|Today, blockchain has become a hot topic in the business field. This is because it has started to transform how business works at an unbelievable speed. It made those who have not been using the technology to try hard to master, get acquainted and apply it in their organizations.
Blockchain is crucial to the 21st-century business since it is a foundational technology that can be tweaked in many ways to suit diverse business operational needs. In fact, it changes the lives of human and businesses alike, even at the beginning stage.
What is blockchain technology?
Firstly, it is a digital ledger where transactions are processed. Besides, its name arose from its concept as records named ‘Blocks’ are connected to a single linear pattern, known as ‘ Chain’. Therefore, the term blockchain emerged.
What experts are saying
According to Adebayo Juwon, Marketing Lead, “Business owners are always looking for ways to scale their business, being competitive over others while at the meantime being profitable. Lately, many of the top companies have been working with Blockchain technology to achieve their goals.”
Meanwhile, Chimezie Chuta, an expert in Blockchain technology said, “Blockchain technology solves the trust issue in business transactions, in terms of the exchange of money, records or even goods and services. With blockchain, code is law within an environment devoid of trust .”
Advantages of Blockchain technology
1. Ease the monitoring transaction
Blockchain makes the process of tracking products and transactions in business easier because of its integrated transparency properties. It gives operational managers the tools for a greater level of reliability, authenticity, and most importantly accountability.
Here is an example: Visa, a world-renowned payment company introduced a blockchain platform four years ago. This platform could deal with business-to-business payment services, which has helped to raise its profit margins over the years.
3. Reduces operational cost
Blockchain technology removes the intermediaries linked to record-keeping and reconciliation of transactions.
Blockchain technology enhances credibility as it could facilitate digital contracts and safeguarding deals. As a result, blockchain makes it harder for the contracts to be forged or altered in any way.
5. Simplifies supply chain management
It simplifies the supply chain management process in businesses by offering a cost-effective way of tracking products and services without inefficiencies.
For instance, Unilever is currently using the technology to monitor transactions on its supply chain and it stated that blockchain has reduced its operating costs.
To conclude, blockchain has many advantages in business. Therefore, use this technology in your company and try to master it.
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