Technology has revolutionized the way how everything works, including businesses. Also, quite recently, blockchain, a budding technological offering, has created a frenzy amongst companies. This digitally distributed ledger of transactions makes the system hackproof, thus protecting the information stored.
Up until recently, Bitcoin was the only famous cousin of blockchain. But major technological advancements have astonished even the skeptics with their critical contributions to the digital shift.
So why has it been gaining traction? How is it facilitating the digitalization of businesses? Sure, there ought to be answered.
How is Blockchain Transforming Businesses Today?
Let us delve in deeper and understand how Blockchain is affecting different variants of businesses today:
Blockchain in Digital Transactions
Blockchain is showing promise in playing a key role in the digitization of transactional processes. The decentralized architecture of this virtual database makes it possible to be controlled only by the users.
The transactions are usually sent as a cryptographically protected block that corroborates by a special proof-of-work method. Accurate methods foster trust in all peer-to-peer (P2P) transactions and do away with any monitoring on behalf of the middlemen.
It’s their assurance of security in the digital world and trust for all the parties involved that has the possibility of making them the hot favorite in the B2B and B2C sectors.
Blockchain for Better Connectivity
Proper communication is a must in any business. And for better connectivity in the production and work processes, companies have used techniques like the Internet of Things or other cloud-based services.
These innovations increase the levels of connectivity through uninterrupted access to data. But there is a catch. How safe and reliable can they be? With blockchain, this concern has been completely dealt with. Reliance on proof-of-stake validation makes it a secure and trustworthy platform wherein an enormous amount of data can be dealt with.
Smart Contracts Powered by Blockchain
Smart contracts are becoming a thing in present-day business processes. Safe storage of information in blockchain and reliable conversion of data has earned it this elite status. These digital contracts are unambiguous, systematic, and impossible to mess up, which are reasons enough to have a positive outlook towards its prospects.
Blockchain in Business Processes Optimization
Digital transformation is synonymous with speed and aided by blockchains, and transactions are expedited. It improves your chance among the other competitors.
Such speedy, secure, and automated transactions can completely revamp the business processes. All thanks to the blockchain, where the data is transferred and stored.
Blockchain as a Game Changer in the Supply Chain
So, any idea on how it affects the supply chain, which is one of the most complex parts of the business? Well, it offers many possibilities to restructure the supply chains.
The decentralized blockchain increases transparency in every transaction, immediately entered into the system at a minimal cost. These methods guarantee lower risks with the customer being able to trace the product movement.
Which Companies Have Adopted Blockchain Technology?
Many a company have already embarked on the path of blockchain-assisted digitalization. Let’s look into a few of those frontrunners.
Genpact has started a finance and accounting service that uses blockchain-based digital contracts, including the terms and conditions between a customer and an organization.
IBM Watson Health and the U.S. Food and Drug Administration use the platform for secure patient data exchange, including sensitive electronic medical records, clinical trials, and data obtained from mobile devices and wearables.
Acronis has introduced blockchain technology in its True Image 2017 data backup software for signing the electronic document by fostering data certification and verification. Microsoft has been offering storage services through Azure blockchain service enabling the users to develop and manage blockchain networks.
Amazon also launched its Managed Blockchain service based on the opensource Hyperledger Fabric and Ethereum specifications, which provides blockchain networks that encompass multiple AWS accounts.
Wrapping Up
Digital transformation of business is the need of the hour due to the competitive environment. And blockchain has been tried and tested since its inception in promoting the same.
Though it has transformed businesses for good in its infancy stage and has more potential to be tapped, if you champion the idea of digitalizing your business, then look no further. Give your business a facelift by employing blockchain and reap better productivity and efficiency.
