Bolckchain extends various types of supports and services to businesses in different areas. Some are discussed below.
1.Efficiency in Business processes through Block chain technology payment transfer can be done with less time and cost .In April 2020, American bank JP Morgan Chase has successfully tested crosscountry transfer through block chain by using digital currency . It incurres less cost and tiem than contemporary methods without any intermediary.
Real estate companies can process ,keep and use Lease contracts digitally without any assistance from third party. It helps for reducing costs and greate documents control.In Energy sector,it is easy to produce, store and distribute electricity efficiently by usung Blockchain ,Brooklyn microgrid in US is better example.
2.Easily Traceable
Through an aduit trail,in blockchain ,we can track and prove the authenticity of each transactions wer recorded in Blockchain . In supply chain an end to end tracking of a product is possible .In the health sector we can easily track a medicine from distributor to supplier. Ownership of an Artwork wil be easily tracked in the blockchain system,American express is using this techonlogy for collecting customr data when each promotion purchase takes place. This data will be used for creating better promotion methods.
3 Better security
The transactions were recorded in each blocks are protected by complex mathematical formula.It is impossible to hack or alter by a third party .Moreover all the transactions are encrypted .Datas are stores in a network of computers rather than single server. This is also an advantages for security .Locjheed martin US has installed blockchain platform for cybersecurity against hacks and cyberattackes.
4.Block chain as a service(Baas)
Baas will work as same as Saas whre customers can build ,host and operate there on blockchain apps and related blockchain apps and related blockchain functions freely .This is a new innovation in the blockchain techonology and vastly accepted .HyperLedger Cello which operated by Linux Foundation is a good example for Baas system.
5.Cost and risk reduction
Block chain techonlogy enables entities to operate faster and economic way with less rick,lower error and less chance by cyber attacks.It is working with lower fixed and working capital investments so that overall operating cost will be reduced significantly .According to Santander Fintech study, Blockchain technology could reduce finicial services infrastructure cost betwwen USD 15billion and 20 Billion by year 2022.
We need to make more investements in this technology which inturn assist to solve issues with many businesses and govt have been facing from cyber attacks to finance fraud and also cost reduction.
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