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 analyze 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.
Government can avail various blockchain technology benefits. All the records of taxes, tax evasion, notary etc.
The whole system would become transparent and trustworthy.
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
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.
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.
With the help of a Blockchain, traceability would become easily maintained. So accuracy in logistics
Blockchain can help in easy counting and reduce misinterpretation of data.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Blockchain stores data in blocks. All the data is in encrypted form. So, your transaction data is completely
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.
Easy to manage data reduces financial costs and it saves time so efficiency also improves.
Many organizations 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.
Author Name : Kiran Sagar
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