The blockchain technology is at its fastest pace of growth, though the technology was introduced only a decade ago it made huge impact on the businesses around the globe. The varied revolutionary features of the blockchain technology have attracted many industries towards it. Blockchain technology can be simply explained as a distributed database which helps to process and store the data from varied locations along with the same network/different networks. The information about transactions carried out is usually stored in the form of blocks which gets linked up together with high-end security code. This source of information is updated/distributed in the network thus making it unalterable once created. Every Block is highly encrypted along with a unique hash code which helps to differentiate it from every other block.
This kind of features makes it powerful enough to impact various sectors of industries around. The blockchain development can revolutionize the following sectors.
Blockchain in Financial sector
Financial sectors have already started to adapt to Blockchain technology. Several banks across the world have already started to adopt to blockchain technology; Numerous companies are willing to carry out financial transactions through blockchain technology. Recently many startups help various companies and financial institutions to set up blockchain technology for their transactions.
Various features such as Eliminating fraud, Issuing smart contracts, KYC regulations, a better way to trade, faster transactions, reduction in transaction costs, Transparency, no unfair techniques etc, have attracted investors across the world to carry out their transaction using blockchain technology.
Blockchain supply chain and Logistics
Supplychain involves Innovation and product development, Purchasing and sourcing, Manufacturing and operations, Logistics and distribution, Customer service, Global deployment.
The logistics and supply chain in one of the most important things to be taken care of in order to increase an market value of a company.
Many at times the consumer does not have any idea about the journey of the product received. There can also be fraudulent activities in between the supply chain which results in the tampered product or increased price of the product, ultimately decreasing the market for the particular company. Due to increasing demand and the long processes in the supply chain, time delays in payment, as well as delay in services between the customer and the manufacturer, occurs more commonly.
But with evolving technology such as block chain development, these supply chain challenges can be faced and sorted out.
Since every about a transaction will be stored in a block of the Block chain technology, it acts as an advantage to carry out the supply chain management more effectively. The ledger cannot be corrupted easily as all the individuals in the network will have the updated information as it is a distributed ledger. The fraudulent activities in between the supply chain will be reduced when blockchain technology is implemented on various industries.
It helps to provide Incorruptible transaction records, tracking facility, customs work made easy, Product source information, Helps to monitor the seamless transaction.
Now, if you are a business holder integrate blockchain technology in for your business processes in order to make your business profitable.
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