The reason why the blockchain technology has become so popular is its numerous benefits to businesses. Although it was developed for cryptocurrencies, the technology has been found to be beneficial to other areas. To decide whether your business needs it or not, check out the advantages of the technology below.
It strengthens regulatory compliance
The technology has the ability to secure every transaction and notify all the stakeholders or parties involved of every transactions. This means that when a new regulation or rule becomes effective, every player in the industry will be notified as and when due.
From another angle, when any new player joins the industry, his information will be sent to other existing members. This helps to promote the know-your-customer (KYC) policy adopted all over the world. This also helps to keep money laundering act at bay.
It offers real-time transactions
Every transaction carried out on a blockchain platform is implemented almost instantly. Transferring funds through banks will take 3 to 4 working days before they are confirmed but funds transferred through blockchain technology is almost free and it incurs little or no fee.
Imagine a situation where you and all your competitors are trying to buy some scarce raw materials from the same supplier and the company says they will only sell what is left in their inventory to the buyer that pays first. While you’re waiting for your bank to transfer your payment after a few days, one of your competitors decided to use blockchain technology for his payment and before your payment was confirmed the materials had been shipped to him. This is possible because blockchain confirms transactions in real-time.
It gives access to quality data
Data gotten from blockchain is always timely, accurate, consistent, complete, and widely available. This will help you make better business decisions as quickly as possible. You already understand the inherent danger in basing business decisions on late and inaccurate information.
In addition, timing is very important to every business. For instance, selling or purchasing a particular stock 24 hours late can make you lose millions of dollars if you deal in stocks or Forex. From another angle, you need to know what all your competitors offer to remain competitive. If some of your competitors drop the price of certain products by $10 and it took you more than 2 days to find out, you would have lost a lot of sales and sales potentials.
It makes Internet of Things technology effective
The IoT technology can only be effective when data is timely. So, linking the technology to the blockchain technology will be a great synergy.
In conclusion, these are just a few of the advantages of blockchain. However, they are enough to make you decide. So, after going through the benefits of the technology, do you think your business needs it or not?
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