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How Transparent Accountability Opens the Door for Business on the Blockchain

Photo by Shane Aldendorff on Unsplash

Transparency as a Feature of Blockchain Technology

The blockchain is decentralized, secure, and transparent. It provides a simple, secure and accountable way to record transactions. While its use for financial transactions is widely known, it can also be used for other business dealings including supply chain management, accounting and governance.

  1. It is completely traceable.
  1. It is a fully auditable, accurate ledger of transactions.
  1. It is decentralized.
  1. It is safe and secure.
  1. It is a trustless system.

Business Applications of Blockchain Transparency

Blockchain’s features make it useful in many ways across many industries. Here are some opportunities that blockchain transparency has created.

  1. Financial Management
  1. Supply Chain Management
  1. Smart Contracts
  1. Cryptocurrency
  1. Intellectual Property Rights

The Role of Blockchain in the Future of Business

Contrary to some popular beliefs, blockchain is not a replacement technology, but a transforming technology — changing how we live, buy and sell. The Harvard Business Review describes it as a foundational technology, with the potential to create new foundations for our economic and social systems.

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Kareem P. Jackson

Product Engineer💻….Global Citizen🛩Blockchain Enthusiast🔗….Stoic….Founder of Unpluggd Media Group. I build things and tell stories….https://kareempjackson.com