Blockchain. Advantages for business

As organizations plan their future, they are looking for ways to improve their performance. Blockchain solves this task perfectly.

One of the main advantages is the potential of blockchain to create, store, and share sensitive data online. For instance, personal records like birth certificates or driver’s licenses can be created and viewed in mobile apps for instant and reliable identity verification.

Universities and other accredited organizations are able to create degree and qualification certificates, which graduates can submit to potential employers in one click. They can be instantly verified without the involvement of a third party. This saves time and money and improves efficiency, which can deter fraud.

The modern technology allows tracing the origin and history of anything, but blockchain ensures much better security than other technologies. For example, it can verify the origin of any goods from fresh produce to raw materials or even diamonds. As the goods change hands, records are added, checks and deliveries are registered, and payments are made automatically — all in a secure, auditable, and trustworthy way.

Blockchain optimizes processes by automatically consolidating records in the online mode. This puts an end to inefficient paperwork, reduces the associated risk of human error and oversight, as well as subsequent damage to reputation.