Business Application of Blockchain Technology Beyond BitcoinOctober 1, 2018
Blockchain was born to offer legitimacy to its master Bitcoin after the financial cataclysm last 2008. At its core is an unruly contempt for central authoritative control, providing a decentralised network of regulation and self-compliance instead. However, the servant turns out to be the master, delivering business benefits not imagined throughout its conception. In fact, blockchain is nothing a game changer for those who can master it.
A New and Innovative Trading Platform
Any sort of trade needs exchanging assets among two or more parties. Otherwise, the trade follows the bartering network, there’s always as much as one central third party which is brokering the deal. It offers trade and searching their compensation for the role which they undertake.
Blockchain transforms this trading platform through bringing parties together in a transparent network with no third party. It records every transaction securely and sequentially.
Using this new trading platform can bring a plethora of business benefits.
Along with complete traceability within the lifecycle of an asset, the manufacturer and asset designer can accommodate with life asset management into their items to make them more efficiently. It can enable for data going back from shipping, installation, maintenance, as well as decommissioning.
As every transaction is confirmed within the network through independently verified complicated cryptography, the authenticity of the data can be guaranteed. Guaranteed information is one of the basic keys to uncovering the benefits of the IoT (Internet of Things).
Insufficient commercial transparency can often result in delays in commerce and even a breakdown in relations. By offering information on the transaction from the commercial construct, added trust can be recruited in the process. Thus, it offers a more stable relationship sourced on transparency, instead of negotiation.
Did you know that tracking goods in a supply chain could be beneficial when planning to trace where components are residing? You see: information connecting to the component can be related to or from the new owner.
As every transaction is noted indefinitely and sequentially, it offers a permanent audit path for the life of an asset. That is particularly crucial when source data is vital in confirming an asset’s authenticity. At this point, this benefit is being considered by the firm Ever-ledger to trace diamonds.
Lastly, as transactions are done directly between important parties without intermediary and along with digitized information, settling the transactions can be fast. Apart from this is the power to operate smart contracts that trigger business actions automatically based on sustaining the criteria laid out in the contract. That can substantially streamline processes. In doing so, it gets rid of cost and time from transacting.
One great example of blockchain technology today is XinFin. XinFin (XDCE) has created a hybrid blockchain technology that delivers the availability and transparency of public blockchain mixed with scalability and security of private blockchain. The platform strives to build a strong application deployment layer on their Blockchain Network.