A blockchain is a long growing list of records called blocks, that are linked using cryptography. In simple layman terms, blockchain is a piece of a network where you can put data into blocks and these blocks cannot be changed or edited once the data has been entered.
There are a few couples of Blockchain software that business use. Blockchain is powerful in terms of business use because once the data is in block it’s locked in so, you have your transparency and it’s very feasible as one gets to see everything as the data can’t be changed and there is transparency maintained due to which you have got the traceability which makes it secure.
Let us see in detail how the introduction of blockchain can affect your businesses :
1. Strong Relations
Blockchain helps to maintain a good and trustful relation between parties in the business network. Parties working together tend to trust each other because there is transparency of data if blockchain is being used. Role of any middle man or Third Party is replaced by cryptography hence providing extra security to the data. Blockchain builds trust and can bring benefits to the processes across multiple organizations.
Blockchain has made accounting very easy for companies who use blockchains. The transparency provided by the blockchain can decrease the time auditors spend sampling and validating transactions. By having more time at hand, auditors can focus on other vital tasks. Hence it helps in saving time and to add to profit.
The blockchain technology can help significantly reduce so-called “click frauds,” enabling the marketing executives to actually reach their targets. Click Fraud is the practice of repeatedly clicking on an advertisement hosted on a website with the intention of generating revenue for the host website or draining revenue from the advertiser.
Companies would be able to see where all their digital media money end up and be sure that if they thought they had purchased ads from a given publisher, it really happened.
4. Increased Security to your digital assets
The records on a blockchain are secured through cryptography. Participants in the network have their own private keys that are assigned to the transactions they make and act as a personal digital signature. If any unauthorized change is made in the records the digital signature will become invalid and other companies in the network will get to know that some changes have been made. Early notification is crucial to preventing further damage. Blockchain can record digital transactions and interactions in a secure and efficient way, offering transparency and protection to form a solid foundation that companies can rely on.
5. Real-Time Automation
Blockchain automates processes, and formal client agreements will benefit from a fully automated approval process. This would help to cut down project delays and create a universal agreement across business sectors impacting both clients and companies. It can also automate the sourcing, supply chain and procurement processes by tracking responsibilities throughout their life cycle, which would ensure accurate data and secure & accountable transactions.
Automating the processes would provide us with real-time updates for continuous reporting from all transactions, tracing the actions and deliverables effectively.
Hence, blockchain is a whole new business world which we are entering into. And, if you want to lead the race embracing blockchain into your business should be the first step you must take.