5 Practical Uses of Blockchain In 2020 For Your Business

Posted by Mike aantonio on December 19th, 2019

5 Practical Uses of Blockchain in 2020 For Your Business

In 2008, Santoshi Nakamoto conceptualized a distributed Blockchain system to serve as the backbone of Bitcoin. The blockchain is a decentralized, public ledger that aggregates and authenticates every single transaction from anywhere in the world.

A blockchain is transparent, constantly updated and nearly impossible to alter via unauthorized means. It may seem simple on paper, but it can singlehandedly overturn the entire process. In the digital world with growing consumer privacy, and an infinite pool of sensitive data to manage, a potential tech solution is in need to address the concern. Think of your biggest business’s challenge or obstacle, and there’s probably a way blockchain can solve it.

By 2017 the average investment for Blockchain Projects was estimated to be around Million and by 2024 the market is expected to raise Billion.

There are several ways you can use blockchain right now to solve most of your business’s problems.

1.   Faster payments

Online Banking systems face several security breaches, and the fact that is one of the notable aspects of the blockchain technology is premium security. Implementation of Blockchain is a perfect alternative to the online banking system to ensure safer and faster transactions.

2.   Record management

With the security of blockchain technology, smart contracts that automatically process invoices, bank balances, and other accounts are also made possible with absolute transparency. Blockchain technology creates a decentralized ledger of all transactions where all records are updated and accessible to everyone in real-time.

3.   Level up your supply chain management

Continuous increase in the complex and opaque global supply chain is among the greatest challenges faced by manufacturing industries. Integrating blockchain technology in the supply chain system will bring transparency to the supply chain management. It will help manufacturers to know who all had a hand in creating, growing, or manufacturing any components of a product that it sells or service.

4.   Accounting and audit

Since Blockchain creates immutable standardization in Accounting practice, auditors will be able to verify large amounts of data much faster. Conducting an audit would also be much cheaper and easier. In future dependency on paper will be eliminated or reduced.

5.   Quicker background checks

Verifying a potential employee’s work history can be a hectic task. The introduction of Blockchain technology will reduce the time consumed by HR folks to verify tenures, job titles, and other important qualifications of the employees. Small businesses can save a tremendous amount of time to verify whether the potential employee has the skills and background he or she claims to have on the resume.

Blockchain can be a game-changer in the league, saving time and streamlining operations by creating a decentralized ledger of all transactions where all records are updated and are made accessible to everyone in real-time. It’s time for smaller companies to begin exploring how blockchain can make improvements in their business.

Blockchain is joining the league along with other disruptive technologies and is supposed to bypass them soon. Get connected to PureSoftware, our customer-centric approach and flexible processes create engagement models and deliver digital transformation services that “drive cost and time reduction” in projects while maintaining the highest software engineering standards.

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Mike aantonio

About the Author

Mike aantonio
Joined: December 19th, 2019
Articles Posted: 1