All the industries across the globe including healthcare, financial, government etc are finding ways to implement blockchain in their areas of work to transform and bring in new advancements to their business. Many industries have already implemented this and had great success too. In this article you will get to know the top 5 importance of blockchain technology.
Greater transparency
With the use of blockchain technology, there is greater transparency in all the transaction histories. As the blockchain is a distributed ledger, same documentations are being shared opposed to individual copies. The updations in these shared copies can be done only if everyone agrees on it. Even if there is a change required in a single transaction record, the entire network with all the related records will have to be altered. Hence, the blockchain data is more accurate, transparent and consistent that any other process. All the participants with the permissioned access can avail it.
Enhanced security
Undoubtedly, blockchain is much more secure than any other method of record systems. Every transaction has to be agreed before they can be stored or recorded. And once the trasaction is approved, it is linked to the previous transaction and is encrypted as well. Since the data is stored across a network of computers and not just in a single server, it becomes very difficult for the intruders and hackers to get into the transaction. Hence it would benefit all the industries which handle crucial data and can save themselves from unauthorized activity.
Improved traceability
It is really hard to track a product back to its source in a complex supply chain. But with blockchain it is much more easier. When the exchange of these products are recorded on blockchain you can have a complete audit train where you get the complete history as in where is came from and each of its path. And this would prevent the fraud by checking and verifying the authenticity of the products or goods.
Increased efficiency and speed
All the traditional process are really time consuming with all the heavy process and prone to human error as well. But with the help of blockchain these processes can be automated and made really fast and efficient. It becomes more trustworthy when every participant access the same information without the intervention of any third parties. Hence everything becomes much quicker.
Reduced costs
Cost is an important factor in any industry. With the help of blockchain there is much reduced cost compared to any other method. It doesn't require any third parties and guarantees the trust.
So, above we have discussed the main advantages of blockchain technology in all the industries. It is high time for you to implement blockchain technology in your industry as well. And the future of blockchain technology is so vast that it would become an essential part in all the areas of life.
There are a number of experienced blockchain development company which would help you to create your own blockchain application and thereb y build your business.