The Future of Blockchain: Here and Now
As 2018 dawned on the world, it was made quite clear by the experts that blockchain is here to stay. However, what began as a concept that widely revolutionized the Fintech arena has now evolved to greater extents. In fact, the metamorphosis is so amazing that the idea of distributed, encrypted data can now be included in all types of business.
Well, this surely seems a promising start for the year. The introduction of blockchain to any business organization would mean total transparency and lesser chances of frauds.
But, will the Blockchain technology bring about any other benefits to the business organizations? Yes, it most certainly will. According to the experts, integrating Blockchain technology in their day to day functions holds some excellent prospects for all businesses, irrespective of their nature.
So, here is an insight as to what Blockchain has in store for everyone.
Though a considerably new concept, several banks, and financial organizations have already gone ahead and adopted the blockchain strategy. Of course, the technology is causing a lot of disruption to their conventional working model. However, they just can’t take the risk of being left out as this could hurt their business.
Now, the middleman services that are offered by renowned banks and financial firms to check for frauds and clear payments, come at a rather hefty price of $2 trillion. With the introduction of Blockchain technology, as all the operations get automated, the costs are bound to come down.
What’s more, thanks to the transparency offered by Blockchain the loads of funds that are spent by organizations to record data can now be done away with.
In fact, if companies try to incorporate blockchain technology in their record system, they can even make away with the need for hiring middleman services for checking compliance.
Now, the data is stored on Blockchain network is accurate and hence more trustworthy. This means organizations can look forward to making an analysis based on real-time data that are par with the latest market trends.
Tracing Made Easier
There are specific industries where compliance with regulations and standards is of prime importance.
Thanks to the introduction of Blockchain, every product or step is offered a digital passport. The benefit of this concept is that the whole journey of the product from its inception to result can be easily traced.
This is so much better than the traditional system, where different records are maintained by different people who are involved in the various stages of the process. This is not a foolproof technique and can lead to problems like frauds, loss of data, inaccuracy, etc.
This is excellent news for the Food industry, and the people related to it as now controlling the processes have become less complicated and more straightforward.
Another industry which seems to be benefitting from Blockchain is the diamond industry. The sector is now using the technology to store the data of each diamond with details like color, size and certificate number. This means that even if the unique identification number that is etched on the stone is lost or erased, its twin can be easily traced using Blockchain.
Enhanced Customer Experience
To trace customer preferences and encourage them to make more purchases, business organizations have adopted the idea of reward and loyalty programs. In the conventional methodology, this calls for central collation of the data followed by processing it and then issuing the rewards.
However, with the introduction of the Blockchain, the process has simplified by manifolds. By introducing this technology, the reward points are immediately calculated and issued to the customers. This proves to be a great benefit not only for the organization who can do away with the long wound process of data processing but also for the customers as they can make use of the reward points to get some quick discount for their purchase.
Several startup organizations have even launched loyalty cards based on blockchain technology. The idea behind these is that it would become more comfortable for the customers to use these cards across different retail stores to get some freebies or discounts. This is also a great idea as this would mean the customers can use the rewards as and when they deem fit rather than spending it on something that they have already bought.
All said and done; this equates to hoards of happy, loyal customers.
Verification of Identity Gets Simpler
With the internet becoming powerful with each passing day, copying a picture and distributing it seems like child’s play. In such a scenario, keeping track of a person’s identity or establishing the credible ownership of the property has taken a hit. The patenting rules being different for different countries also does not make it any easier.
The sector that is majorly affected by this is the real estate sector where lengthy winding paperwork is a herculean task. Couple this with making sure that everything is in compliance with the rules and it gets all the more complicated. With compliance and identity checks required at every stage, getting approval for a bank loan or a mortgage can take a long time.
But with the introduction of blockchain technology in the sector, the whole system would undergo a positive change. Instead of personal records, a public ledger would be used to record all the deeds and property titles, thus offering transparency in the system.
Recruiters, who meet prospective candidates day in and day out also have a tough time checking the credibility of the details offered by them. However, overlooking these can sometimes cost them their jobs while also bringing enormous losses for the organizations.
Introducing a blockchain system for verifying CVs can simplify the task as checking the candidate’s credentials and claims would become a lot easier.
When compared to the traditional filing system, Blockchain technology is relatively secure, the reason being that the data is encrypted. Also, instead of being stored at a central location, the data is remotely distributed, which means no one can control or access it.
A person or organization that is working on some confidential data and looking for storing it securely should and would opt for Blockchain. Also, thanks to the automation that it offers, the need for middleman service is removed. This not only reduces the chances of data corruption but also improves the security of the data.
Another area, where the security seems to be highly compromised is the online communication. But, this can be rectified with the introduction of Blockchain. Most of the popular social media platform these days are trying the decentralized method for storing their pictures and conversations. Instead of storing all the conversation data at one centralized location, the data is distributed among the various systems that make use of the particular platform. This means that the conversations can only be reconstructed with a key that soley the user is privy to.
As more and more companies join the Blockchain bandwagon, data breaches and hacking are sure to become a thing of the past. Online wallet companies that were earlier vouching by Bitcoins, now confess that they find it safer to store coded data on the devices of the clients that collating it centrally. According to them, this is one of the best ways to prevent a breach of data and solve the problem of stolen records that seem to mar these companies now and then.
And, this is not all. As blockchain technology gets widespread acclaim, more industries are bound to give it a try. And as this happens, we would be presented with more potential that this technology possesses. All said and done, blockchain technology is here to stay, and it is going to alter the future for all businesses as well as the global economy.
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