8 Benefits of Blockchain to Industries and Individuals

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The blockchain is becoming more popular now to even used by many industries and individuals.

Have you heard about Bitcoins and other cryptocurrencies like Ethereum and Ripple lately? Recently, in my country, our nation’s president approved the use of cryptos like Bitcoin.

Back in 2013 (where I first have known of Bitcoin), Bitcoins traded for $115 each. Recently one Bitcoin was worth a whopping $17,000. As an entrepreneur, you may not be interested in now in purchasing Bitcoins or any other cryptocurrency as a form of investment. The Blockchain really the Bitcoin to be possible and soon lots of cryptocurrencies will rise.

To help us understand the basis of the blockchain, it is a virtual, public ledger that records every detail in a safe and transparent manner. With a bank, it facilitates transactions with traditional currencies whereas the blockchain allows the free transfer of cryptocurrency through a decentralized (P2P)peer-to-peer environment. All the data is then carried in an interlinked network of computers, owned and run privately by no other than the users themselves.

Blockchain Technology will soon prove that everyone has the chance to become financially free, only if people will realize the advantages of using it.

1. Quality assurance.

If something suspicious is detected somewhere along the supply chain, a blockchain system can lead you back all the way to its point of origin. This makes it easier for businesses to make an investigation and execute the necessary actions. An example of this is a scenario is in the food sector on tracking the origin where the batch information and other important details are crucial for quality assurance and safety

2. Management on the supply chain.

The blockchain technology offers the benefits of traceability and cost-cutting edge compared to the fiat. In a blockchain, it can simply be used to track the movement of goods, their origin, quantity and so on. This results to a new level of transparency to B2B ecosystems, simplifying processes such as ownership transfer, production process assurance, and payments.

3. Accounting. 

Recording transactions through blockchain virtually eliminate human error and protect the data from possible tampering. Remember that records are verified every single time they are directed on from one blockchain node to the next. In addition to the sureness accuracy of your records, such a process will also leave a highly traceable audit trail.

Most importantly, the entire accounting process also becomes more efficient when it comes to the foundational level. Rather than maintaining separate records, businesses can only keep a single, joint register. The integrity of a company’s financial information is also guaranteed.

4. Voting.

Just like in supply chain management, the promise of blockchains in the aspect of voting all boils down to trust. At present, opportunities that pertain to government elections are being pursued. One model is the initiative of the government of Moscow to test the effectiveness of blockchains in local elections. By doing so will significantly eradicate the likelihood of electoral fraud, which is a big issue despite the prevalence of electronic voting systems.

5. P2P (peer-to-peer) global transactions.

Finally, the skyrocketing rise of Bitcoin and every other cryptocurrency in the market isn’t without merit. For one, it enabled the fast, secure and cheap transfer of funds across the globe.

While there’s already a slew of services like PayPal and Coins.ph that process international payments, they usually require regulated fees per transaction. Other P2P payment services also have specific limitations, such as the limit on location and minimum transfer amounts. Apparently more and more businesses, same as ordinary users, are beginning to use cryptocurrency for international transfers. Not only that, users are also will be given more freedom when it comes to the management of their funds. It’s clear that the blockchain is making stretch into different industries outside of cryptocurrency. One could say that most people aren’t ready yet for decentralized digital ledgers, but looking at blockchain’s progress so far, it is obviously beginning to be popular.

6. Automatic executions (Smart contracts).

Time-consuming contractual transactions can slow down the growth of a business, especially for entrepreneurs that process a torrent of communications on a consistent basis. With smart contracts, agreements can be automatically proved and validated, signed and enforced through a blockchain contract. In this case, there’s no need for middlemen and can definitely saves the company time and money.

Today, blockchain solutions like CREDITS offer freedom on smart contracts paired with its own internal cryptocurrency. By consolidating everything into a single platform, businesses can integrate services without disclosing an excessive amount of proprietary information to third parties.

Related post: 6 Facts About The Blockchain Technology

6. Trading.

This is great if people would only realize how much money they can get when trading cryptos. It’s like a Stock Exchange that let you trade, but only it is virtually done. And the most exciting part in trading cryptos are not only on the gain but the fact that you can be also considered to be an expert trader.

7. Energy supply.

There are 2 kinds of businesses — those that|those who} disregard monthly utility bills and people who scratch their heads, curious where their energy expenditures are coming from.

In certain parts of the world, business institutions and households can now make the most of blockchain-enabled “transactive grids” for sustainable energy solutions that accurately track usage. A few examples would be Powerpeers in Holland and Exergy in Brooklyn. Blockchain may also be accustomed improve the trailing of unpolluted energy. After all, once power is shipped to the grid, nobody will very distinguish if it’s generated by fossil fuels, solar power or wind.

Traditionally, renewable energy is tracked through tradable certificates that are issued by the government. These certificates are, to place it bluffly, terrible in serving their purpose — one thing that blockchain would don’t have any trouble handling.

With this list of benefits, would you rather buy cryptos now? Please share your ideas on the comment box below.

 

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