Blockchain for Enterprises: Overview

Picture Source: Oracle

 

“You have to think of the blockchain as a new utility. It is a new utility network for moving value, moving assets”- William Mougayar.

 

if you have been following banking or cryptocurrency, you may have heard the term “Blockchain”. Now the question is what is blockchain? It is one of the fastest growing and widely recognized technology helping businesses of all kind and sizes (Small or medium). Since the creation of blockchain, its adoption is growing every year. In this blog, we will discuss at what benefits blockchain can bring for any company or enterprises. Let us see the beneficial ways how enterprises can adopt blockchain technology and use it to support their workflows.

Decentralization and security

Due to decentralization, blockchain has become the fairly secure system.  Blockchain does not store any of its information in a central location. By spreading the information across a network, rather than storing in a central database, blockchain has become more difficult to temper with. As data on a blockchain cannot be deleted or edited, making it possible to link each information with the previous one.

Payment with smart contract

Blockchain is designed to solve the problem of controlling money flow and transaction. Due to special technology used in blockchain, called “smart contracts” which automates agreement and enforces contracts between customers and suppliers, has created convenient transaction pipelines for enterprises and thereby improve their efficiency.

Internet of Things

IOT devices help to collect an amount of information that help make smarter business decisions and blockchain is perfect to store this array of information securely. Blockchain can communicate with all the devices simultaneously and serve as a bridge between devices.

Supply Chain Management

Blockchain optimizes supply chain for enterprises as an asset. Blockchain fueled supplied chain offers convenient tool to control and track payment. Blockchain not only track transactions but also fight fraud and simplify inventory management. Because of Blockchain, warehouse operations are becoming simpler and more efficient.

If you have any comments, please reach out to us at info@proso.ai