The interest surrounding the blockchain technology has recently skyrocketed leaving businesses to wonder how they can deal with it. A blockchain is basically a public digital ledger, and when you consider its ability to record, verify, and secure transactions digitally using its network instead of a single authority or group, the hype around it is understandable.
Who can Benefit from Using the Blockchain Technology?
By cutting out intermediaries, blockchain eases and quickens the process of making transactions and consequently enhances business performance. However, businesses that require a third party or an authority to intervene between transacting parties are bound to be disintermediated. Its network is open, hence anybody interested can inspect it, and people can make transactions without having to know the other party or even trust them.
Blockchain also offers privacy even if its transactions are public. For example, when the transaction took place and how much currency changed hands is public information, while the rest of it is private. This privacy together with its verifiability and security can be used to change industries.
For instance, votes can be counted without revealing people’s choices, money transferred while bank statements are kept confidential, and confidential information can be stored with partial access being given to authorized persons. As a result, Dubai wants to place all its government documents on the blockchain by 2020.
As it becomes widely accepted, blockchain is bought to affect how businesses are globally run. Hence, all business executives need to get on ship or risk being left behind.