Smart contracts on the blockchain- A wise choice for businesses
Posted by Gallactic01 on October 4th, 2018
The inception of blockchain system has taken the entire technological era by storm. Many multinational companies have jumped onto the blockchain bandwagon and started adopting this technology for good. For instance, Investment banks alone have managed to save up to billion per year through blockchain and smart contracts.
Use Cases for Blockchain
Blockchain can be used for applications where transparent and immutable records are required. And this is the main reason why this technology being widely preferred for financial services. It’s important that records of financial transactions are kept verifiable and safe from tampering and fraud.
Other than financial services, blockchain technology is also found useful for healthcare and e-commerce sector. From all the blockchain-driven technologies, smart contracts and crypto currencies found to be beneficial even for non-tech businesses.
E-commerce companies can use crypto currencies for payments which eliminates the need for costly payment processors and merchant services. Merchants can easily make use of smart contracts to automate fulfillment of orders meant for the delivery of digital goods. It’s quite useful for long-term and repeat engagements in case of business-to-business transactions. Not only this, more complex applications could also facilitate and secure supply chains.
Blockchain technology comes as a savior for pharmaceutical industry. It helps to track and trace prescription medicines. This system ensures secured supply chain and eradicates theft and tampering of raw materials along with circulation of fake drugs.
Blockchain promotes efficiency and savings
Tasks like record-keeping and cashflow can be handled under one platform. It is to note that consolidating tasks and automating them helps to streamline business operations and brings efficiency.
Ensures cost-savvy approach with smart contracts
Using this technology will let businesses save on costs. It enables businesses to use smart contracts and crypto currencies. To be more specific, smart contract platforms take over functions done by intermediaries such as banks, escrow services and legal services. Crypto currencies and digital wallets enable variety of financial uses like facilitating lines of credit and overdraft for customers.
Blockchain and smart contracts allow companies to create ecosystems which support their business processes. Apart from bringing efficiency to the processes through automation, adoption of blockchain technology also provide trust to the operation.
Blockchain also provide transparency and immutability to the transactions. And agreements are verifiable which encourage compliance and accountability among parties. After all, businesses can reap a lot of benefits through adopting blockchain software development. However, it will change the way of working and implementing blockchain and smart contracts require careful planning and strategy.
All in all, Blockchain helps to overcome the limitations faced by other systems. It ensures better scalability, interoperability and upgradeability with reduced transaction cost. So, be a part of this ecosystem and bring efficiency and transparency to your businesses!!!
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