Benefits of implementing Blockchain technology in different industries Blockchain is a disruptive technology that will drive transformational change to the way business is done both internally and externally. This is especially true for the supply chains. Blockchain establishes the records in a permanent way that can be integrated with supply chains and traceability systems. This technology is really a boon for the supply chain not only in terms of financial records and data security but also analytics, logistics, marketing and much more.
Key benefits of implementing Blockchain technology in various sectors: Speedy and smooth transactions Blockchain technology reduces the time needed to settle the transactions and they can occur in real time. Customers can receive verification in few minutes which earlier used to take 1-3 days to verify fund transfers. Also, Blockchain eliminates the duplication of data. Improved security As the data is stored in blocks, this makes it highly secure as it can’t be altered. The decentralized network ensures transparency and there are no chances of shut down or hack. For transactions, unique digital signatures are used that are governed by strict cryptographic rules which eliminate the risk of fraud. Enhanced data quality Blockchain technology allows storing any type of data and it can be changed or accessed based on the predefined rules only. This provides advanced security features and fast transaction speed. Reduced costs By using the distributed ledger approach of Blockchain technology, various sectors can significantly reduce the transactions costs as it eliminates the third party intermediaries and overhead costs. This technology makes cross-border payments, trading and settlements faster, reliable and less expensive.