By Sandra Quinn
At the moment, the blockchain is one of the most frequently covered items in the media when it comes to tech trends and that is not going to change any time soon.
In our weekly Sunday blog, we recently looked at some of the terms used when talking about blockchain and broke down some of the concepts into plainer English (or we hope that’s what we did anyway) – you can read that piece [https://www.horizon-globex.com/what-does-blockchain-really-mean/].
This week, we are going to look at some real-world applications of blockchain technology and how it can help you to streamline processes and become more efficient in your business.
In the business world, if you want to finalise a significant contract, you are usually relying on a number of professionals to sign off on various elements of it so that the authenticity and legality of the transaction can be proved.
The blockchain allows you to cut out a lot of the waiting times and middle-men without compromising on the authenticity or legality.
Using the blockchain, businesses can revolutionise the way they do everyday tasks.
Here are some of the benefits;
- The transaction is secure and cannot be tampered with, thereby eliminating fears of fraud and hacking.
- It is private and only those with access can see the transaction.
- It is transparent and everyone involved has access to the same records, so there is no bias, opinion or tampering.
- Each transaction is time-stamped and verified.
- There is no duplication, as all parties involved have access to the same shared ledger.
- Transaction times are cut significantly.