Whether or not you understand why Bitcoin should be as highly valued as it is, it’s important that you know how blockchain technology can influence your business and the rest of the world. Blockchains are virtual ledgers of records. The way these records are kept makes them extremely secure. It is this security that makes blockchain technology valuable to many kinds of industry.
Supply chain businesses
Cost-effectiveness and an ability to keep track of goods transported are important to supply chain management companies. Blockchain technology can be used for these purposes. It can help businesses keep track of transfer of ownership, payment records, the places that shipments leave, the locations they arrive at, the quantities moved and so on. For B2B businesses, blockchain technology simplifies matters and introduces a great deal of transparency
Cities in Russia are beginning to test blockchain technology in election management as a way to help curb election fraud. It affects their electronic voting machines. NASDAQ uses blockchain technology, as well, to enhance shareholder voting security.
Stock trading security
The idea that blockchain technology can help securities trading is not new. Around the world, stock exchanges are beginning to consider blockchain technology as a way to beef up their security. Stock exchanges in Australia have been moving towards a switch to blockchain for a while, for example, to enable security in their systems. Their stock exchanges are in the process of switching to the technology.
The electricity supply industry
Companies such as PowerPeers of the Netherlands use blockchain technology to help bring transparency to users. For instance, the company’s users are able to use blockchain technology to track where there energy comes from — sustainable or nonrenewable sources. Their customers are better able to know if they get sustainable power.
Contract creation can be time-consuming, especially for large businesses that need to process multiple contracts at any given time. Legal services and businesses that need to process contracts, however, are now able turn to smart contracts. These are contracts that can be validated, signed and processed with blockchain technology. A number of blockchain contract drafting businesses already exist. With names like CREDITS, these businesses offer blockchain contract services to any company that needs them.
Blockchain technology has proven to be very useful in the accounting field, because it makes it possible for accounting firms to ensure absence of human error. Security against tampering is possible, as well. This is because blockchain technology makes sure that records are verified every time money is transferred from one blockchain node to another. With a proper, traceable audit trail, there is little chance that tampering can occur. Blockchain technology also helps in cost savings. Businesses no longer need to keep multiple records. Since blockchain records tend to be free of error. It’s enough to keep one, joint register.
Blockchain technology affects multiple areas of industry simply because it offers verifiable record-keeping that is tamper-proof. It’s an efficient way of keeping track of records that nearly any business can make use of.
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