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Blockchain has been a well-known name in the information technology sector for the past few years. You might be familiar with cryptocurrencies such as Bitcoin and Ethereum. Blockchain technology has removed the role of mediator in the payment system. Buyer and seller direct trade is possible with Blockchain technology. Blockchain makes the whole system very transparent and decentralised.

Moreover, the future applications of blockchains have wider scope compared to any other technology. Blockchain is a cloud-based system to store data. It is an open-source database and maintains the accounts ledger where all the entries are recorded and anyone can analyse the real worth and the current owner.

With the future perspective, Blockchain has a wider impact on various sectors. Other than record-keeping blockchain technology can be used in various forms that help the business to grow.

Here are the top few areas where blockchain can bring revolution.

  • 1) Government
  • Government can avail various blockchain technology benefits. All the records of taxes, tax evasion, notary etc. The whole system would become transparent and trustworthy.

  • 2) Easy KYC (know your customers) procedures
  • At present, KYC procedures are extremely boring and time taking. You need to fill in the information every time. Due to the Blockchain revolution, the KYC process is much easier. Just one record check and KYC will be complete.

  • 3) Health records
  • The history of the patients is now easy to record with Blockchain technology. No need to write on paper the medications and the treatment followed. All the data is stored in blockchain technology and anyone can easily operate it as required.

  • 4) Banking
  • Banking procedures are tedious and time taking. And when it comes to approval of the loan people are extremely tired and lose the hope of getting the loan approval even if all the papers are well managed. So here, blockchain can bring revolution in the banking sector. Less time and without paper the process will complete with just record check and adding new records in the form of blocks.

  • 5) Logistics system
  • With the help of a Blockchain, traceability would become easily maintained. So accuracy in logistics improves.

  • 6) Voting
  • Blockchain can help in easy counting and reduce misinterpretation of data.

  • 7) Insurance
  • Blockchain technology helps to keep the records of policy, premium and the owners. It helps to maintain a transparent system where there is no chance of fraud.

  • 8) Supply Chain management
  • Due to blockchain technology the quantity of raw material, time taken in process and delivery of finished goods all records are maintained properly in decentralised authority and easily one can trace the products.

So, with the wide scope of Blockchain technology, it may take over many sectors and simplify the procedures. Now, businessmen who desire to transform their business into the blockchain are well appreciated. As the blockchain system is a secure, open-source, and cloud-based storage system.

For example, if a food delivery business is transformed into a Blockchain system, the advantages are many.

  • 1) Easy to record data of millions of users
  • 2) Easy to Find users
  • 3) Easy to find the address
  • 4) open-source database
  • 5) Paperless
  • 6) increases speed in execution of orders
  • 7) Traceability of orders
  • 8) Order records & many more.

See, any business can transform into Blockchain technology and gain numerous benefits. A financial service provider can easily manage all finance data with security. Supply chain management would become easier and manageable easily. Various banks, FMCG companies, insurance companies are already using blockchain technology.

Here are Top few Advantages to transform the business into Blockchain technology.

  • 1) Reliability
  • Trade between two unknown parties without the intermediate is difficult. But now due to the transparency of blockchain technology two parties can directly trade without intermediate as it provides secured data transfer.

  • 2) Speed of transactions
  • When transparency increases the speed of transactions also improves. No need to reassure every detail every time. So the blockchain system is speedy compared to the traditional one.

  • 3) Traceability
  • Today, e-commerce businesses are booming like anything. The traceability functionality of the blockchain makes the system trustworthy. Apart from e-commerce commodities and medicines which are far from origin can be easily tracked and managed.

  • 4) Tokenization
  • Adding a token adds extra security. The specific token clearly shows the real owner of the asset. Tokenization is a process where an asset or art is converted into a digital token. A unique token is associated with every asset or art. Now the art of asset carries a token as a single identity. So, the roles of the mediators were removed completely and no chances of any discrepancy.

  • 5) Smart contracts
  • Now, people can predetermine the conditions of the contacts like the date of buying, from whom, how much time when to sell etc are executed automatically with the blockchain technology.

  • 6) Immutability
  • It simply means that the data inserted in the blockchain can’t be deleted or changed. So no chance of any fraudulent activities. No misplacement of any data.

  • 7) Security
  • Blockchain stores data in blocks. All the data is in encrypted form. So, your transaction data is completely safe.

  • 8) Decentralised authority
  • Due to the decentralised structure, the supply chain would become easy to handle. Two parties completely unknown to each other are afraid to share confidential data. Blockchain is a decentralised structure where no one is liable to share the information it manages through the token system.

  • 9) Cost reduction
  • Easy to manage data reduces financial costs and it saves time so efficiency also improves.

Conclusion

Many organisations have already transformed their businesses into blockchain systems and are availing of huge benefits. Blockchain has the potential to take over businesses and run through efficiently. Its wide applicability in businesses can bring revolution in speed, time, transparency, security etc. So these are the few ways where blockchain can help businesses.