Could a Blockchain Help you Realize one or More of Your Business Objectives

Blockchain is the subject of many rumours and there's nothing to doubt. In 2018 the PwC Global Blockchain Survey asked 600 executives from 15 countries on their next steps in adopting the technology.

Eighty percent of respondents said that their companies have some sort of involvement with blockchain, whether that's the creation of a laboratory or the first demonstration of concepts. It's evident that no one wants to be left out in the latest technology innovation.

Blockchain technology is among the most talked about and widely discussed topics of recent. However, those who understand the mechanisms behind it, are aware of their needs in business, and are able to meet these requirements and get the best value from the adoption of blockchain technology.

Implementing any technology isn't just a technical choice and is, in the end, it is a business decision. Particularly, innovative technologies pose an enormous challenge for CXOs. It is difficult to get an understanding of the blockchain ecosystem in the face of having to make an informed choice requires the process of thinking through the potential of an implementation.

What's Blockchain Technology?

In 2009, it was introduced as the technology that underlies Bitcoin Blockchain is a permanent digital data record that records a constantly increasing number of transactions. Once the data has been uploaded, it can't be modified or erased. Through the use of cryptographic algorithms, it offers secure information storage and the security of financial transactions.

It is a completely decentralized distributed ledger blockchain does not have intermediaries and operates without the need for a central authority. Security of information, safe peer-to-peer transactions among unknown parties or those who are distrusting and transparency of the network, as well as the inability to forge data are among the principal benefits you gain from.

Issues Blockchain Could Solve for your Business?

Blockchain is relatively new. But, it has already been incorporated into a variety of industries globally. It could alter the way data from digital sources can be handled in the near future.

According to the most reputable blockchain app development companies has the potential to tackle some of the most complex issues that humanity is facing at the moment. A few of them are:

Data Storage

Big Data challenges the capacities of the modern data centres significantly. As the technologies discussed above continue to advance and data storage becomes more complex, the situation becomes more challenging. IDC estimates that we will be able to store 163 zetta bytes of data keep in 2025. Cloud storage solutions currently are not able to handle such huge quantities of data effectively.

Blockchain could be a solution to the issue of data storage due the decentralization and the fact that it is distributed. To store data in the blockchain, you will have to break it into smaller parts.

Each part will be secured and transferred to blockchain. After that it will then be shared in a manner that allows access to all of it in the event that a portion of a network doesn't work. The handling of data can serve as a solution to cloud storage.

Transactions

Today, the majority of payments across all industries are handled by an outside financial institution. Blockchain payments could increase the efficiency of the payment process for a variety of businesses.

If an organization chooses to use an online payment processor that is based on blockchain, it can get rid of the delay in payments and the lengthy procedures associated with the old-fashioned payment system. With blockchain, quick, secure transactions are an affordable solution for a variety of businesses.

Blockchain's design allows for the real-time monitoring of every transaction, protecting their integrity from changes. Blockchain can help enhance the efficiency of many industries that require compliance.

Companies can make use of smart contracts (applications that execute precisely as they are programmed, without allowing third-party interference, fraud and downtime) to create unbreakable rules for financial transactions.

Supply Chains

Today the today, supply and logistic chain management has become very complex. Some goods go through dozens or many hundreds of different steps on their supply chain. Processing invoices as well as logistics, payments and tax documents takes lots of time and resources.

Due to this, the production of certain goods could last for several months and possibly even years. At some point mistakes, fraud and major events can cause significant loss. Long supply chains could result in more losses for both aspects of the transaction.

Blockchain technology is considered to be among the top exciting methods for managing supply chains. It will improve asset recording and tracking, assigning, linking and sharing significantly.

Blockchain technology can improve the effectiveness of supply chains in a significant way due to its superior security and transparency of transactions. Blockchain is able to document the supply chain of each product, ensuring greater security and transparency at every step.

Does your Business Needs Blockchain? This is How You Can Tell!

Blockchain isn't an all-encompassing solution for every business issue. It's not a great decision to use blockchain just because everyone else uses it. You may already have technology that can help your team succeed and increase your profits. But, smart companies constantly research the benefits technology can provide to their businesses.

Here are a few of the questions you must ask before beginning your study on blockchain:

·       Are transparency and traceability a crucial element for me?

·       Is decentralization vital to my solution?

·       Will I be able to achieve a reduction in time in the process from end-to-end following the introduction of a blockchain-based system?

·       Do I want to tap new sources of financing?

·       What kinds and amount of information do I need to keep in a distributed ledger?

·       Who will the network's participants be?

·       What level of control do I need to exercise over the data stored?

Although you understand why businesses is in need of blockchain technology Do you know if your business is in need of it? Here are the best ways to discover.

Do we as a company want to establish or join an extended business network in order to improve the efficiency of an operational process?

Joining or establishing the blockchain community requires a willingness to think outside your company's walls and depend on other parties to deliver and prove the business's outcomes.

In this case, for example, by enlisting preferred suppliers and other players in the industry into a consortium of energy companies that relies on blockchain technology the solar design firm was able to get its work completed more efficiently through sharing a set of validated specifications for the entire process of delivery from sales to installation. Customers are more content because they can monitor the stages of the project as they develop.

Think About End User

Gartner forecasts rapid development of the market for blockchain. Experts do not believe that there will be a single dominating blockchain platform in about five years. Instead, they are expecting an emerging multi-platform world. The process of developing a blockchain solution is not like developing any other technological solution. It's important to keep the end user at the forefront from the very beginning.

It is difficult to achieve user-friendly usage can be a challenge because of the inexperience of the market acceptance Blockchain comes with its own variety of UX (user experience) difficulties. It is essential to change your mind set and be able to learn new terms and be aware of the latest solutions. Education for users is the ideal approach however it requires some time and patience.

Do Your Industry or Business Procedures Have Specific Conditions?

Certain contracts require parties across industries to adhere to the established standards or rules. Take the Challenger space shuttle as an example.

The process can be significantly improved and the payment process could be completed promptly if all the parties on the blockchain could keep track of all transactions that meet the specifications of the contract. Blockchain technology is especially suited to automate "smart" contracting via digital technology that are signed by at least two people.

Type of Business You're In.

Blockchains offer an open and secure recording of transactions on the network of a business. For example, the federal government, which works with banks and officials from the food and Drug Administration officials and other organizations typically use blockchain technology to identify counterfeit products and stop illegal customs activities.

The World Economic Forum has listed down questions to aid you in deciding whether your company needs blockchain.

·       Are you managing contractual dealings?

·       Are you managing digital assets?

·       Do you want to eliminate the broker's role or the necessity?

·       Are transactions public?

No matter the size and the scope of your business These questions can aid you in making the best choice. In actuality, lots of healthcare firms are using blockchain technology to secure access patient's records.

The Key Takeaway

Blockchain is on the way into becoming among the top disruptive technologies in our time. Experts believe that this technological advancement will make a major impact on companies over the coming decade.

With the help of an infrastructure that allows for an environment without trust and eliminates the requirement for third-party authorization and offers unparalleled security, blockchain is set enable industries like healthcare and financial services and logistics management, to tackle the most pressing issues.