5 Business Benefits Of Blockchain That Can Skyrocket An Organization's Growth

It feels like business world changes every day.

New promotional tactics, advertising tactics emerge everyday to fade off the old.

Consumers easily get bored of same old marketing tactics. The simply start ignoring the old that they were watching from past many years.

They need change.

So, we can conclude that all changes happen because consumer behavior changes with time. 

But thankfully there are few things in business world that are constant. One such important thing is quest for new technology. From time immortal business houses across the globe are adopting new technologies to flourish and generate more profits.  

And Good thing about technology is that a business house just needs to adapt it. Simply fine tune it with a business and get started.

Isn’t that simple!

All in all, we can attribute business success to perfect technology adoption. When you connect with right technology at the right time, everything just goes smoothly. 

One such futuristic technology that every business now needs to adopt is Blockchain.

Having wide applications blockchain technology has the potential to turn fortune wheel of almost all businesses. 

Hold on!

A question that comes up here is how blockchain is transforming businesses?

Well!

Let’s begin by understanding blockchain!

What is a Blockchain Technology?

Blockchain technology is a cryptography based technology that maintains an immutable record in form of interlinked blocks or nodes. It is a decentralized algorithm based database which is not controlled by any single individual or organization.

Moreover, its time stamp and public ledger feature makes it secure by design thereby setting it apart from other technologies. Best is that because of distributed nature of blockchain processes driven by it are absolutely free from third party authentication.

Feature that makes it even more amazing is that processes driven by it are also easy on the pocket. Crux here is that quiver of blockchain has arrows of speed, security and smart technology to revolutionize today’s business landscape.  

And just because of all these advanced features it can be easily incorporated in multifaceted areas. Recording of events, hospitality, environment, traveling, real-estate, insurance, legal affairs, identity management are just a few to name here.

Read More: What is Blockchain Technology?

A Glance Of Blockchain History

Blockchain technology was introduced to the business world by Satoshi Nakamoto in 2008. He used this technology to drive cryptography based digital currency called Bitcoin. 

For digital currency it acts as a distributed public ledger where record of all the transactions is maintained. So, at the outset it was considered merely as an underlining technology for Bitcoin.

However, later on in 2014 electronic coin users discovered that blockchain technology can be exploited for various other applications also.

Here entry of a young crypto enthusiast Vitalik Buterin further paved way for concept of trust beyond currency. You can follow Vitalik on twitter to get latest updates. https://twitter.com/VitalikButerin.

He introduced a ground breaking element of 'Smart contracts' in blockchain thereby further adding in its public utility.

That was the turning point!

‘Smart contract’ unlocked new doors of bright possibilities. On realizing its true potential a sudden surge in blockchain investments came to make it suitable for various processes.

And rest is the history!

So, by now if not comprehensive we have at least a basic idea about this decentralized technology.

Now, let’s understand how it catapults an organization’s growth?

How Blockchain Skyrockets an Organization's Growth?

• Enhances business reach

Blockchain has observed an enhanced adoption from companies. The prime reason behind this is that it helps companies to cast its net on global consumers – efficiently. Opening of big markets evidently pushed companies to squeeze more profits. Most exciting aspect out here is that operations can be performed 24X7 round the year.

• Restricts frauds

Before the advent of blockchain trading and other commercial activities were operating in constant threat of frauds. Till date traditional online transaction methods are not 100% hacking proof. Contrary to this being decentralized and distributed in nature it has become literally impossible for hackers to crack in. Moreover, pre written programming codes or protocol called ‘Smart contracts’ further strengthens its security. Acting as an enforcement agent these features enable users to process transactions without any apprehension of fraud. 

• Enhances profits by excluding third parties

The biggest advantage that blockchain offers is that it enables peer-to-peer business processes or ownership transfers. Now, peer-to-peer transactions simply means ruling out of all third parties like banks, accountants, middleman, tax and legal agencies. Exclusion of all such third parties greatly trims down operational costs of processes and hence augments profits. Moreover, peer-to-peer transactions or operations allow companies to quickly gather information about installations, management, maintenance, repairs and returns. All in all, direct communication among parties assists to obtain correct feedback which otherwise could be manipulated by third party.

• Brings transparency and trace-ability

One of the biggest advantages that it offers is eliminating the opacity in operations. Because of this opacity or lack of transparency unnecessary delays occurs resulting in development of bad commercial relations. But, operations on blockchain powered platforms now occur on a distributed public ledger that ensures absolute transparency. Moreover, being distributed in nature it allows companies to quickly track goods down the supply chain.

• Ensures anonymity

Because of inevitable circumstances many-a-time’s companies prefer to operate in an anonymous manner. But as traditional methods involve third parties it seems a hard nut to crack. However, blockchain eliminates third parties and give users a unique encrypted identity code ensuring identify protection of parties involved. 

Concluding thoughts

In today’s ever evolving digital era you cannot afford to rely on methods that are easily ignored.

Now, it’s a proven fact that we are heading towards a more digital business world. Therefore, we need to adopt and adapt a technology that is completely digital and autonomous in essence.

That’s exactly where blockchain has edge.

Considering its wide and unique features there is no doubt that it is a big player. It has an adequate amount of power to get all businesses where they want to go - fast.

Giving a concise idea few key benefits of block-chain tech are underlined here.

But that’s not all!

Learn it!

Master it!

Find new and better ways to apply it in your business. Then fine tune your operations with this new decentralized technology to grow your business steadily.  

Share with us what new benefits you found that are helping your business?

Stay tuned with us for more such updates about world of blockchain.  

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