How Blockchain Technology Can Benefit Your Business? Blockchain is an open distributed ledger that is designed for storing transactions between two or more parties which cannot be edited and changed once it recorded. The data can be shared among all the users who verify the validity of the transmitted data. The blockchain technology work on three principles:• • •
Transparency- All the transactions recorded in the blockchain can visualize by all the users which ensures transparency. Decentralization:- Blockchain-based on a network and it is not controlled by a single entity Security:-Transactions are stored in an encrypted form that makes it impossible to forge data.
Benefits of blockchain for business Blockchain benefits the supply chain sector in different ways:1. Automating the purchase process With blockchain, you can set up an automatic contract (smart contracts). Once the conditions are met by the users, smart contracts will automatically execute as per the conditions. 2. Improve the flow of transaction It will reduce the validation time for transactions between clients and providers (orders, contracts, signatures, etc.) 3. Secure supply chain
Each product is attributing a tag and recorded in the blockchain which ensures complete security of the supply chain. It enables storing the origin, place of storage, records, and other important information in the single ledger. Many companies hire Supply chain blockchain consulting services to ensure the smooth running of their business. 4. Traceability Blockchain enables the traceability of flows of goods by recording all transactions done by the users. The records are stored as tamper-proof evidence which guarantees the information integrity. 5. More reactive It helps you to detect fraud by identifying the key obstacles that come from the start of the transaction like the suspicious identity of the party, inconsistencies with validation, etc. At the time of product recovery, an alert will instantly be sent. Group50- Trusted name to get blockchain consulting services Group50 recognized the value of blockchain technology which will work well in transforming the way of business both internally and externally. It applies to the supply chain. At Group50, they have designed play permission-based blockchain solution which is based on the IoT platform and driven by smart contracts. Blockchain can be used for different purposes but Group50 is mainly focusing on these supply chain use cases:• • • • • • •
Food Healthcare Automotive Aircraft Oil and Gas Compliance and Regulatory Intellectual Property Rights
Group50 has developed a blockchain solution that uses Hyperledger and based on THINaër. It is a platform which use for the Internet of people, places, and things (IoE ), adding the ability to collect any type of sensor data related to a product during its life cycle.
Scioebc™, is a plug and play permission-based blockchain of Group50 which can control who has access for the crucial data through smart contracts. Blockchain applications offer great benefits include:• • • • • • •
Eliminate intermediaries Reduced cost Automated transactions Streamline internal and external operations Transform business processes Provide fraud and counterfeit detection Create competitive benefits
Blockchain is an evolving technology where it is difficult for businesses to stay updated with its changes. The companies need to follow the specific methodology for education, plan use cases, and need to develop a technology roadmap and implementation. If you also want to enjoy its complete benefits then you should approach the Group50 Blockchain technology consultants.
Visit: https://www.group50.com/