Innovation is the only thing that remains constant in this digital era, something that organizations be it big or a small one strive for. Businesses are always in a hunt of technologies that can streamline their operations and improve efficiency simultaneously. In this vast collection of technological advancements, blockchain technology appears as a disruptive tool that is altering the global business landscape.

Blockchain is a next-level database technology that enables transparent information sharing among business networks. In blockchain, the data is stored in blocks linked together via a chain. The chain cannot be modified or deleted without agreement from the network side, which leads to a smooth consistency in the data. This tamper-proof and transparent system is quite appealing to businesses today.

Let’s have a quick look on applications of Blockchain Technology in certain industries;

Finance

Conventional financial systems like stock exchanges and banks now use blockchain services to cater market trading, online payments, and accounts. For instance, an investment holding company known as Singapore Exchange Limited offering financial trading services all over Asia, opts for a blockchain technology to set up an efficient account system for interbank payments. Through blockchain they are catering various challenges like manual reconciliation of numerous financial transactions and batch processing. It’s not only efficient but also need of the hour.

Retail

Retail ventures today utilize blockchain for tracking the movement of goods from suppliers to the buyers. Companies like Amazon retail has opted for a patent for distributed ledger system that can use blockchain technology to ensure that the platform only sells authentic goods. Through this step, Amazon sellers can now plan their global supply chain process allowing intermediaries like couriers, manufacturers, distributors and both primary & secondary users to add details in the ledger once they have registered with a certificate authority.

Entertainment

The entertainment companies use blockchain technology to manage their copyright data. Copyright verification is a crucial aspect when it comes to the compensation of the artists. Normally it takes up to several transactions in recording the sale or transferring copyright content. However, due to the emergence of blockchain, the digital rights management has become more competent. This leads to an enhanced productivity and cost reduction in the copyright process.

Let’s explore benefits of Blockchain Automation;

●       Enhanced security

Business data is crucial and delicate. Blockchain changes your perspective of crucial information. Opting for such technology to create records that have end-to-end encryption and cannot be altered, helps prevent any unauthorized activity and fraud.

●       Greater transparency

Organizations previously had to keep a separate database for all transactions but now with blockchain due to its distributed ledger, data can be recorded in multiple locations. All participants in the network with permission access can skim through the same set of data at the same time, with complete transparency.

●       Increased efficiency and speed

Conventional paper work are time consuming and have chances of human error along with a need of third part intervention. Blockchain technology enables organizations to streamline processes and carry out smooth transactions at a faster and more efficient rate.

All sort of documentation can be stored on blockchain with transaction details, this eliminates the need of exchanging paper.

●       Automation through Smart-Contracts

Blockchain technology eliminates the need of any third-party involvement that facilitates legal arrangements, agreements and accounting. All this is done via the creation of Smart Contracts that automates such processes.

Smart contracts improve efficiency and speed of the process by automating transactions. The chances of human intervention are reduced along with the reliance on third parties for verification and fulfilment. They are more transparent as compared to the physical contracts because of the ability of blockchain to store the data on peer-to-peer networks.

Final Words

Today blockchain technology is being adopted by several industries to transform their structure. This adoption has changed the processes of data handling, record management and security. Digital currencies and blockchain are making business processes more secure, efficient and faster to have a strong economy.

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