Blockchain is the new kid on the block in the tech world, and it’s taking the neighborhood by storm. Bitcoin’s meteoric rise in the final quarter of 2017 made cryptocurrency a household name, but it’s blockchain’s ability to adapt to many use cases that has made it the darling of fintech and cybersecurity companies.
Big businesses and financial institutions have begun developing their own blockchain solutions in-house, but the costs of development are usually steep and the outcomes aren’t guaranteed. Small and midsize enterprises (SMEs) that want to use blockchain but lack the same resources as the big players would likely rely on third-party companies that offer blockchain services. However, in an emerging tech market where 92 percent of startups fail, how can SMEs know which blockchain companies to trust?
The emerging blockchain industry
Blockchain services solve a wide array of problems that plague the existing financial system and security infrastructure surrounding businesses’ day-to-day operations. Blockchain is a versatile solution that can help secure digital assets, manage multicurrency transactions worldwide and enable all relevant parties to monitor supply chains, to name a few examples.
“Transparency, traceability and security are three of the pinnacle solutions a blockchain can provide to a business or service system,” said Elliot Rothfield, co-founder and creative director of cryptocurrency and ICO index WatermelonBlock. “Blockchain technology is spreading like wildfire; we are seeing an unprecedented level of adoption into mainstream industries like the financial services industry all the way through to more niche markets like gaming, social work, medical research and the list goes on.”
Here’s a look at some of the problems that developers are working on solving with blockchain solutions and platforms.
- Transactions: One of the most obvious uses for blockchain is for transactions. For both B2C and B2B payments, blockchain can be used to both remit payments and record details about the transaction in an immutable distributed ledger that every user has access to. Because blockchain ledgers are decentralized by nature, they are far more difficult to tamper with than traditional, centralized systems. Blockchain solutions even hold the potential for near-instant transactions in multiple currencies worldwide.
- Supply chain management: Blockchain’s function as a distributed ledger is not limited to financial transactions; it can also provide a transparent overview of supply chains to all stakeholders involved. Whether for a supplier, processor, distributor, retailer or consumer, blockchain can enable a 360-degree view of the supply chain from raw material to finished product and from retail shelf to end user.
Read more: https://www.businessnewsdaily.com/10938-blockchain-business-trust.html