involve any form of intermediaries as you can place trust on each other. A cordial relation with your trading partner is established as all you need to do is to have trust on data available. Even to complete a singlet trade there is not much of documentation because everyone has permission to a single platform.
To conclude benefits of block chain technology to a business are enormous.