For companies to benefit from blockchain they must understand what blockchain is, develop business use cases and ultimately
redefine their business models. Blockchain will impact businesses in a similar fashion that dot com revolution did.
Benefits of Blockchain
Fewer Intermediaries
Blockchain is a true peer-to-peer
network that will reduce reliance
on several types of third-party
intermediaries such as banks,
lawyers, and brokers.
Faster Processes
Blockchain can speed up the
process execution in multi-party
scenarios and allow for faster
transactions that aren’t limited
by office hours.
Transparency
Information in blockchains is
viewable by all participants and
cannot be altered. This will
reduce risk, fraud, and
create trust.
Cost Reduction
Distributed ledgers will provide
quick ROI by helping businesses
create leaner, more efficient,
and more profitable processes.
Security
The distributed and encrypted
nature of blockchain means it
will be difficult to hack. This
shows promise for businesses
and IoT security.
Automation
Blockchain is programmable –
which will make it possible to
automatically trigger actions,
events, and payments once
conditions are met.
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