Blockchain, a 2008 project of Satoshi Nakamoto (pseudonym), has netted the business world with its complex and indisputable supremacy in stamping out fraud, solidifying scalability and transparency, and curtailing risks. The blockchain network relies on decentralized and cryptographic hash metrics to provide supervisory and practical verification efficiencies enabling businesses to track and monitor inventory, sales, and profits.
So, how is blockchain technology a growth engine in modern business?
Quality Assurance
Customer trust and quality assurance are two inseparable aspects of a flourishing business. Clients append their trust in companies that consistently deliver services or products in tune with their unique preferences. The blockchain technology’s immutability and decentralized properties provide an avenue for efficient data recording and storage. Businesses using blockchain technology can keep un-modifiable records of every stage of product production and supply chain alongside records of every successful sale. That allows for quick adjustments and streamlined tracing of profits, sales, and errors. FedEx was the first logistics management companies to introduce Blockchain technology into supply chain management.
Auditing Precision
Errors in bookkeeping and data auditing have put many businesses in stunted growth. In data entry, especially financial and sales values, errors create ways for a company’s finances to be channeled to wrong accounts. Blockchain offers a timeless medium where auditors can assess and manage financial statement assertions and risks with no chances for manipulation. A streamlined precision in company data allows for precise auditing and bookkeeping, closing the doors for costly errors.
Efficient Supply Chain Management
Blockchain offers a platform for teams involved in the supply chain to connect and communicate efficiently, opening a stream of seamless workflow and hassle-free real-time data entry. The technology decentralizes the blocks, {data inputted} optimizing security and efficiency while closing any potential loopholes. Once data is inputted in these systems, it can only be altered when every party in the supply chain agrees, and every modification can be traced. This often wards off fraud that could ultimately affect the overall company growth while offering room for more accurate market predictions and proper restocking. IBM is playing a supportive role by offering Blockchain related services to various business including Walmart to help develop their smart contract and ledger systems for efficient supply management.
Transactions and Reimbursements
One core business department that profits profusely from blockchain technology is accountancy. Accountants run extensive monetary operations, including handling complicated tax codes and various currencies. A single error when handling cash-flow statements, financial data, stock pricing, and tax returns could trouble the company’s progress in multiple ways. With blockchain technology, known for guaranteeing efficiency and accuracy, businesses can handle multiple monetary transactions and reimbursements, with error issues kept as low as possible. Huawei Technologies intends to incorporate Blockchain technology to create a more organized mobile industry.
Secure Trading and Payments
Trading in currencies, commodities, securities, and other assets are now more efficient and safer, thanks to blockchain technology. Considering its distributed nature, blockchain technology streamlines the process by reducing settlement time which happen instantly compared to the time required using traditional methods. Microsoft has acquired 40 patents to use Blockchains for secure storage and payment gateways.
Full Steam Forward
Blockchain technology has massively changed many aspects of modern business operations. Its usefulness spans from the healthcare industry, finance, supply chain and manufacturing to online marketing. It will be interesting to see how this technology is implemented going forward.
