In my last post I talked about the advantages of using big data in your business and how blockchain and big data work together. If you haven't read Part 1 check it out here.
Advantages to Using Blockchain in Your Business
Global Decentralization A decentralized ledger of peer-to-peer actions is the building block of the blockchain premise. For private businesses it is shared between the company and client, called Smart Contracts.
Better Customer Experience with Decentralized Smart Contracts Smart contracts are used in digital finance and accounting agreements to improve various business operations. Smart contracts between a company and customer puts power back into in the hands of the client with more transparent business practices because of the distributed ledger.
a. Both internal and external stakeholders can share data transparently.
b. Reduces record keeping and order disputes by improving order terms and conditions.
c. Fewer billing errors due to inaccuracies on orders allow payments to occur promptly, ultimately reducing costs.
Decentralized Information and Data Sharing Provides Confidence and Security Instead of a single administrator/owner, controlling the data, it is shared amongst peers so each transaction can be trusted and agreed upon.
Automated Verification With automated verification there won’t be any questions about whether the company or client is reputable, whether money is in the account, or if a request is genuine.
Better Overseas Cashflow Cashflow with overseas customers will be faster than waiting days for a wire transfer.
Supply Chain Evolution with Internet of Things IoT is the future of property. We have smart phones, smart cars, smart houses, and more. Companies will soon have smart appliances. Soon your car will automatically pay the gas pump when you pull in to fill up if it is connected to the internet. Companies will also have access to their global supply chain sensors to better manage product location and driver performance, to name a few. Blockchain and big data will allow data collected by sensors to be analyzed and help companies better manage risks.
Eliminate Paper Contracts and business processes done individually will now be stored and sent digitally. Cross-border business will benefit by avoiding the long process of mailing forms to customs or embassies for approval. Paperwork can now be signed and authenticated digitally.
Decentralized Documentation Documentation can be transferred with ease while maintaining the chain of custody with the decentralized ledger.
More Computing Power Computing power can be distributed accordingly to each computer on the peer-to-peer decentralized network.
Cuts Out the Middle Man With Peer-to-Peer Transactions
a. All of the reasons above.
b. No need to adhere to traditional infrastructures with no middle man. Without a middle man there won’t be the usual back and forth between peers.
c. When a company accepts payment from peers with cryptocurrency, banks and other middle man fees are cut out.
Ultimately, Blockchain Should Peak Your Business Interests
Big data with the advent of blockchain technology will change the course of history. Blockchain technology is creating better and more effective ways for companies to use data they collect. Ultimately, blockchain is able to reduce infrastructure cost by improving customer experience, targeted marketing, and more efficient business practices.
If you enjoyed reading this feel free to let me know what you think in the comments. I am not an expert, only enthusiastic. I can't wait to see how blockchain technology will continue to change how business is done globally. Surely this great technology will open doors to people along for the ride and who buck traditional infrastructures built by greed. Blockchain is the future of global industry!
How Big Data and Blockchain is Changing the World Part 2 | Ecency
