As Bitcoin blockchain and other cryptocurrencies struggle in a highly volatile environment, the interest in the Blockchain technology itself has skyrocketed. It has extensive practical use across all industries, and experts at Statista predict that the global Blockchain market will hit 42.3 billion by 2021. The Blockchain has countless advantages for businesses, and hence there is an urgent need to tap into this distributed software architecture. Here are the top benefits of blockchain development.
Top Benefits of Blockchain for your Business
Blockchain consists of a growing list of ledgers known as blocks which are linked and encrypted with the highest level of cryptography. The Blockchain is managed by a peer to peer network, making the records impermeable to alterations. Benefits of the Blockchain software to business include:
- Secure Payment Transactions
Financial transactions are the most popular Blockchain applications. The technology is the backbone of all cryptocurrencies. Small business owners can bypass intermediaries and high transfer fees that banks charge.
- Fraud-Proof Contracts
A smart contract is a computer program designed to facilitate, verify and execute a contract digitally. Smart contracts on the Blockchain eliminate the need for third parties. The transactions are tamper proof and irreversible after they’re created.
- Cloud Storage
Your business can take advantage of the Blockchain for fast and affordable cloud storage. The Blockchain enables the storage of data and digital assets without the need for a server farm, and commonly uses a private key. You can use other people’s hard drives to share data with the world.
- Proving Provenance
Provenance proves the ownership of assets or intellectual property through a traceable data system. On the Blockchain, the buyer and the seller do not need different ledgers of the transactions when assets change hands. Both parties can share a ledger that auto-updates after every new deal.
- Digital Identity
Fraud is now rampant in the financial world and in many other industries. Businesses are turning to the Blockchain technology as a reliable fraud protection measure. Blockchain solutions make it easy to track and manage digital identities in access authentication.
It is much safer to use Blockchain applications instead of standard ledgers. It eliminates human error in all accounting activities and makes it impossible for fraudsters to tamper with data.
- Supply Chain Management
In the supply chain, Blockchain solutions reduce costs and make it easier to track the movement of goods. This creates transparency in the ecosystem and simplifies payments and other transactions.
These are just few of the benefits Blockchain technology can bring to your business. There are countless other examples, with more being discovered or innovated every single day.