The technology behind blockchain has advanced significantly since the advent of Bitcoin in 2008 the first decentralized peer to peer digital cash network. In the present, innovators from a variety of areas are discovering the advantages of the technology that underlies Bitcoin. From finance to medicine diverse industries are looking for ways to incorporate blockchain technology into their systems.
Due to its trustless and decentralized characteristics, Blockchain technology can lead to new opportunities and help companies through increased transparency, improved security, and a greater degree of traceability.
How using a blockchain development company can help you grow your business
Blockchain solutions aren’t just restricted to exchange of cryptocurrency. There are numerous advantages that this technology offers businesses across many sectors, due to its decentralized and distributed nature:
#1 More Transparency
Blockchain’s most notable feature is the fact that the transaction ledger of public addresses are accessible to scrutiny. For businesses and financial systems this creates a new level of accountability, making every part of the business accountable to behave with integrity toward the growth of the business as well as its community and its customers.
#2 Increased Efficiency
Due to its decentralization, Blockchain removes the need for middlemen in a variety of areas like real estate and payments. When compared the traditional finance industry, Blockchain can speed up transactions by allowing P2P transactions across borders using the use of a digital currency. Property management procedures can be made more efficient by implementing the unification of ownership records and smart contracts that can simplify the tenant-landlord agreement.
#3 Better Security
Blockchain is much safer than other systems for keeping records because every transaction is secured and linked to previous transactions. Blockchain, as its name suggests, is made through a system of computers joining to verify that a block has been created. This block is later joined to the ledger which creates a ‘chain’. Blockchain is created by an intricate string of numbers that cannot be changed after it has been created. The incorruptibility and immutability of blockchain ensures it is safe from hacks and falsified data. The decentralization of blockchain also confers the blockchain the unique benefit of being “trustless,” which means that the parties don’t require trust to conduct transactions safely.
#4 Improved Traceability
Blockchain ledgers are a great way to track transactions. every time an exchange of goods or services is documented on the Blockchain and an audit trail is created to track where the items were purchased. This will not only enhance security and avoid fraud in exchange-related companies, but it also helps to verify the authenticity of trades. In the medical field, for instance it is possible to trace the supply chain from the manufacturer to distributor and in the art field, it can give a proof of ownership.
Blockchain-as-a-Service for Simpler Integration
The challenge that businesses have to face is that blockchain technology is difficult to integrate, and they do not have the technical expertise of a team proficient in this area. BaaS or Blockchain-as-a-Service companies allow customers to integrate Blockchain technology into their businesses easily, without disruption to their daily processes. One of the companies that recognized the necessity of BaaS is Webisoft.
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