How Can Businesses Benefit from Blockchain Technology? – UKTN (UK Technology News

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When Bitcoin was launched in 2009, it displayed the actual use of only a theory that showcased the operational features of this digital distributed ledger technology. With this technology in place, establishments have been working on making blockchain work for them. Governmental and non-governmental organisations use blockchain to implement new business models and enhance current processes. 
Blockchain’s significance comes from its capacity to share data quickly and securely without being controlled by a single entity in managing and safeguarding the data or managing transactions. Blockchain is a public ledger of transactions with features that improve loopholes in systems and processes.
The features of blockchain provide different advantages to businesses regardless if they choose to use the public blockchain network or a private or permissioned application based on blockchain. 
Here are some of the advantages of blockchain for businesses.
The decentralised structure of blockchain allows data sharing within a digital sphere with no single entity that regulates the entire system. To understand things clearly, this works similar to a supply chain. Different businesses such as transportation companies, suppliers, distributors, retailers, and producers, need to acquire information from other entities in that chain. However, no one is the sole regulator of all that information sharing. The decentralised structure of blockchain provides the solution.
Blockchain enables trust between different entities where there is an unproven or nonexistent trust. Cultivating trust is imperative in any business or endeavour which is why trustworthy platforms like Bitcoin Profit app boast of a reliable and secure system that is also a unique characteristic of the blockchain. It is just one of the most important and essential aspects that should be noted in each undertaking regarding both technology and business.
With trust, willingness increases in entities to engage in transactions that require sharing of data that would not have transpired if the process needed a middleman. One of the most important benefits of blockchain is the enablement of trust. This becomes evident in cases where entities engaged in transactions where they do not have direct relationships yet have the need for data sharing or payments. Cryptocurrencies are unique examples of how blockchain enables trust among entities who do not know each other. 
Transactions that involve blockchain are significantly faster than traditional methods because of the elimination of middlemen. There are outstanding cases when blockchain can handle transactions in seconds or less. However, there are still varying results because of the different factors involved in processing transactions, such as network traffic and how large a data block is. Financial and technological experts affirm that blockchain is supreme compared to other technologies and processes when it comes to speed. One example of a blockchain application is when Walmart traced the source of sliced mangoes in seconds through the technology when this process usually takes seven days to accomplish. 
Systems enabled with blockchain have enhanced security because transactions have an unchangeable transaction record with end-to-end encryption. This eliminates unauthorised activity and removes fraud. Moreover, blockchain data is stored across a variable network of computers, making the system nearly impossible to hack. Furthermore, privacy concerns are addressed better than traditional computer systems that use servers to store data by providing anonymous data. 
Organisations that use blockchain reduce their costs as blockchain efficiently handles the processing of transactions. Manual tasks are automated, such as reporting and auditing and collecting and amending data. Experts have noted that financial institutions reduce their costs as processes are streamlined. In addition, the elimination of middlemen by blockchain reduces costs compared to traditional systems that require intermediaries. 
Different sectors are exploring and implementing systems based on blockchain to provide solutions to perennial problems and enhance practices that require a long and tedious process. An example of innovation involves the verification of resumes of job applicants. Research shows that many individuals provide false details on their resumes, which leaves human resources personnel a difficult time verifying the information. However, there are existing programs that are piloted in universities that allow them to encode data about their graduates and their awarded degrees on the blockchain, which can be accessed by human resource personnel that have been authorised. 


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