How Blockchain Is Transforming Big Data Businesses

How Blockchain Is Transforming Big Data Businesses

Blockchain is having a huge impact in the global financial market and is transforming the financial services of many business and industries.

In short, it changes the financial aspect of business sectors, providing a clear record book that can’t be altered between two individuals.

Obviously, billions of transactions are made daily, and trillions of dollars are moved around the outdated global financial system every day — and this process still relies on paper processes. This has made it easier for fraud and theft to grow in business financial sectors. Also, 45% of financial intermediaries, such as stock exchange and money transfer services, suffer from economic crime every year.

But with blockchain in place, billions of transactions are protected from several hurdles that might occur during a transaction. This provides reliability, transparency, traceability, faster transactions, and improved data quality.

In fact, a recentworld economic forum predicts that by 2025, 10% of GDP (gross domestic products) will be stored via blockchains or blockchain-related technology.

Below are ways that blockchain will transform business sectors, making room for more data.

Supply chains are fundamental series of transactions that enable products to move from a production point to their final deployment. Most of the things we buy aren’t made by a single producer but by a chain of suppliers who sell to an organization or company that processes and distributes the final product.

However, existing supply chains are complicated and slow in product distribution. Also, many parties across the world don’t trust each other in terms of transaction supply. But the interesting fact is that blockchain has changed the process of supply chains in business sectors — ensuring optimum security, providing transparent monitoring of transaction, reducing time delays, and providing an assurance of product authenticity.

One of the biggest challenges in the transportation industry is the protection of assets and cargo.

For example, a lot of vehicle transport services need to give their customers transparency in transactions and timely deliveries.

This led to a collaboration between AOS and IBM to enhance the efficiency of the transportation industry, providing a new truck tracking solution that uses IoT and blockchain to manage effective transactions between carriers’ local authorities and clients.

Also, the implementation of this truck-tracking solution can help to monitor what’s happening with the trucks.

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