Blockchain technology has been sinking its teeth in the numerous industries these days. Earlier, it is only part of the cryptocurrency bitcoin, but today blockchain is a new business tool as well. In 2017, blockchain technology becomes a key element of the business industry.
One online survey of 308 blockchain knowledgeable senior executives among the $500 million or more in annual revenue organizations have concluded that all these companies are giving priority to blockchain technology. In the survey, 36% of executives believed that blockchain is a new business tool whereas 37% executives appreciated the security features of blockchain technology. However, 24% saw huge potential in the technology to enable efficient business models.
Although there is a large portion of business executives present who doesn’t believe in blockchain technology or they don’t have any knowledge regarding it. So, for those blockchain blind folks, we have enlisted different roles of this technology as the new business tool.
Blockchain has a distributed ledger feature which can be used to automatically execute business contracts. The peer to peer database of the technology first understand all the terms and conditions drawn between the customers and organization. Then, they use data gleaned over the distributed nodes to make sure that whether the conditions of the contracts have been met and payment is issued as per.
The organizations like IBM, AIG and Standard Chartered Bank just has planned to last pilot project to streamline one of the most complex types of insurance policies. If this project completes as per the planning, then this will surely prove that the blockchain is a new business tool indeed.
No cost business transactions
When a money transferred between two business organizations, especially if the size of business small or medium, then they have to bear the transactional cost imposed by financial institutions. However, larger companies enjoy benefits here as their capital bear all the transfer fees. Moreover, they got to enjoy better intellectual and security features at fewer fees.
Blockchain technology is here going to help the small businesses by leveling the payment field by enabling SMBs to compete. Such as, the b2b payment services enables blockchain to allow its SMB customers to transfer funds internally without any fees.
Centralizing patient data and ensuring doctors remuneration
The electronic healthcare records have helped in centralizing patients data in one place. However, sharing patients information with the numerous healthcare center’s can be a bit difficult as EHR platforms are not standardized. So, if healthcare organizations use the decentralized blockchain ledger to predetermine the sharing of the information, then this blockchain feature will be a boon for the healthcare industry.
Timestamping is the process of wrapping metadata or other information in a block of an ongoing blockchain, which creates an unchangeable or immutable record tied to everything that comes after it in the chain. For example, A Swiss company has designed a Gmail stamping app that will secure the way to verify the integrity of an email.
The blockchain is a new business tool because of the examples like people living in the Park Slope area of Brooklyn are now selling the power generated from their rooftop solar panels using the microgrid enabled by blockchain ledger. This has been proven highly beneficial for the locals as well as for the environment.
Well, overall this article has given us a clear outlook on the features of blockchain and how blockchain is a new business tool which has been helping businesses a lot. So, in near future blockchain is going to be seen more prominently in the business industry.