Decentralized architecture, verified transactions, and an immutable application- These are some attributes that come with blockchain integration with your business.
Every now and then, any business, no matter what industry it belongs to, grows. This growth is usually promoted by changing and forever-growing business environments and industry innovations. A significant part of this growth today is technology. And the biggest revolution that technology is bringing in recent times is blockchain.
It has become obligatory for businesses and organizations to be open to radical changes in order to have a sustainable strategy of doing business and stay relevant indefinitely. Blockchain is one such revolution that will bridge businesses and the future. Let’s see how the retail markets will benefit from this novel technology.
When we talk about tech in general, it is a big umbrella of everything since human invented the wheel. Technology has been a forever changing, dynamic industry in itself given the daily innovation it undergoes. Today, we can consider one of the latest technological advancements to be blockchain technology that emerged out if the idea of Bitcoin cryptocurrency. Now, this blockchain technology is already on its way to revolutionize the tech industry in itself.
A researcher, who is also a lecturer at Stanford Graduate School of Business in the Management department, Doug Galen revealed in a recent study that 60% of ongoing blockchain tech initiatives currently provide a visible improvement to existing processes. There are numerous value-based benefits for blockchain integration in technology as a whole. Let’s look at some.
As the world becomes global and hyperconnected, security becomes of the essence to save technologies and businesses from malware, phishing, and even cryptojacking. Businesses have to ensure both, their infrastructure and data are protected. Since blockchain stores data in a decentralized manner, there is no question of safety there.
Blockchain will not just affect your business internally. It will even affect the way your business expedites transactions with multiple parties including suppliers, partners, and even customers. Through this technology, only those participating in your businesses will have access to secure blockchains and everyone will have some control, but no one will have ‘absolute control’ of the ecosystem.
Given a better tech ecosystem, the business process will be more efficient and streamlined. Blockchain-based data will be more accurate and real-time. It will help make better decisions for the future. Since all members are given access to the network, transparency, and accountability will positively impact the way your business develops, produces, and distributes your provision, products, and solutions.
There cannot be enough industry examples that prove technology industry adaptation of blockchain. MNCs have already put in place teams that are working full time on blockchain technology for their business. They are creating what the future of technology will be.
A bitcoin-focused news blog ‘Coindesk’ has reported a patent filed by the tech giant Apple, who allegedly is planning to use blockchain for accurate timestamp data. IBM also has invested in a new blockchain in tech initiative, which is probably going to set a standard for the industry. UPS and FedEx have joined BiTA to better solve consumer disputes, store confidential data. Even Google is looking at collaborations to integrate blockchain with its cloud technology.
One such initiative that Codezeros had the opportunity to work on was Unitychain. Unitychain™ is evolving blockchain technology and distributed ledger technologies. With the use of their innovative blockchain architecture, novel consensus algorithm, and distributed hash tables, they are solving blockchain scalability without sacrificing the provisions of decentralization, security, and speed of the functions. Participants of the Unitychain network earn 99.9% of validation and storge rewards.
Blockchain is looking to disrupt operations in the global tech industry. There are a few challenges that need to be addressed and solved, otherwise, blockchain is ripe to take over. Problems like interoperability, scalability, and seamless interaction of various blockchains, decisions about the governance framework, authority distribution in a way that it is balanced, yet effective in case of decision making.
Innovators, researchers, scientists, and blockchain developers are constantly working on such problems backed by research and development departments of the tech giants because the prediction is that blockchain-based solutions are the future of technology using blockchain.
Business potential realized and achieved through blockchain integration.Blockchain Development for Supply Chain