Reasons to love block chain
Blockchain is the ultimate global ledger, subservient to no one and so widely distributed that tinkering is almost impossible. It is related to virtual currencies, but there is a considerable discussion lately about a variety of business applications beyond finance.
1. Intellectual property preservation:
Content creators used to be obligated to package and deliver their creations to corporations, paying a percentage back. There are new blockchain-based startups and registries that offer ways of selling works and being paid for full value.
2. Maintaining smart contracts:
Blockchains can be instrumental in the storage of transparent and even self-executable digital contracts, a blockchain-resident agreement could support multiple use-cases.
3. Data Security:
Blockchain’s ability for foolproof data protection is one of the greatest advantages. Increasing data from India, especially those held by government agencies, is highly vulnerable to cyber-attacks and can have devastating consequences. The good news is this was realized by the Indian government and in 2018 it passed the Personal Data Protection Bill. we can now use blockchain on every level of technology.
4. Clarity to global supply chains:
Providing global supply chains with clarity: There are several points of failure in today’s global supply chains, offering risk to brands who rely on timely and quality shipments. “What if a company could proactively provide digitally permanent, auditable records that show stakeholders the state of the product at each value-added step?”
5. Data Privacy:
The fact that Indian banks and other financial institutions are pouring investments into this new technology to protect consumer data from vulnerabilities and give more protection is even more remarkable.
6. Enhancing collaboration — without intermediaries:
There is still a need for intermediaries, such as large providers of social networks, to create a degree of trust between individuals and organizations. The need for such intermediaries can be removed by Blockchain, supporting profiles owned by employees themselves.
7. Improved Efficiency:
Because of its decentralized existence, Blockchain eliminates the need for intermediaries for fields such as payments and real estate in several processes. The blockchain allows faster transactions compared to conventional financial services by facilitating P2P cross-border digital currency transfers. With a centralized system of ownership records and smart contracts that would automate tenant-landlord agreements, property management processes are made more efficient.
8. Enhanced Traceability:
Each time exchange of goods is registered on a Blockchain with the blockchain ledger, an audit trail is present to track where the goods came from. Not only does this help to improve protection and avoid fraud in exchange-related industries, but it can also help to check the validity of the assets exchanged. It can be used to trace the supply chain from supplier to seller in industries such as medicine or to provide irrefutable evidence of ownership in the art industry.
9. Extends storage:
Storage in the cloud is an exciting growth. But, you have no control over the facilities for storage. It’s on Google, Dropbox, Facebook, or Apple’s side. And, if you value your privacy, that could become a problem. You can rest assured that no one else will access it but you because you will need an encryption key to access your data.
Prevents scams on fees:
How it can avoid potential payment scams is one of the most talked-about benefits surrounding blockchain technology. For starters, using “smart contracts” would cover both buyers and sellers. This technique would eliminate those situations where you purchase an item and the seller does not follow through.
The true possibilities of a blockchain are truly limitless, and it looks like blockchains are here to stay.
