5 Reasons for Enterprises to Embrace Blockchain Technology
Blockchain technology has a myriad of uses in industries around the world. Currently, the financial potential of the technology has gotten the most attention, as it allows faster transactions and a generally streamlined process. But the technology is still in its early days, and the future benefits it holds are boundless.
#1 Better Quality of Data
In today’s world, data is an increasingly valued commodity, and the channels a business has to gather, process, and store it must stay adapted to changing times. Blockchain has the potential to radically improve the way businesses handle data.
Information stored on a blockchain beats standard physical or cloud storage, because it remains complete, consistent, and accurate. Due to the distributed storage protocol of blockchain, there is no one point of failure that may result in corrupt or lost data.
Moreover, data stored on the blockchain is immutable, meaning it can’t be altered after-the-fact. This is a very useful quality, as it removes s great deal of the reliance we have on basic trust.
#2 Eliminating the Reliance on Trust
Since the blockchain is distributed and immutable, it acts to replace traditional intermediaries. For example, purchases made with Bitcoin are recorded on the universal distributed ledger, for anyone to see.
Traditional transactions are recorded by banks, who act as the go-between, verifying that money has changed hands. Likewise, insurance companies act as the intermediary when a car accident occurs. While these systems generally work, they rely on trust between humans, where blockchain transactions are automated according to a cold, rational, algorithm.
The reduction of basic trust concerns will lead to a more streamlined experience for consumers and better credibility for corporations (banks, insurers etc.)
#3 Speedier Transactions
The change from centralised to distributed ledgers will improve transaction speeds. Blockchain can alleviate the roadblocks faced by the financial sector such as clearance and settlement, furthermore, smart contracts will allow deals to execute instantaneously upon certain conditions.
#4 Openness and Transparency
One of the most hyped benefits of blockchain is its peer-to-peer capability, meaning third parties are not necessary for transactions. Removing the middle-man is a positive development in any industry, and blockchain will make for a far more transparent and subsequently streamlined ecosystem.
#5 Putting Users In Charge of their Data
Perhaps the most exciting potential of blockchain technology is the fact that it puts each user in control of their data, transactions, and deals. This is threatening to the companies that have a monopoly on user data today, but if the adoption of blockchain continues to accelerate, these giants will have to join in or risk falling behind.
ABOUT SURETY.AI
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Find out more about SURETY.AI through this short and informative video! 💻
https://www.facebook.com/theheartilab/videos/1961164747258772/
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