Increase Efficiency In Existing Business Processes By Blockchain

Business efficacy is paramount. Companies adopt various technologies and techniques to make business processes more productive. One of the key contributors to this has been the internet. Still, the new technology that is impacting the business functioning on the ground level and even at the backend is Blockchain. This technology emerged in the year 2009, and ever since then, we have been talking about it. Blockchain was once limited to Bitcoin exchange, but its multifarious use and abundance of features which are unparalleled in terms of effectiveness have made it the hottest selling skill in the market. Companies like Apple, IBM, Wallmart,  and others are openly embracing Blockchain professionals who create Blockchain applications that help in leveraging Blockchain technology to the end-users. This will eventually help in mass uses and awareness about Blockchain. 

READ ALSO: 6 Advantages of Using Large Pyramid Boxes

Exploring how Blockchain is impacting business process:

The primary focus of any company is to create a seamless business process that doesn’t have bottlenecks. Although there has been a growing use of advanced technologies to make the business processes more productive, we are still lagging in certain aspects. Some of the key problems that many businesses are facing include:

1. Lack of transparency- Despite so much of the developments that we have witnessed in technologies, business process transparency is something where we still lag. 

2. Paperwork- Many business segments like shipping industries are still relying on a lot of paperwork which not only consumes time and effort but also impacts productivity.

3. Data security- Although we have made a switch over to the digital era, and most of the business processes have switched to the online medium. Still, the fact of the matter is that apprehension about data security seems to be rising. The growing number of data breach cases and theft of digital identity is a primary concern that haunts many industries. 

4. Time-consuming – The conventional methodologies of working are highly time-consuming. It takes in a lot of your time, leaving you with minimal efficacy. Whether it is the supply chain or the conventional banking system, each of these processes is still not so effective. Moreover, the time that goes in validation and verification of data along with third-party intervention leaves most of the companies struggling. While this can still not be such a big of a problem for the big names in the industry, but the smaller enterprises can suffer a lot in terms of productivity. 

The answer to all these questions lies with Blockchain. We are certainly not claiming here that Blockchain is completely infallible. But a technology that is still at a nascent stage holds a lot of potentials to impact businesses and make them more efficient and secure. And so we will now be focussing on how Blockchain is creating an impact in the business operations and how it is making them more efficient.

Blockchain: The difference creator

A technology that has been in existence since 2009, but over a period of time, it emerged as a mainstream technology. It also found several applications across the different industrial segments like finance, healthcare, education, shipping, supply chain etc. So, how does Blockchain functions to improve the business processes:

1. It offers decentralization– One of the key benefits of Blockchain is decentralization. Since there is no third-party involvement, all the interaction takes place between buyer and seller. Now that the interaction is taking place between the two parties, and one doesn’t have to depend on third-party validation and approval. This enhances the speed of transaction, thus saving time and money. Resultantly, it improves business productivity. 

2. Cost-effectiveness– Every business is looking for a cost-effective solution. Since there are no third-party involved in this, you don’t have to get into the payment of transaction fees or processing fees which increases the overall costing. But with the Blockchain platform, you don’t have to pay such charges. Also, this platform enables you to interact with the seller directly. There are platforms like NEO, which doesn’t charge any transaction fee.

3. Enhanced security– Now that we have shifted to digital platforms, and most of the companies are now using digital platforms. Banking and financial sectors have shifted to digital platforms, but the fact is that these platforms are not completely secure. And hence, we are in need of a system that can overcome the security threats. Blockchain technology is that platform which works on ensuring enhanced security. All the information present on Blockchain is time-stamped and is encrypted. Moreover, all the data is stored in the form of blocks, and when the blocks are added to the ledger, then it is stored in a sequence, any addition or deletion to this sequence is not possible and if yes, then it becomes evident. All this helps in ensuring that there are alterations or faults in the system. This eventually helps in enhancing the security of the system.

4. Provenance– Tracking and tracing are important, and this feature of Blockchain will be beneficial for companies that are dealing with the supply chain. Since all the data fed in the DLT is time-stamped, we can easily trace back the origin of a product. This will not only enhance the productivity of the system, but it will also help in enhancing the trust of the customer on the system.

These were some of the popular use cases of Blockchain technology. We are expecting a high rise in the demand for this technology in the future, and hence there is going to be a need for professionals which can leverage this technology. 

Conclusion: Now that you know about Blockchain and its importance, and its use cases are going to increase over a period of time. It is expected that Blockchain will witness a CAGR of 67.3% between 2016 and 2025, and this clearly indicates that there is going to be a need for Blockchain experts and professionals who can help in leveraging this technology. If you too are keen to join the Blockchain certification course, you can visit blockchain-council.org. Here you will get all the information and updates related to Blockchain.