5 Benefits of Applying Blockchain Technology To Your Business
When many of us think of blockchain, we can quickly think of anything to do with Bitcoin and cryptocurrency payments. However, the blockchain has since evolved far beyond a decentralized peer-to-peer electronic cash system favouring a far-reaching infrastructure that many sectors continue to adopt. Until recently, only large enterprises had the resources and capabilities to fund innovations in the early years of blockchain technology. However, like websites were once lengthy and expensive to develop, the Arckadl team believes that blockchain infrastructure can soon be packaged similarly to allow for widespread adoption by all businesses.
Providing Blockchain-as-a-Service (Baas) to businesses can allow businesses to take full advantage of the capabilities it has to offer while leveraging one of the top trends in IoT for 2020. Before deciding that blockchain is necessary for your business, we encourage you to consider some of the business problems that companies are already solving, regardless of the industry.
1. Manage Data At Scale
With more data than ever circulating on the Cloud, many businesses have begun to question their ability to manage data at scale. With a combination of public and private blockchains, companies can manage the data flowing in and out of their business, including keeping personal data confidential and allowing public data to be easily shared with customers, service partners, and other stakeholders in real-time.
2. Enhanced Security
A second benefit a business of any industry can leverage from blockchain is enhanced security. This security stems from each transaction being encrypted and linking to previous transactions. The digital ledger of transactions is decentralized meaning many computers hold records of the transaction, preventing it from being lost if one or two devices malfunction. While a hacker could traditionally infiltrate a single repository to gain access to the information they are after, the blockchain makes this nearly impossible.
3. Reduced Operational Costs
For any business, reducing operational costs is seen as a top priority to increase their bottom line. Blockchain has since been known to reduce costs by removing the middleman in transactions; costs saved include documentation and paying a trusted third party. However, since blockchain is still not widely adopted, the costs to implement this technology appear high since the technology itself is sophisticated to integrate and many technical teams are not yet very knowledgeable in this area.
Luckily businesses now have the opportunity to leverage blockchain solutions such as Arckadl, which have packaged the infrastructure to make it easily deployable for any business.
4. Achieve Supply Chain Transparency
Like many companies, your business may deal with a complex supply chain that is difficult to trace. As a result, many companies face difficulty locating theft, counterfeit and loss of products. With blockchain technology, companies gain an audit trail that helps determine where their product or service was at every step of the journey. Each step of the supply chain will then hold greater accountability since there is clear transparency into each sector of the business, and misused products can be quickly identified. With an increased focus on corporate social responsibility (CSR), companies have found they can accurately prove to customers that they are practicing what they preach. They have a transparent supply chain to prove it.
5. Support Computational Growth
Finally, computing power increases when the individual control of devices can be gathered to increase an entire system’s power. Personal computers only ever provide a maximum growth level and may run out of computational power and may need to be replaced in the future. As IoT grows, distributed computing can balance the load between several devices in real-time. Since blockchain and distributed ledgers are peer-to-peer in nature, not only will computational growth be achieved, but bottlenecks in cloud servers will also be reduced.
“[Blockchain] is the biggest opportunity set we can think of over the next decade or so.” — Bob Greifeld, Nasdaq Chief Executive
So why not take the leap and consider how you can deploy blockchain infrastructure in your business? You don’t have to start from scratch either, learn how you can take advantage of all of these benefits using Arckadl’s Blockchain Session Controller.
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