Does Your Business Need to Consider Blockchain Technology?

If you are reading this, it means you already know about blockchain. Now you are wondering if it is essential to incorporate blockchain technology in your business. Here are a few benefits that might clear your doubts about blockchain services. 

Reduce Potential Lag or Downtime on Supply Chain

Blockchain technology provides a transparent and secure track record of every transaction. This technology is beneficial for the supply chain as every blockchain transaction from manufacturing to sales is recorded on the blockchain ledger. So, it dramatically decreases the human error, added costs, and time delays which in turn speed up the administrative process. 

Blockchain technology also reduces the possibility of fraud as each transaction is noted on the ledger. This provides a permanent audit trail of every transaction and product movement from beginning to end. So, if your business deals with supply chain system, implementing blockchain technology provides a number of benefits and a smoother course of action. 

Increase Cloud Storage

According to Forbes, cloud storage is expected to grow to $88.91 billion by 2022. Currently, business giants like Google, Facebook, Dropbox, and Apple have access to almost all your information. So, you don’t want to use these services if you want to protect your privacy. 

Blockchain technology uses a decentralized and distributed ledger which eliminates the risk of human error and improves security and privacy of data. Also, as the amount of data stored in the network increases, it reduces the need for hashing and hence decreases the cost of data storage. So, if your business, like any other business, needs additional storage capacity, switching to blockchain technology is a wise option. 

Improves Regulatory Compliance

Regulatory compliance is a crucial part of financial and corporate businesses. With cryptocurrency wallet, RegTech can leverage distributed ledgers to enforce audit requirements and resolve the compliance issues. So, blockchain technology will add new standard in regulatory management and increase transparency in the business. 

It is estimated that RegTech market will increase to $74 billion by 2022. The secure nature of blockchain allows the smooth regulatory process, and the data and documents can be shared around the various departments without any risk of data security. Also, blockchain plays a crucial role in KYC and AML which enhances the security during payment and transactions. 

The Growth of the Internet of Things

Juniper Research suggests that by 2022, the total number of Internet of Things devices and sensors will leap from 21 billion to 50 billion. Blockchain offers a business automation software component known as “smart contracts” that provides a standardized method to cut out the middleman and hence enabling processes between IoT devices and accelerating data exchange. 

By using blockchain technology, there is now an electronic go-to registry for the ownership and maintenance for everything within the Internet of Things. So, for businesses that deal with supply chain process and can implement blockchain technology which helps in improving security and trust in IoT devices by decentralized interaction. 

So, in conclusion, ask yourself, does this benefits and added features improve the functioning of your business? Also, if the answer is yes, then go ahead! We hope you have found this article informative and interesting. For more information or queries visit at icodevelopment.io and know more about this technology. You can also contact us or send us an email at sales@icodevelopment.io