What makes Blockchain beneficial over other technologies?
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It is a very exciting time to live in, where we are seeing the ‘traditional digitization’ is beginning to wear off. Technologies like blockchain has already started to revolutionize the way trust between two parties work, and how efficient it can be in day-to-day operations.
A blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Coming to the benefits of blockchain over other traditional technologies:
With Blockchain, you don’t need to worry about or maintain one single record. You don’t need to maintain one record for each party and reconcile with the master record after the changes have been made. In this way, it is way too efficient and is less time consuming.
The smart contract layer of the blockchain are making workflows in organizations way more efficient than it was before. The ways in which the workflows can be automated today with blockchain is something we could have never done before.
The technology is getting stronger day-by-day that technologies and companies are coming together to implement blockchain in industries like FinTech, Supply Chain, Manufacturing and so on.
At this stage, blockchain has given us a huge hint of about one single technology could be very efficient, and can change the dynamics of workflows between a customer and an organization.
I believe that 2018 is the year of blockchain for supply chain management. And it will be mainstream.
There’s already a company working on Blockchain for Jewelry business, to verify the authenticity of the jewel that’s being delivered to the customer. Imagine buying a jewel without having to worry about its authenticity. That’s what blockchain brings to the table.