Blockchain for business

Colin Baseman

The list of enterprises that got on the blockchain train is becoming bigger every day. Read about the areas in which this technology can make a real revolution. We have picked up a description of five industries for which blockchain is simply irreplaceable.

Blockchain bears promise of huge untapped potential and a lot of companies start to notice it. Record-keeping technology allows them to provide reliable, transparent, secure, traceable solutions for their clients. You can read more about blockchain technologies on the pages of our portal. Here we will get acquainted with the areas of business in which they can be used.

Instant money transfers 

Many organizations and their clients face a number of restrictions when making money transfers. They are associated with delays in time, commissions, collection of a large number of documents. Blockchain helps you to get rid of all of these problems. The calculation can be carried out in cryptocurrencies, which can then be converted into regular cash at the current exchange rate.

Blockchain transfers are made with minimal fees, almost instantly, and the user does not need to fill in bank forms. At the same time, the protection of processes matches the level of bank institutions.

High-speed transportation of products

For a successful logistics business, it is important to organize cargo transportation.The decentralized ledger helps you not to miss a beat of the product shipment. Blockchain allows you to make the process as transparent and secure as possible. Continuous entry into decentralized lists reduces the impact of the human factor and reduces the risk of delays. Regular monitoring does not hold a candle to blockchain

Maximum security of Bank deposits

Every year banks lose huge sums of money because of fraud and hackers. Blockchain provides maximum security. The transition of clients of financial institutions to the blockchain will allow using a unique identification number instead of a name.

A private key ensures that only the owner will be able to transfer the money, not even a bank. These and other measures ensure maximum protection of Bank deposits.

Cloud storage to successfully counter hacker attacks

Organizations that are involved in cloud storage use centralized servers to store information. This creates risks and opportunities for hackers to steal valuable information: it is enough for them to hack the server and get full access to the network.

 The use of cloud storage on the blockchain allows you to store information in a decentralized manner. The nodes of the system are not connected to each other. This approach reduces the vulnerability to attacks. Even if a node is compromised, the network will remain secure.

Protection against vote fraud

In corporate governance, such problems are common: forging signatures, rigging voting results and conducting meetings without prior notice to all participants. Blockchain will help to get rid of these shortcomings. Thanks to it, you can monitor the process and produce vote counts, eliminating the risk of fraud. The voters are given a unique key, which helps to make voting run more smoothly without worrying of double-voting.  

Not all business owners understand what blockchain is and how it works. The development of advanced technologies will provide important competitive advantages, improve the quality of service and improve the financial performance of the company. On the pages of our portal, you can read about how to implement blockchain in business, what opportunities it opens and what you need to know about programming smart contracts.