5 Ways Blockchain Technology Can Benefit Your Business

Blockchain technology is reaching out through Fintech boundaries and expanding its awe in the business field — to decentralize sensitive information — and to benefit the world in many ways one just simply can’t imagine.

Microsoft, Maersk, Kodak, Visa, Walmart, IBM, Nasdaq, Foxconn, and JPMorgan Chase have already made their major announcements and are progressively en route to adopt Blockchain technology systems.

We can see 2018 is experiencing a wild rise of this Distributed Ledger Technology (DLT). But what’s the reason behind this dynamic transformation? What’s so appealing and profitable in Blockchain development and adoption?

Read on to discover ways in which Blockchain Technology can benefit your business and its development setup:

• Cost-Cutting!

Banking and other financial sectors are rapidly investigating Blockchain to make informed decisions about investing in it in order to achieve cost-cutting business models. It is both risky and effective to go for this disruptive technology, however, with the competition escalating, adopting it at some later stage might deprive you of the success that others might take precedence in.

It is astonishing that banks and financial companies charge $2 trillion annually for sensitive services like securing transactions and scam-checking. While Blockchain technology is built to automate the information and reducing the costs.

Blockchain technology will almost end the need for administrative costs by pre-recording the financial information and eventually reducing the overall budget of the particular industry. Besides, data stored this way will be more accurate and error-free due to less human involvement.

• Maximum Traceability and Coverage

Blockchain maximizes the chances of traceability and coverage of every unit or entity associated with a product.  Through Blockchain, each product gets its gateway that lets the stakeholders trace its origin and see what’s the progress in the long run.

Generally, the record is centralized and only a few employees of a company have access to it. However, with Blockchain, the chances of data tampering, loss, and theft are decreased to nearly 0%.

• Improved Customer Experience

Several mega companies are moving to Blockchain based development systems. It allows stakeholders to design and enable loyalty and reward schemes that are deliberately estimated and allotted at the very point they are produced. This doesn’t only speed up the process, it also adds value to the purchase the potential customers make after the receiving instant discounts. This customer satisfaction heightens the product’s demand and improves the user engagement even more.

• Digital identity

Isn’t it annoying to put out your passport, utility bills, or driving license details just to prove your identity at some event? It happens to all of us, but what if all the information gets looped in an absolute chain? With Blockchain, you can get your credential secured in a loop and show it whenever required.

United Nations has already begun working to cultivate DLT-based identities for refugees and other people with no background or life records.

• Improving cybersecurity

There has been a major increase in cyber-attacks following 2015 and the number is growing rapidly. Major firms like HBO, Equifax, and Instagram, among other financial institutions, encountered data breaches that damaged millions of private information on record.

As luck would have it, we can accommodate Blockchain technology and its node system to secure the future from any data breach. Even the US military is planning to benefit from the mega source to prevent any hacks, data tampering, and transport hijacking.

These benefits could be taken with a pinch of salt because Blockchain is enormous, and right now, we have just taken a step to recognize its value!