Across global supply chains, financial services, government, healthcare, and other industries, creators are trying to find ways to use blockchain to disrupt and upgrade businesses. Many industry leaders have already accomplished greate business advantage, including greater transparency, improved traceability, enhanced security, increased speed, and efficiency of transactions at a low budget.

Benefits of Blockchain and how to use it for the company:

Greater transparency

Recorded Transaction is becoming more transparent by the use of blockchain technology. Because blockchain is a kind of distributed ledger, all network contributors share the same documentation as opposed to single copies. That shared version can be updated through consensus, which states that everyone must agree with it. To change a transaction record would require the alteration of all subsequent documents and the cooperation of the entire network. Thus, data on a blockchain is consistent, more accurate, and transparent when it is used instead of an old process. It is also accessible to all participants who have permission access. To alter a single transaction record would require the change of all ensuing data and the cooperation of the whole network. It can be a headache.

Enhanced security

There are many ways blockchain is safer than alternative record-keeping systems. Transactions must be agreed before they are saved in record. If a transaction is accepted, it is encrypted and linked to the previous operation. The fact that data is stored over a network of computers rather than on a single server makes it very hard for hackers to accommodate the transaction data. In every industry where protecting sensitive data is essential — government, financial services, healthcare — blockchain has a chance to change how critical information is shared by helping to prevent fraud and unauthorized activity.

Improved traceability

If your company trade-in with products that are traded through a complicated supply chain, you know how tough it can be to track an item back to its origin. When interchange of goods are recorded on a blockchain, you end up with an audit trail that displays where an asset came from and every stop it made on its way. This recorded transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed

When you use classical,  trading, paper-heavy processes, anything is a time taking process that can have human error and may need third-party mediation. By automating these processes with blockchain, transactions can be completed faster and more efficiently.