Advantages of Blockchain Technology that you can’t miss and its impact on the business model

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It is an indisputable fact that the pace of technological and business innovation has accelerated in recent decades, making it difficult to create business models that maintain sustained profitability over time. Today, the use and applications of the internet allow the creation of new business models with an immediate global reach. But is the Blockchain really an excellent information registry that optimizes costs, efficiency, security and autonomy in the business world? How does this technology really affect the business world?

However, the internet itself lacks means of payment, corporate structures and forms of association that maintain a separation of the digital world from the real one. The emergence of Blockchain technology emerges as a solution, to guarantee security and ease of access at a global level, thus allowing information or value transactions to be carried out without the need for a trusted third party such as the bank or the government.

Blockchain technologies are considered one of the most innovative technologies capable of modifying any transaction system, granting maximum security, transparency, collaboration and decentralization, at the same time granting power to users and the necessary capacity to improve processes and reduce costs.

 Blockchain technology has the necessary attributes to be applied in a diversity of industries, such as financial, supply chain, legal, social, health and sustainability, among others. Therefore, it is relevant to know the importance of its impacts and benefits on the performance of companies and their business models.

It should be noted that Blockchain technology has the characteristic of being able to show its potential by working on a network, which is why it is necessary to understand the entirety of its ecosystem and what is the added value provided by each of the participants involved in its application.

In this way, Blockchain brings a new website making a transition from the internet of information to the internet of value and it is considered to have the disruptive potential to modify business processes and models.

Over time, technological revolutions have had a positive impact on growth, development and innovation in public and private environments, causing significant changes in different industries, delivering new products, forms of commercialization and modification of the way in which companies generate value for the market. Blockchain, with its properties of non-dependence on a third party, promises benefits for all, motivating interest in collaboration.

Counterfeiting is impossible

The Blockchain has in practice an asymmetric cryptography and summary functions and the implementation of a distributed accounting record that allows it to support and guarantee the security of digital money, which makes the content cannot be falsified.

In addition, it is governed by a rigorous protocol appropriate in its operations that allows the integrity of the data by the participants, without the intervention of third parties, creating an entity of trust to its members.

Blockchain technology is highly reliable for scenarios in which it is required to store growing information of data ordered over time, instead of residing in a certifying entity

It achieves the decentralization of electronic payments, guaranteeing the security of payments and collections for transactions to individuals electronically.

The advantages and opportunities offered by Blockchain technology are diverse and result in a variety of applications in different industries that provide process improvements and transformations in the way that companies and customers interact.

 PhD. Carolina Navas

 

References:

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