Well, as we all are already hearing about the bitcoins and, crypto currency too. It’s been in the news off late since we have been a part of the same advanced technology. It’s very surreal to believe this as it was just the beginning of the bitcoin era and, as all witnessed it rose with a valuation of being traded at 1$ each, in 2011. The most important part that we all know is the technology which makes it work is blockchain technology. In a common terminology if we have to sum up with the understanding of this blockchain development technology is a virtual public register which records everything in a secure and, transparent manner. In a similar fashion the banks which facilitate transactions with traditional currencies, the blockchain allows the free transfer of crypto currency through a decentralized environment. All the data is then held in an interlinked network of computers, owned and run by none other than the users themselves.
Keeping bitcoin & crypto currency aside, as the main focus is on the technology it becomes more important to have a proper focus on the technology offerings which we mentioned of. The benefits of blockchain are enough to sustain its relevance for the times to come ahead in the future. The most important benefits of blockchain tech as provided by the blockchain development companies are mentioned as below:
Supply chain management
Supply chain management – For supply chain management, this blockchain technology offers the benefits of tracing the entire step by step process and, also identifying the major loopholes which can be filled through. Keeping it simple, blockchain can enhance the entire supply chain management process, with a positive impact right from warehousing to delivery to payment etc. Blockchain gives consensus to this entire process.
Take a regular scenario for instance in which we have an entire set of scaled production set up which has been up and running smoothly. Irrespective of a sudden timeout, fallout or an irregularity detected somewhere in the process, which may be even time consuming can help one reduce the entire time frame by detecting the problem out there by helping to understand the main root of the problem. This will help the people at the floor to understand and, make the entire process smoother, apart from the organizations to carry out the necessary investigations and, implement them. The most important use of blockchain will be in the health & supplements, food processing and, FMCG sector checking its quality and, assurance.
Accounts & finance
Keeping a record of transactions as per the blockchain virtually helps in eliminating the possible human errors and, also saves the data from protecting by getting tampered. Also, the most important thing we all should remember is to keep in mind that the records are verified every single time they are passed on from one blockchain node to the next. In addition to the guaranteed accuracy of your records, such a process will also leave a highly traceable audit trail.
Of course, the entire accounting process also becomes more efficient on a foundational level. Rather than maintaining separate records, businesses can only keep a single, joint register. The integrity of a company’s financial information is also guaranteed.
Having a smart digital contract which will save time for all, then the said agreements or, the said the time-consuming contractual transactions can bottleneck the growth of a business, especially for enterprises that process a rush of communications on a consistent basis. With the smart contracts, agreements can be automatically validated, signed and enforced through a blockchain construct. This eradicates the need for the middle men and, also saves the company time and money. Today, blockchain solutions like credits offer an autonomous smart contracts, which are paired with its own internal cryptocurrency. By having everything being assembled in one platform, a lot of businesses can integrate services without disclosing an excessive amount of proprietary information to third parties.
The bulls and the bears
The notion of using blockchain technology for securities and commodities trading has been around for a while. Knowing that technology has been evolving and, also that the financial domain will obviously be strong, it isn’t a surprise if the stock exchanges will now consider it as the next big leap ahead. Eg: In fact, Australia’s stock exchange is already dead set on switching to a blockchain-powered system for their operations, which is designed by the blockchain startup Digital Asset Holdings. In a press release published in December 2017, Blythe Masters, CEO of Digital Asset, said, “after so much hype surrounding distributed ledger technology, today’s announcement delivers the first meaningful proof that the technology can live up to its potential.”
Peer-to-peer global transactions
Finally, with the rise of the bitcoin stuff, every other currency is now becoming a competition as bitcoin indeed has a lot of easy solutions, which makes it fast, secured and, an easy mode of transferring funds across the globe. While we already have electric payments and, some services which process international payments also require some sizeable fees per transaction. The other P2P payment services have some specific restrictions in reference to location and transactions too. That’s why some businesses and, also some regular users have begun to prefer cryptocurrency for international transfers.. It’s clear that the blockchain is making strides into different industries outside of cryptocurrency. One could argue that most people aren’t ready yet for decentralized digital ledgers, but looking at blockchain’s progress thus far, it probably won’t be long before non-adopters follow suit.
We @Mobinius believe in moving ahead with the new and, latest technologies that we have to offer and, also with being one of the topmost blockchain development company in Bangalore, we are here to provide you with the latest solutions. For any query do write into firstname.lastname@example.org.