I believe that we have all heard of at least one description of what blockchain or Blockchain Technology is, and perhaps that description had something to do with money or cryptocurrency. But then again blockchain technology has broader applications than just cryptocurrencies. In the future, blockchain technology could be a part of our everyday business-to-business transaction, including those powered by enterprise applications.
So here are 4 things that blockchain can do
1.Enable Distributed, Autonomous Marketplaces
Blockchain allows asset owners to track and trade things of value. This includes outstanding invoices in a secure, transparent, private and self-reconciling “chain” of transactions. This capability can add speed and flexibility to cash and asset management. For example, using verified invoices from enterprise resources planning also known as ERP applications. Finally helping companies to raise cash quickly or accelerate cash flow by selling invoices on an autonomous invoice-factoring marketplace.
2.Reduce Friction In Business Transactions
Managing spending is a challenge in most organizations. Alternatively, an enterprise could create a self-governed blockchain network for suppliers and partners, This could enable automated smart contracts, instants payments and Internet of Things to activate shipments. Digital transactions can reduce human transaction errors like missing information and errors, and it happens faster because of the direct connection between buyers and sellers.
3.Manage And Secure Decentralized Private Record With Encryption
One of the fundamental features of blockchain is that each individual data record or element is encrypted. Traditionally, industries rely on third parties to guard databases of their shared information using firewalls and access restriction. As frequent high-profile data breaches demonstrate, this practice is not working anymore.
But if each data element is secured and encrypted with a blockchain member’s key, a cybercriminal would have to access every member key in order to access the blockchain data. With this action, blockchain does not have to make all data 100% secure, but it can help to prevent the exposure of a large number of private records in a single act.
4.Tracking The Provenance Of Produce And Materials
Blockchain can help to guarantee product quality and safety by making it easier to track and locate in-use product and materials, For example, an auto manufacturer forms a quality-focused blockchain that includes parts suppliers, sub-assembly makers, a quality-control provider, and the public regulatory body. In case of recall of defective parts would then become much faster and thus more effective.
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