WHAT ARE THE ADVANTAGES OF THE BLOCKCHAIN FOR BUSINESS?Arthur S. Aumiller 2019-04-11 0 COMMENTS
Specialists observe technology for other functions, in addition to the control of digital financial transactions.
Blockchain is known for being a technology that makes the registration, storage and “seals” all the data intervened in a digital financial transaction made in any currency, including crypto-medals.
The main advantage of the blockchain art is digital security, which does not allow these already registered data to be altered or excluded.
For business, one of the advantages of this technology is that millions of assets can be transferred from unit to unit, from one country to another, from franchise to franchise, without financial agents acting as intermediaries.
It is a safe, fast, easy, cheap, transparent, efficient and autonomous form of financial transactions.
One of its characteristics, for example, is the decentralized data bank, which eliminates the need for third parties to protect and authenticate the data of a company. All certification of document authentication is done autonomously, giving freedom of choice regarding the relationship between business and company (B2B).
In the blockchain, each record is encrypted individually, generating a personalized access key. The CV of a university professor, for example, who is part of an educational institution: each item of the document receives a code. In order for a hacker to have access to the complete curriculum, he should have innumerable keys from different blocks to access the document and perform some type of editing.
Blockchain in addition to financial transactions
With all these advantages and still an incorruptible technology, the chain of blocks is being seen by specialists as a new option in other business processes, not only in financial transactions, but also in the negotiation of digital properties.
The magazine Forbes listed some possibilities, such as:
● Create platforms of distributed and autonomous merchants: the so-called marketplaces will be able to make their transactions secure, dispensing from the supervision of third parties, since the technology itself acts transparently and all the involved parties can observe the action of each business. In this way, the platforms can be decentralized and act in different markets.
● Facilitate commercial transactions: companies can create their own network, including suppliers and colleagues, so that within this system they can carry out their negotiations without depending on banks and other institutions that can regulate their activities and interrupt the agility of the actions. With automated contracts, instant payments and accompanying the shipment of merchandise. In the blockchain, as well as certification can not be corrupted, there is no opportunity for dishonest actions, deviations, unfulfilled contracts and unrealized payments. If a company knows the nature of a supplier, the chain of blocks can be an optimal opportunity for cost reduction, repetition of work and delays, debureaucratizing the process as a whole.
● Manage decentralized private records: securely store strategic documents for a company, is another possibility with blockchain. If the file does not need to be edited anymore, it can be closed and stored in a bulletproof and counterfeit network.
● Accompany the origin of products and materials: with the blockchain it is possible to track products that were bought within this chain. If a truck that transports medicines, for example, presents a fault, from Internet sensors of Things, it is possible to know in real time the logistics situation of the delivery of the products. If it is going to be delayed, in how much time, if it will be necessary to make a new order so that this is not needed in the inventory.
In short, the blockchain was created to transit the cryptocurrencies with security and ended up transforming into a system that does not allow corruption and that removes from the processes the intermediaries that may interrupt the negotiations or bureaucratize the processes.
It is a new paradigm that comes in the B2B business relationship and also between companies and end customers.