Blockchain’s characteristic is that it can create a trustworthy, and decentralized repository of data and information that can be accessed only by authorized users. And that’s why it is said to be “blockchain - the future”. According to a statistical report, blockchain technology is projected to rise in demand and revenues are expected to skyrocket in upcoming years, with a remarkable estimate of USD 39 billion by 2025.
Blockchain technology offers enormous benefits to businesses and opens up multiple revenues to innovate existing business models while cutting costs, eliminating intermediary time, and building up trust in an ecosystem. So let's take a look at a few more ways on how blockchain can transform businesses.
End-to-end encryption creates an immutable record of transactions, this enables authorized users to detect any tampering and consequently building up trust on records.
Blockchain assists businesses in saving money by eliminating the need for the middlemen such as vendors and third-party technology providers who have traditionally provided the data collection, editing, reporting and auditing. Instead it streamlines clearing and settlement directly translates into cost savings in the process.
The technology gives supply chains real-time visibility to track their products/services from production to transportation and consumer delivery. Its transparency and immutability feature allows businesses to have transparency, combat counterfeiting, and build up trust throughout the process.
t reduces operational risks by enabling real-time verification of KYC/AML. Traces transactions more quickly and finds error in a timelier manner. This enables banking and financial sectors to find errors even before a transaction is completed.
The use of smart contracts, a self-executing contract in which all of the terms and conditions from both parties are written in the form of codes that are immutably stored on a decentralized blockchain network; As a result, the associated codes are executed only when the conditions are fulfilled, otherwise the services/products are returned to the other party.
This encourages businesses to eliminate the need for regulating authorities, government officials, or other expensive middlemen roles to monitor the codes and standards.
However it might become challenging to choose the right fit Blockchain development company as it needs a significant investment of time and research to get the right one.
If you’re searching for a Blockchain development company to help you develop Blockchain-based applications, Evvolabs, an industry-leading platform that helps you get the best Blockchain solutions for your business. Reach us for a consultation and discuss your requirements with Blockchain experts today!