How Blockchain Technology is Reforming Enterprises

How Blockchain Technology is Reforming Enterprises

Blockchain technology is tackling several data-related obstacles that organizations faced for years, especially in the management of digital assets. As Stefan Kukman, CEO of CargoX said –

“The blockchain is sometimes referred to as Web 3.0 because it is a revolutionary piece of technology that allows us to digitize assets in ways that haven’t been possible before. For the first time in the history of the internet it is possible to store digital assets in such a way that they cannot be copied or duplicated without permission, and that their source can always…be known.”

Blockchain is a distributed database; no central body is required to modify the data nor is there a single point where it can be hacked or destroyed.

Uses of blockchain technology in improving enterprises

Detecting fraud

Blockchain can be an important tool in fighting fraud. Transactions are transparent in a blockchain based network; this is important in transactions involving money. Third parties can be eliminated in a blockchain network.

Internet security

Blockchain applications can improve the security of data by distributing the data across a decentralized network of computers. If one node in the network is compromised by hackers, authorized users can still access the data.

Financial products and services

When applied to banking, blockchain technology will streamline payments, making them secure and fast and remove the need for a complicated financial ledger.

Smart Contracts

Using blockchain based smart contracts, users can construct their own set of terms and conditions for a transaction which will then be enforced by the underlying protocol of self-regulation. Software developers can now create tools without the need of jurisdictional rules to enforce the terms of contracts.

Automated Supply chains

Supply chains for any business can be developed using blockchain technology and they can be easily monitors. Strong business communications and quick reactions will be the future of supply chains if blockchain technology will be implemented in the system.

Feelium

Being open to all industries and any transaction, the Feelium blockchain platform can be used to develop and execute any business. With smart contracts and escrow services facilitated using the Feelium tokens, B2B, B2C or P2P interactions can be automated.

Visit www.feelium.co to buy Feelium tokens and to avail smart contracts and escrow services.