Why is blockchain useful to businesses?
Companies can benefit from blockchain in important matters such as transparency and security
The concept of blockchain hinges on some strong fundamentals which has been a barrier in the past for systems and businesses to thrive globally, though we experience a dynamic shift in developments and technology in almost every decade.
One major development that changed the world of business and organisations was the advent of the internet or what is called the world wide web.
Most businesses were literally done in a manual format and as such took so much time to move files from one point to another and also send messages across borders.
The Internet brought about speed and ease of communication, doing business and financial transactions.
However, the blockchain technology (Distributed ledger technology) has transformed the world in a more transparent way than ever before.
Businesses and transactions are now more transparent and open to everyone to have a view of what transpires in various blockchain using the chain analysis.
Blockchain has what’s been missing
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
There are some key fundamentals for why everyone is now moving over to blockchain technology and running their businesses on the blockchain. Below are some of the key fundamentals:
It is programmable: The blockchain is programmable and can serve the purpose for which it was created. These could involve the use of smart contracts deployed to serve various purposes.
It is secure: The blockchain is attributed to be very secure as such when deployed, can not be mutilated.
It is time stamped: All transactions within the blockchain are recorded with a time stamp to avoid any form of fraud or mutilations.
It is immutable: This characteristic ensures that any data entered into the blockchain can not be erased or reversed.
It is transparent: The blockchain is open to everyone, thereby giving it the characteristics of it being transparent for individuals to review transactions executed within the blockchain.
These key characteristics are basically what has been missing in most businesses in the past, which hitherto had made such businesses vague and shrouded in secrecy, having a tendency to bring about mistrust amongst board members, team of management and even the line staff as a whole.
This has also led to fraudulent transactions happening in such businesses as everyone seems to have something to hide as they carry out transactions within the business model.
Massive transformation and benefits
The implementation of blockchain technology for businesses would bring about massive transformation in all sectors from health, government, sport, recreation and all forms of businesses.
Everyone would be fully aware of their transactions being on a blockchain and would be mindful of the actions and inactions, which would in turn bring about accountability and transparency from all and sundry.
We at Klever are aware of the benefits and we encourage businesses to latch on to this transformative phenomenon, which brings out the best in the accountability of such businesses to the entire globe as a whole.
We are also open to help small businesses to get themselves properly set up using our platform with educative and instructional contents in order to bring them up to speed about the ways blockchain technology can transform their business to international standards.
Life is simple with Klever.
By James Enajite