5 Amazing Benefits of Blockchain for Businesses
Bitcoins and Cryptocurrency! Are you familiar with these words? Probably you are, and that’s definitely due to the remarkable stories that are revolving around the Bitcoin’s record-breaking exploits.
Not a very long time ago, in 2012 Bitcoin’s cost was only $1 each. If we talk about the recent times, then you would be amazed to know that its price grew up to $16000 each. We repeat EACH!!!! And it was astonishing.
Well, if you are an entrepreneur, then you may not be the one who is ever ready to invest in Bitcoins, as it may not seem to be safe, due to what happened lately. But you certainly can’t ignore the wondrous technology that gives life to Bitcoin—The Blockchain.
The Blockchain is a virtual public ledger that stores information in a transparent way. Blockchain provides you with an easy and a free transfer of Cryptocurrency via a decentralized channel. However, the banks can surely not provide such a transfer system. Moreover, for complete data and information detention, interlinked network of computers are used, operated by the users afterwards.
In short, being such an astonishing software Blockchain will benefit many further generations to come. So, without wasting more time, let’s discuss the benefits of Blockchain to various industries in various tasks.
Supply Chain Management:
Cost-effectiveness and traceability are one of the main benefits of supply chain management. Here Blockchain can be utilized for tracking the origin of goods, their quantity, and their movement, etc. Also, Blockchain has played its role in bringing a new level of transparency into the ecosystem of B2B businesses, where it has simplified the following processes like:
- Production process assurance
- Ownership transfer
If you find any bug or any irregularity in the supply chain, then this software can take you directly to the problem’s origin (interesting, isn’t it?). The software helps businesses in running investigation operations without wasting any idle time.
There are two main types of business heads and managers, ones who pay their monthly utility bills without any question, and others who keep on wondering that where all the energy is getting consumed.
If you are among the second type of managers, then you can use Blockchain- enabled transactive grids, which can help in tracking down the usage amount.
In this scenario we have two perfect examples, which are;
- Power peers in the Netherlands
- Energy in Brooklyn
Note: The power directed towards the grid, cannot be tracked for their source.
The power sources can be one of the following:
- Solar energy
- Fossil fuels
- Solar energy
The Blockchain is also stepping-in, in government. For example in Moscow, the government is taking initiatives for using Blockchain in the local elections to avoid electoral frauds, as it can provide access to voter’s information with ease in traceability.
Recording the transactions virtually via Blockchain eliminates the chance of human error. Moreover, Blockchain not only provides you with accurate records but also provides you with an opportunity to run a traceable audit trail.
So, instead of keeping separate accounts, a business can manage to make a single register for all the data entries, while using Blockchain. Also, Blockchain keeps a company’s financial information as secure as needed.
If you still haven’t incorporated this technology in your business, then it’s high time to do so, as it will not only smoothen your business operations but will also bring your stress levels ( regarding handling records and assuring their safety) at ease.