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How to grow business through blockchain technology 2022

Amidst the surge in digital adoption, various new-age technologies are emerging. Blockchain is one such technology that is gaining prominence and is expected to be the next in-thing for businesses.

The technology works in two models – centralized and decentralized. The former allows the control over data to be implemented by just one entity. It could be a person or an enterprise. Whereas, in the case of the latter; the control is shared among various independent entities. Primarily, the centralized model is implemented in businesses due to security and privacy issues.

Being one of the beneficial technologies, it has become imperative for businesses to adopt blockchain. Organizations would have to cash on this trend so as to cope with industry dynamics and enjoy a competitive edge in the market. The reasons for this are varied.
The primary factor for blockchain adoptions among businesses is that the technology comes with a promise of security and privacy. The value of blockchain arises from its ability to share data in a fast and secure manner. It creates a record of data with end-to-end encryption. It also secures the transactions committed to the blockchain network since they can’t be edited or changed. This way the data can’t be altered and hence the chances of fraud, cybercrime, or even malicious acts are reduced
How Can Blockchain Technology Be Used? | Mint

It is a beneficial solution for businesses as it creates efficiencies and boosts productivity. The solution also reduces the efforts associated with manual routine tasks including data collection, reporting, and auditing processes. It even eliminates the cost associated with the middlemen or third-party solutions providers that used to take over the very same roles that blockchain caters to now. Hence, it is a cost-effective solution that delivers maximum ROI on nominal investment

Furthermore,

one does not need a high-end tech architecture or hard-core expertise to produce and implement this technology in the organizational operations. It can be produced with any tech stack, whether it is python, java, or dot net.

It is an advanced algorithm that can be used with any tech stack and hence is flexible as well as scalable. This makes it one of the preferred technologies by businesses as they do not have to bear high costs and they do not need
Blockchain technology in financial services - Information Age

The immutability characteristic
Blockchain’s inherent characteristic is immutability. This implies that transactions once recorded on the blockchain network cannot be changed, deleted, or modified. All the transactions are time-stamped and date-stamped, and hence there is a permanent record. This is the reason why it is used to track information over time, paving the way for a secure and reliable audit of information.

Blockchain increases trust, transparency as well as traceability of data shared across networks in the digital space. It enables businesses to turn paperless and also allows increased speed as well as automation of processes. With this technology, not only is the time and effort for development reduced, but also the efficiency of operations enhanced. Hence, with its myriads of benefits, it would be appropriate to say that businesses have a chance to grow rapidly with blockchain technology.

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