What Blockchain means for Your Business?

Blockchain Technology has gained immense media space. It is certainly one of the most important innovations of last century. Well, it is not just meant for a smooth financial transaction, it is has a lot of potentials to support different industries. Here, we are talking about some basics which all businesses need to know about blockchain technology.

What is a Blockchain Technology?

In simple words, Blockchain technology is an incorruptible digital ledger which can be programmed to record not just financial transactions but every virtual valuable document.

Blockchain’s journey is remarkable. In last two years, it has successfully built trust with accountability and transparency. And it is slowly evolving as the next generation’s transaction system. The concept of ‘smart contracts’ is renewing the business and transaction models as well.

Major blockchain benefits for business:

· Transparency: As blockchain technology is a distributed digital ledger, every transaction is documented publicly. It allows everyone in the network to verify correct system working.

· Integrity: In a blockchain, any business can register and approve everything in a decentralized way ensuring that the data processing happens in a transparent and trustworthy manner.

· Immutability: Apart from the blockchain participants, or the connected computers known as nodes, no other (third party) entity can make any changes to the system.

· Security: As there is no central point of data storage, chances of hacking and fraud are negligible. Additionally, the transaction happens in encrypted codes and blocks are also protected with codes.

· Customer Centricity: Transparency in each level of the transaction enables higher trust level.

· Intermediary: Blockchain technology doesn’t allow any third party intervention and thus the transaction is direct peer-to-peer or business-to-business. This, in turn, reduces the cost of the transaction process.

According to the prediction by the World Economic Forum, “by 2025, 10% GDP would be stored on blockchain-related technology”. Blockchain Technology has the potential to drive efficiency and simplicity in different industries.

Businesses are geared up to utilize this innovation to its fullest. If you are looking to increase the speed and accuracy of your business transaction, we can guide you.

Sphinx Solutions is one of the leading blockchain app development company working on cryptocurrencies and multichain app development services for different industries.

Hire our skilled developers to develop centralized and distributed app for your business.