Blockchain technology has evolved tremendously since the introduction of Bitcoin in 2008, The first decentralized peer-to-peer electronic cash system. Today, innovators in various fields are realizing the benefits of the technology behind Bitcoin. From medicine to finance, many industries are looking for ways to integrate blockchain into their infrastructures.
With its decentralized and trustless nature, the Blockchain technology can generate new opportunities and benefit businesses through greater transparency, greater security, and easier traceability.
Blockchain Concept and Manhattan Skyline at Night
How Blockchain Can Boost Your Business
Blockchain solutions are not only limited to the exchange of cryptocurrencies. There are numerous benefits that this technology can present to businesses in many different industries, through its distributed and decentralized nature:
#1 Increased transparency
The biggest feature of Blockchain stems from the fact that its transaction ledger for public addresses is open to view. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business accountable to act with integrity toward the growth of the company, its community, and its customers.
#2 Increased efficiency
Due to its decentralized nature, Blockchain eliminates the need for intermediaries in many processes for fields such as payments and real estate. Compared to traditional financial services, blockchain facilitates faster transactions by enabling cross-border P2P transfers with a digital currency. Property management processes are made more efficient with a unified system of property records and smart contracts that would automate agreements between tenants and landlords.
Blockchain is much more secure than other record-keeping systems because each new transaction is encrypted and linked to the previous transaction. Blockchain, as the name implies, is made up of a network of computers that come together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’. Blockchain is made up of a complicated chain of mathematical numbers and it is impossible to alter it once formed. This immutable and incorruptible nature of blockchain makes it safe from counterfeit information and hackers. Its decentralized nature also gives it a unique quality of being ‘distrustful’, meaning that parties do not need trust to transact securely.
#4 Improved Traceability
With the blockchain ledger, whenever an exchange of goods is recorded on a blockchain, there is an audit trail to track where the goods came from. Not only can this help improve security and prevent fraud in exchange-related businesses, but it can also help verify the authenticity of traded assets. In industries such as medicine, it can be used to trace the supply chain from manufacturer to distributor, or in the art industry to provide irrefutable proof of ownership.
Blockchain-as-a-Service for simpler integration
However, the problem that many companies face is that blockchain is sophisticated to integrate with and lacks a technical team that is well-versed in this field. BaaS or Blockchain-as-a-Service companies allow customers to integrate blockchain technology into their businesses easily, without disrupting their daily processes. One such company that identified the need for BaaS is Broctagon Fintech Group .
With a global presence in 7 countries, Broctagon provides top-tier fintech solutions including multi-asset liquidity, brokerage technology solutions, and enterprise blockchain development. Companies are also concerned about blockchain integration, especially about investing large sums of funds in the development of a technology that is still considered ‘disruptive’. Starter kits like Blockchain-in-a-Box allow modern businesses to create a proof of concept to confirm the viability and viability of blockchain for their businesses before embarking on full development. Investors are more likely to fund a project they can see, rather than just a conceptual idea. With its Blockchain-in-a-Box Starter Kit, businesses can create a fully tangible platform to stand out in their market and gain trust for their projects.
Blockchain has the potential for many use cases, applicable to a multitude of industries, and BaaS facilitates that move from ‘disruptive’ to ‘mainstream’.
Initially published in Forbes by Ilker Koksal
