In recent years, business has experienced a constant influx of new trends and advances. Businesses are searching for new technology that is essential to their survival in the digital age. By using disruptive technology, digital transformation for businesses enables them to make strategic decisions, streamline operations and create new business models. One of the most important technologies accelerating business change is blockchain. Despite the fact that blockchain has significantly increased in popularity in conjunction with cryptocurrencies such as bitcoin, terminology confusion persists. They continue to equate blockchain with bitcoin and often use the two terminologies interchangeably.
In this article, we’ll explore some of the ways blockchain can be used for your business. Entrepreneurs and large organizations use it to improve and rework existing procedures.
Asset management and tracking
The largest shipping company in the world, Maersk, already uses Hyperledger Fabric to track shipping containers around the world and more easily verify that records have not been tampered with. It was created by IBM and Digital Asset to store data encrypted in a “chain code”, making it more secure than other asset management and monitoring systems. Many sectors that own, manage, maintain or insure significant assets are learning that blockchain features, such as record security, are more worth investigating than traditional software, especially when records can be quickly changed.
Replaces the previous contracts
Contracts are another area where blockchain can be useful. Automated enforcement requires the consent of each smart contract party. The terms of a contract must be fulfilled with the necessary evidence before it can be executed. If you do not comply with the terms, payment may be withheld. Smart contracts have several advantages over traditional contracts, and the technology sector should look into this with the help of law firms. Companies from all over the world will benefit from it.
Enhanced security
The frequency of cyber attacks is increasing. All sizes of businesses are at risk. Blockchain security is far more robust than conventional security measures. The fact that a blockchain’s data is decentralized and stored in sections on multiple computers, or “nodes,” is an advantage. In contrast to regular servers and data stores, such as the cloud, where everything is centralized. In the event that a cybercriminal breaches a brick-and-mortar store, everything is at risk. Blockchain prevents this from happening. Undamaged machines, commonly known as “nodes”, would continue to run to verify and keep track of all the data on the network until the hacker could take down the entire network at once (which is almost impossible). Sensitive data is safer in a distributed network since it is very impossible to completely delete it.
Record keeping and data compliance
In business, data is a valuable resource. Cybercriminals will do anything to gain access to your systems. The security of your data can be greatly improved if blockchain entrepreneurs working on this problem can find a way to use it in a business context – with easy-to-use apps.
Blockchain as a benchmark for digital transaction platform
Rather than being held centrally, a blockchain is a virtual database maintained in a network with local copies of the database owned by each user. No data in the database can be changed secretly by a user due to the decentralized structure and the use of cryptographic methods. Each transaction must also be broadcast to the entire network as a block that is cryptographically protected and confirmed (the proof-of-work method). In this method, peer-to-peer transactions can be highly trusted without the involvement of a third party, thanks to the blockchain. As B2B and B2C businesses rapidly transition to a digital marketplace, blockchain has the potential to become an important technology for digital transformation. It increases the trust and security of consumers, customers, trading partners and business partners in the anonymous world of digital communication across national borders.
Accelerate business processes using Blockchain
Speed is one of the most crucial factors that will differentiate you from the competition when it comes to digital transformation. In addition, businesses using blockchains for data storage and transmission enjoy exceptionally high levels of security. Using this as a base, you can build fully automated transactions across a range of commercial sectors. This approach is not only extremely fast, but also reliable and secure.
As a long-term answer to data security, record keeping and compliance, blockchain provides a number of applications that will make it easier for businesses to operate and thrive. There are a number of other ways blockchain can and will impact businesses. This is just the beginning; As the technology evolves, blockchain will be integrated more deeply into businesses, enabling a more reliable, efficient and secure process for many businesses. With Bayshore, you can now begin the digital transformation of your company.
(The author is Mr. Deepak Syal, Director and Co-Founder GreyB and the views expressed in this article are his own)
