LarsonSimmons's Journal

 
    
28
Nov 2018
1:22 AM IST
   

How Blockchain Will Affect the Business World Future

Blockchain the underplaying technology behind the most popular digital assets bitcoin has the ability to transform every industry around us. The recent year's hype over the Bitcoin, Ethereum, Ripple and other digital assets has to lead to the inception of more advanced application of Blockchain beyond the finance sector. Blockchain has Variety of uses that could drive the world around us to a more secure, decentralized, global, transparent and participatory platform.

Digging deep into Blockchain:


Blockchain today has caught everyone's attention in the fintech world with its ability to provide an immutable record of bitcoin transaction using a high-level cryptographic security. In addition to that, the Blockchain technology has several features like decentralized, secure. Immutable history, efficient and transparent that compels many from financial services companies. The distributed ledger technology (DLT) is efficient in recording data and transaction information digitally on the blocks, thus Blockchain based applications can be implemented on anything that holds value and needed to be verified including everything from the transaction, smart contracts, agreement, and legal tender to ownership.

And it finds the application in the various industries to improve trade management, supply chain process, currency transaction, peer to peer transfers, payments, assets registration, and alternative for banking, finance management, ensuring KYC and anti-money laundering.

Roles of Blockchain Technology in Your Business:

To help you understand more about the impact of Blockchain in future, we bring to you the some best feature of Blockchain that can be implemented in your business.



Smart contract:

Being a DLT, Blockchain offers a public ledger which validates and records all information on its network making it more secure and reliable option for a business to store data. Smart contract technology helps business owners with a secured digital asset and security that does not need any intermediate authority for regulation.

Does not require a central authority:

Any transaction we make today either domestic or international requires a central authority that regulates the flow of money but with Blockchain, we don't require any third party intervention for making peer to peer transaction.

Supply chain management:

Traditional logistics industry faces many challenges in tracking out the package and lacks transparency and this is where Blockchain joins in, the DLT helps individual with a real-time update and increases the transparency and security of the supply chain management system.

Immutable recording:

This is yet another benefit of the technology that allows miners to validate all transactions. This technology prevents tempering of data once stored on the ledger and ensures the security of
Blockchain enabled the system.

Grab the Hold On Blockchain and Ensure Bright Future:

Considering this possibility with Blockchain, all business needs to come forward to identify how Blockchain Africa can define the future of their business. So don't wait, start exploring approaches on how to lay your business foundation on Blockchain and offer customer more ease and benefits. Remember that to be on the competitive edge, you need to implement the rising technology as early as possible.

How do you think Blockchain will impact the future of the business world? Share your views in the comment below.

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