Blockchain For Business: Does It Help Companies To Facilitate Digital Transformation?
Since the advent of Bitcoin, blockchain technology has progressed a lot. Bitcoin was the first decentralized, safe, peer-to-peer electronic transaction system. The global bitcoin market will reach 132.91 billion by 2030. (Finance Yahoo)
Besides the exponential bitcoin market growth, people worldwide are now recognizing the benefits of the technology that plays behind the bitcoin.
As a result, blockchain development companies are coming to the surface of popularity among business enterprises. From medicine to finance, sectors are looking for ways to integrate blockchain into their business infrastructures.
The benefits of blockchain have turned into a global hot topic.
For years, companies have been jumping on the wagon that benefits their business or enhances their business scalability. In this new dawn of digital transformation, companies seek advanced technologies to reshape their business model for survival.
The decentralized nature of blockchain technology enables companies to level up their businesses to greater transparency and enhanced security. The integration of blockchain into a business model has become the best way to take your first step into digital transformation. And your management team should not go slow to unlock the potential of blockchain for business transformation.
Let’s dig out how blockchain technology is crucial for bringing digital transformation to business models.
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What Is Blockchain For Business?
- Blockchain is a shared, static digital ledger that makes transaction records and asset tracking smooth and sound.
- People can trade tangible assets(houses, vehicles, etc.) and intangible assets (copyrights, patents, etc.) on a blockchain-powered network.
- Precisely, blockchain can help track and record any asset of value virtually. So, for companies, blockchain for business helps them in reducing the transaction and data security risk, cutting expenses of asset tracking and recording.
- The value of blockchain for business lies within the effective transaction of entities with one another.
- Moreover, being a shared digital ledger, blockchain allows users to access the same information or data at the same time. It improves employees’ efficiency and business efficiency all at once. Blockchain integration helps companies to remove friction among their employees as well.
- Businesses these days are embracing blockchain for business to enhance their business scalability as well.
There is another catch.
- Business enterprises globally go through an average of 130 security breaches every year. (Purplesec)
- On the other hand, individuals lose $318 billion to cybercrime. (Purplesec)
Being decentralized in nature, blockchain technology ensures to protect your business transaction data, making it safe and secure. It protects companies and individuals from data breaches. If NFT development companies help businesses to create unique and unaltered offerings, blockchain ensures data security at an extreme level.
So, being digitally transformed does not only necessarily mean how you have transformed your production. It is also crucial to lubricate your business process, and robust your data security as well.
And blockchain for business handles them all.
How Does Blockchain For Business Facilitates Digital Transformation
The digital transformation market worldwide will touch $1548.9 billion by 2027. (Markets And Markets)
It seems like most companies across industries are heading towards digital transformation.
Amid the digital transformation of business models, blockchain plays a significant role. Blockchain is one of the key factors aiding companies to bring digitally transformative changes to their business models.
Through these following benefits, blockchain rings revolutionary changes to business models:
As A Standard Technology for Transactions
Earlier, companies used to store their business data in a central system.
On the contrary, blockchain allows them to store their business data within a virtual database. The most interesting fact is that all the users within the virtual network acquire a local copy of that particular database.
The decentralized structure with cryptographic procedures makes sure of the safety and security of the information. So, for B2B and B2C businesses, blockchain technology ensures a safe, standard, and peer-to-peer transaction without manipulation.
Consequently, blockchain is becoming a key technology to bring digital transformation across businesses.
Facilitating Business Processes
In this digital realm, speed is one of the prime factors helping businesses to stay ahead of their competitors.
However, conventional business processes are time-consuming.
For instance, employees take time to accumulate and analyze data manually to make better business decisions.
Blockchain technology accelerates business processes like data storage and transactions through automation.
Ensuring Data Safety
- Data safety is another main concern of businesses in this digital landscape. Blockchain hinders data breaches.
- With blockchain-driven business applications, companies can process, store, and transfer data maintaining a high level of security.
Being A Supply Chain Game-Changer
- A robust supply chain is crucial to make your digital transformation sustainable. Blockchain technology can serve as the building block for companies to refine their supply chain.
- The decentralized blockchain boosts transparency in business transactions in the supply chain. The end customer can easily track the product’s origin throughout the supply chain.
Blockchain will power up almost 55% of healthcare apps by 2025. (App Inventive)
Like healthcare, many industries, like finance, real estate, logistics, etc., are confident that blockchain technology will radically impact businesses.
The total number of blockchain-driven wallet users will become 81 million in 2022. (App Inventive) So, it is the best time to embrace blockchain technology, partner with a reliable blockchain development company, and initiate digital transformation.