A technology that has proved it to solve the existing problems of Data security and speed of transactions occurring in businesses has revolutionized the industry sector in the world.
Can you guess the name of this technology? Obviously, it is blockchain technology. Let me quickly give a brief introduction to this technology before moving ahead.
Blockchain is, in the simplest words, just a digital ledger that is shared among multiple computer systems. And this distributed ledger is of two types- permissioned and public.
In permissioned blockchains, data is shared between all the authenticated people. It is mostly used in companies and industries to manage their private data.
However, in public blockchains, the data is shared between public. In other words, it is accessible to everyone on the internet. Public blockchains are mostly used by Governments. Now, let’s discuss how it can benefit your business. Blockchain app development services has the amazing ability to enhance the efficiency of certain areas of business operations such as:
Supply Chain Management
Supply chain management has a crucial role for any business. Whether it is a startup or an enterprise, having an efficient supply chain is a must for a business to survive, grow and stay ahead in the competition existing in the market.
This is the sole responsibility of supply chain management to make sure that product reaches its destination on time and guarantee that only quality products are delivered to the clients or market.
By embracing blockchain technology, the process of supply chain management becomes quite easy. Blockchain provides a completely transparent platform that makes it quite easy to track any sort of information related to supply chain in seconds.
Companies want their customers to have a product which is value for money and blockchain technology can be quite helpful here. With blockchain, it is quite easy to keep a track of entire information about a product such as the origin of the product and its entire journey till it reaches a customer.
It is often seen that it takes various days to transfer money after signing the agreement. With blockchain, you get smart contracts that automate and ease this task. These are preprogrammed contracts that have agreed on terms and conditions. Once all the conditions are met, the smart contract gets activated and the money transaction is executed.
The main thing is that with smart contracts, you need not a third party to validate or verify the agreement. Hence, with smart contracts, lot of time and effort is saved.
Data Storage and Security
Almost all the industries are yet not been able to make their data completely secure and permanent. Here, blockchain is a ray of hope for such industries as blockchain allows you to have a safe and tamperproof set of records that is shared with multiple computer systems.
In the present scenario, there are people who fear from embracing digital technology. They think it may lose their important information. Blockchain stores your data in such a way that it becomes quite difficult for someone to take control of the system and alter the information.
In blockchain, every data is added in the form of blocks and this block is connected with other blocks. Moreover, in case a person tries to change the information, it will put an impact on other blocks too. Hence, it would be quite easy to track the changes and their origin. That’s why it is too tough for a hacker to change all the blocks by taking their control.
Blockchain has proven to make data secure and tamper proof. It has the ability of making processes such as Supply Chain Management, Quality assurance, Data security and management error free.
I hope this blog answered your query and helped you to know how it can be beneficial for your business. In case you are planning to create a blockchain based software application, there are certain blockchain development firms, you can contact them.