The Blockchain Booster for Businesses!
The blockchain is a wonderful technology which is gearing up for pace in 2018. A large part of any news nowadays informs us about how the big business houses in the tech world are taking the change to benefit the businesses.
Aalpha brings you deep insight into the business tech world over how blockchains are making the business processes leaner and meaner every day.
Crisp Cost Cutting
We all know that the cryptocurrencies and distributed ledger technologies (DLTs) have a great deal to play with blockchains but The massive technology is also grabbing a foothold on solutions in other traditional business models also. It has been reported that whopping sum of about US$2 trillion is drained for security and fraud prevention in payment clearance. Finance sector which mainly includes of credit card companies like American Express and other international banks spends a lot of their money, time and effort in this.
According to the tech industry experts, fool proof payment clearance system can be built through block chains. They anticipate a major cut down of costs if this effective and automated payment process is implemented to perfection. The blockchains are generally associated with a transformative business model as this mean piece of technology is bound to bring robustness, total data security and throughout transparency. The listed traits if found in any implementation of technology leave no chance for failure as such.
More importantly, the blockchains offer a reliable platform for storing the immutable structure of data. This is a potential application of blockchains as expected to rise in near future.
Track n Trace with Ease
Supply chain management is one of the best-conquered areas of the blockchain technology. Numerous business domains and industries have been suffering a burning need of Chennai fish and supply chain management system which helps them keep total track of the products passed through one face as well as the safety and welfare standards that have been maintained at each step.
Blockchains can help traditional businesses to keep a record of all the data and products within the supply chain at ease. Anything can be assigned a digital token of data which carries the information on origin, termination and added value within the supply chain for effective management.
Another effective but one realized pork of blockchain technology is the ability to trace data and products. This leaves no chances of any kind of potential failure or data loss at any point within the system.
The effective reach of the blockchain technology is so extensive that they have also been adopted by the diamond industry to maintain a total account of the source, age and certificate number of millions of times. This has been allowed success which is quite apparent to the fact that the same is reported to be implemented for vintage wine in future.
Retail Experience Enhancement
There have been several start-ups like Qiibee which have welcomed blockchains into their back-end business process with an aim of improving the overall customer experience in the retail sector. There have been certain success stories which clearly implied that loyalty and revert programs effectively encourage customers to indulge more in buying stuff and repeat the same.
The companies are more and more into building a personalized blockchain based system which enables them to sign reward points for each and every customer according to the recent retail instances. This business model has been found potent enough due to the reliable transfer of these valuable revert coins among customers and company accounts.
The companies are also looking to come up with a digital payment instrument which tenders these reward points without the risk of transaction failure or data loss.
Ownership Identity Proofing
These days business transactions and instances of retail have multiplied exponentially with the extensive Internet-based shopping. In today’s time, it is super critical to ensure that there is a correct proof of identity transfer of ownership among any two parties involved in a typical transaction. It is extremely easy for entities with malicious intentions to temper ownership and the rights of the digital property through a mere piece of code.
The blockchain technology can help companies and government institutions maintain a total proof of identity for the whole population at ease with the help of the structure data storage facility provided by the respective technology.
Even companies can maintain a dynamic fertile record of their applicants as well as current employees to maintain an updated account of their qualification, appraisal, and experience over a period of time. Some tech companies are also joining hands for building up a cross-platform blockchain enabled a system for CV verification and credible source of the candidate’s qualifications and experience.
Tighten Up Security
You know world which is largely run by the Internet, digital and information security is a must. It is something which cannot be compromised at any cost as the major critical transactions of the database as well as valuables take place over the Internet today. Blockchains Are reverentially secured due to their encrypted type design.
This ability of blockchains makes them a safe home of sensitive data which needs to be stored under tight security for a certain length of time. Apart from simply storing data, block chains also eliminate the need for trustable middlemen involved in big business deals and critical transactions of multi-million and billion dollars.
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About The Author
My name is Stuti Dhruv & I am senior consultant at Aalpha, primarily working on pre sales, consulting with clients on latest technology trends.