Blockchain Technology is getting momentum in various fields. Right now all companies and behemoths are utilizing cloud infrastructure. In 5 years down the line Blockchain for Business will be an important aspect. We all are familiar with Blockchain Technology because of cryptocurrency. You will be very much surprised to know about the importance of Blockchain Technology in various other industries.
Cryptocurrency were said to be digital gold at a time. Though blockchain technology, which is the backbone of Bitcoins or altcoins, is very important aspect. This was a very much important use case, which everyone experienced.
This is a revolutionary technology and I am sure that it will be a game changer in coming future. Its a digital ledger of economic transactions which can be programmed for not only financial transactions but by any valuable aspect. A network of computing nodes makes the blockchain.
It uses a distributed database where in a network of blocks are updated at the same time and is very much secure. This blockchain database is not stored at a specific location but is distributed across the network.
It can easily be verified and is kept public in the network. Blockchain Technology is very much robust and durable. The blockchain cannot be controlled by any single entity. Also it has no single point of failure making it very much robust.
It is transparent and also incorruptible. That’s why this technology is going to be soon a very important useful tool for any business. Blockchain Technology will help in reducing the cost and complexity of cross-enterprise business processes.
Blockchain for Business
Blockchain will be certainly helpful in the finance industry. We already have a strong use case of Bitcoins and how secure the Bitcoin transactions work. Blockchain technology will help in cutting down the middleman for the present financial transactions. Also by implementing Blockchain Technology in finance industry there will be a lot of reduction in frauds.
The Blockchain Technology provides very much security and can prevent the existing cyber attacks in finance industry. So as a preventive measure, the financial institutions can adopt Blockchain Technology. Know Your Customer (KYC) will be easier to implement in Blockchain Technology as it is easy for the verification of the nodes.
I believe it will help in the emerge of smart contracts at a very large scale. A lot of expenses are paid as of now to maintain the contracts in cloud. But using Blockchain technology all these things can be automated in a very secure environment.
The Stock Market Trading Platforms can use Blockchain Technology for the Trading of stocks. It can be a huge help for these platforms to use the technology for their advantage. A lot of operational errors and frauds will surely get reduced.
There will be a rise in the sharing economy using the Blockchain. Example the cab aggregators/ride sharing services can use this technology for seamless transactions.
With the use of Blockchain Crowdfunding can be done with ease for implementing the peer-to-peer economy. It can be helpful in crowd sourced venture capital funds. This will help in letting people know that their funds are invested securely and they can verify the transactions.
The technology will be very much helpful in the Supply Chain Auditing field. The ledger of records will help the buyer and seller to know the exact timestamps of the delivery of the products/trade using Blockchain. A major application would be for the e-commerce ventures.
Intellectual Property Protection can be possible using Blockchain Technology. A lot of legal documents and contracts can be properly maintained in a Hyper Ledger and be helpful for the beneficiaries.
In our day-to-day life there is a lot of importance of Health. In the Health Care industry there is a need for keeping a lot of information of the Patient, surgical records, medical history, etc. These records need to be stored in a very accessible, accurate and secure way. Well Blockchain Technology comes into play in doing so in the Health Care industry. Such organizations can implement private blockchains for their needs.
There is a lot of investment being made in the IoT (Internet of Things). Connected homes, cars, devices, etc. are a part of the IoT ecosystem. Shared ledger platforms to the IoT stakeholders will surely help for an amazing growth. Blockchain Technology for Internet of Things will be a necessity in the coming future.
How can your business implement Blockchain Technology using IBM Blockchain?
Well Blockchain Technology is very robust, secure, accurate and useful technology for your growth in Business. It’s a new technology, though as mentioned its applications are wide and very much beneficial for various businesses. Well you need a lot of expertise and needs a good amount of investment in using such technology. You can use the IBM Blockchain for the growth of your business for the implementation of this technology.
With IBM Blockchain you will get industry expertise in business process and transaction using their cloud tools. You an get trusted Blockchain Networks and solutions. Within minutes you can easily deploy a permissioned blockchain network for testing security, availability, and performance. This will help you in achieving your business goals with the help of Blockchain.
In this digital economy there is a vast amount of value hidden into the processes and organizations, which don’t connect. The IBM Blockchain experts can solve this challenge. With IBM Blockchain Services you can create new business networks with better transparency and trust.
With the use of proven methodologies and advanced technologies, game-changing business outcomes can be achieved. You can use the intelligent IBM Blockchain experts for helping you in creating or joining a network. You can ask them to evaluate and select the best appropriate use case.
You can easily develop a prototype. Designing business value is certainly possible with their help. Implementation of a minimum viable network is certainly achievable by the IBM Blockchain team for your business. You can commercialize your network with the Acceleration Services by IBM.
You can easily define governance and operating model. Integrating processes and systems becomes easy. Advancement to a production network and getting onboard members is achievable. Innovation services can help you in designing new business value.
Add technologies like AI and IoT in your blockchain journey. Combination of established networks and scaling at large is possible. The refining of the commercial model is important to make the output more economically viable.
Understanding the risk factors and flexibility of using Blockchain technology is very much essential before the implementation of the blockchain technology. Total Economic Impact report will help you in projecting your cost saving and understand your business benefits using IBM Blockchain.
Well as this is a new technology and it is very much into its nascent stage, there is major requirement for Blockchain Developers. Well there are few legit ways to learn blockchain technology in the current scenario. Joining a Blockchain Open Community leadership will help you as a developer to gain immense amount of knowledge and hands on experience in Blockchain Technology.
IBM is a premier sponsor of the Linux Foundation’s Hyperledger Project. They have donated a lot of efforts for the development of Hyerledger Fabric. It is modular and scalable protocol architecture for creation of blockchain networks. If you are a newbie Blockchain developer then you must take a lot of advantage from such communities.
To sum up, Blockchain Technology is going to be like oxygen for businesses in coming years. Its upto you for implementing it in your business and get an early advantage. After all, using the right tools and resources available will help you in achieving your business goals. Don’t be an observant watching the technology grow, start implementing Blockchain Technology in your Business today.
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