The blockchain, which is an online ledger has cropped into not only the payment industry but also businesses across multiple industries. These virtual ledgers are so beneficial that surprisingly many have not still joined the blockchain. This futuristic technology is gradually transforming peer-to-peer interactions and disrupting traditional processes across all industries. It eliminates data manipulation and provides transparency over individual trade, making the accounts in any given transaction public.
7 Ways Blockchain Will Boost business In India
The blockchain technology prevents payment scams through smart contracts that ensure both parties create and abide by an agreement. Data on the blockchain network cannot be hacked because all documents stored are tamper-proof. This makes it highly difficult for any third party to alter or tamper with existing data. Blockchain enables transparent transactions so that people cannot fake books, literature, price etc.
The blockchain can also introduce new markets for manufacturers. With blockchain, all data and rights of account holders on the network will be stored in the form of metadata (microdata) about anything ranging from the cells of a human till the bio-metric details of any substance. This opens up the market to an all new world of transparency and builds trust.
No Third Party Interference
Since the blockchain is a peer-to-peer system, transactions can be made only between 2 people avoiding the interference of a middleman. This simply facilitates two parties to facilitate cheap eCash transactions from anywhere in the world. For eg: You can be located in the U.S, but receive a payment from a client in India without having to pay for any transaction fee that traditional banking institutions do. This not only saves cost but also speeds up the process.
Access High Quality Data & Quick Transactions
The data prevalent on the blockchain will always be complete, accurate, timely and widely available. This will ensure better business decisions and monitor business transactions such as shipping, incoming payments and customer information. The blockchain consists of Proof of Work (PoV) that is a distributed consensus mechanism. In PoV, all computers in the blockchain network that are tasked of maintaining security of the blockchain, work to solve a puzzle consisting of mathematical functions called hash.
Blockchain being a decentralized peer-to-peer system, has an instant way of making quick transactions, contracts and deeds. This will increase cash flow and helps your business move products faster to the market place.
Rewards Users & Performance Pay
Blockchain can be used to reward not just employees but also loyal customers on the blockchain network. It can improve loyalty programs by enabling customers to trade points among each business transactions and the points will automatically be registered in the public ledger. It allows users to rate and use points on different entities. For eg: In the blockchain system you can use your rating of a coffee shop to rate an eCommerce company.
Performance pay is a financial reward system for your employee based on their performance. By using smart contracts via the blockchain, you can get into a performance pay agreement with your employer.
Cloud-Storage & Blockchain-Based IoT
Cloud-storage is a mere necessity these days. You don’t have control of where your critical information goes nor do you know who has access to such information or what can such an information be used for. Since the blockchain requires an encryption key to access data, you can be sure that your data is safe and secure.
If there exists another promising technology similar to the blockchain, it is the Internet of Things (IoT). With the use of blockchain technology, there is an automatic go-to-registry for the ownership and maintenance for everything within the internet of things.
Improves Enterprise Collaboration
Traditionally, enterprise collaborative tools like the Human Resource Department are responsible for maintaining peace in an organisation. The blockchain improves enterprise collaboration on a personal scale. For instance, if every employee had their own profile that they owned and controlled, companies and employees would be able to keep data, rather than transfer your private information to large scale social network companies. The level of security is high in a blockchain, richer and flexible than traditional networks.
Blockchain will be the imminent future of our computer network. This cost-effective system makes you the judge and the protector of your information as well as someone else’s data. There is no risk that your data can be stolen, changed or tampered. This is because everyone is watching and keeping records of everything in the blockchain network.
Extra Layer Of Security
A computer that is connected to the bitcoin network is called a node. These nodes are technical elements of a blockchain that make the network secure and reliable. Similarly, a block is a file in which your transaction data is recorded and stored in blocks. This adds an extra layer of security for bitcoin miners and all on the blockchain network.