Almost all of us have heard about Bitcoins or Bitcoin futures as the new age investment option. It has emerged as the flagship of cryptocurrencies. However, we need to understand that the blockchain technology goes beyond Bitcoins. Here, it is merely used to track transactions using this technology. Still, in its nascent stage, the blockchain technology can be used in several ways with a little adaption for making business operations efficient.
There can be an endless list of business applications wherein blockchain can make immense contributions. It’s all set to change everything in the next five to ten years. It has the potential to make almost every aspect of our lives simpler and more comfortable. After all, it is a proven mathematical platform.
In short, blockchain is a decentralized ledger of massive size maintained by various decentralized sources. There is no single authority that controls it, and the transactions are irreversible once executed.
While cryptocurrency remains its most popular application to date, it can be used for almost everything from regulatory compliance to data management. Blockchain should not be limited to Bitcoins / Bitcoin futures. We need to harness the full potential of this technology.
Consider blockchain as merely not an evolved technology but revolutionary medium through which a paradigm shift can be brought in the way things work or are managed. It can be used to positively. It will impact almost all sectors of the economy.
Let us understand it a little more with a few examples.
When it comes to quality assurance, blockchain technology can be used to correct when things go wrong. Organizations can evaluate all components of their supply chain. It can be of great support when things go wrong and will help in identifying the triggers. Its definitive ledger will immediately recognize the problem.
It almost like adding a foolproof mechanism to your quality assurance program.
With blockchain, you have a permanent record of transactions. For review in business organizations, it will be of great use. Blockchain creates an easy-to-follow trail for audits for internal as well as governmental departments. With it, you get accuracy and solution to the problem of pulling records from varied sources.
With time blockchain will have more information and history to audit and will bring transparency in business.
Supply chain management
With blockchain, you can track goods within and outside an organization all across the supply chain of a manufacturing organization. No matter how complex a supply chain is, blockchain will simplify and demystify things for you. As the product leaves the factory, blockchain will record the movements. Right from the warehouse and from the warehouse to the market.
With the use of blockchain in supply chain management, businesses will have more visibility and clarity into their complex business processes. Adding transparency to business operations, it will align the business interests of a company with other participants in its supply chain right from the suppliers’ supplier to the customers’ customer.
Securities and commodities trading have big promises from the blockchain. The stock exchanges can benefit a lot from it. The fundamental nature of blockchain technology will ensure that a process executed several days ago is finalized with ease in minutes, and the whole process stays streamlined. Blockchain settlements can happen automatically in an error free way and that too within a few minutes.
Transactions and reimbursements
These two will remain the most common applications of blockchain technology. Transactions and payments will gain an immense boost in all aspects of this technology. Cryptocurrencies like Bitcoin and etherum have the blockchain technology to its core. The interest has gained significant momentum over the last couple of years in these currencies. People may have a different opinion regarding it. Some view it as a bubble about to burst while plenty of others feel that it is on its track to emerge as an alternative to fiat currencies.
There is news that many central banks are exploring the possibilities of having a currency backed by blockchain technology.
Blockchain will eventually disrupt all conventional methods of transaction, record keeping and business operations. We will see mass adoption of this technique soon. No matter how skeptical a few people are, it is more likely to happen shortly.
The adoption of this technology may take some time; all it requires is the development of applications. Without supporting certificates, it will not happen. Any approval of new technology cannot occur in a vacuum.
The different stakeholders from various industries now clearly understand the benefits of blockchain, and with its applications available, all will be able to utilize its full benefits.
The business world will soon realize how blockchain technology is not merely restricted to Bitcoins / Bitcoin futures but instead can revolutionize the way businesses operate.