Blockchain Technology’s Impact on Business
Nowadays, the fast-developing information have impacted people’s lives immensely. About three decades ago, the invention of the internet enabled information sharing process easy and transparent. Similarly, to the internet, Blockchain is an emerging idea that seems to be the newest revolution in peoples’ life. Blockchain is the backbone behind crypto-currencies such as Bitcoin, which is a decentralized electronic currency that can be sent from user to user on the bitcoin network without the need for intermediates. Blockchain works as the distributed ledger that can record Bitcoin transactions between two parties verifiably and permanently. As more and more companies tend to adopt this new savvy technology to promote their business and reputation, Blockchain is going to change the traditional way of doing business and impact the future business development.
To begin with, that fact that Blockchain can reduce transaction costs and transaction complexity helps companies to secure their capitals. Crypto-currencies are used in a decentralized system thus there will be no fees to associate them. By getting ride of the burdensome limitation of loans costs and transaction fees, individual business can accept capitals from investors and venture firms across the world in a short time. Another benefit of making transactions through Blockchain is that the whole transaction will not be accessed by a single third party such as PayPal. Each end user has the ability to control information on their own nodes. In addition, Blockchain automates daily business process and creates transparency. For example, Blockchain is able to track any procurement responsibility throughout its life-cycle, which ensures information accuracy and accountable transactions. An automation process like this will reshape the traditional relationship between suppliers and customers. Lastly, Blockchain creates a distributed and decentralized storage marketplace. With blockchain, each firm’s data is fully decentralized because it is stored on multiple nodes across the globe. A decentralized Cloud storage beats traditional storage methods as it maintains data on both public and private cloud.
Blockchain is definitely an evolving technology that is going to change today’s market, and the adoption of Blockchain technology is very likely to be the next strategy of many entrepreneurs.