Just a little over ten years ago, Blockchain – or even the technology and terminology revolving around it – was virtually unheard of. Fast forward and a decade later, from health care to insurance, disbursement of loans to supply chain management, blockchain has slowly but surely woven its way into the centerfold of modern living. And what's more, the various forms which the technology has proven to be useful has underlined its immense entrepreneurial potential.

Here's a quick glance at some of its major benefits to businesses around the world.

Almost all businesses and service deliveries involve some sort of supply chain system that has to be regularly monitored. The movement of products/supplies from factories to the warehouse then finally to retailers, for example, calls for continuous real-time monitoring. Blockchain, which is not just transparent but also chronologically immutable presents itself as one of the best ways of implementing fool-proof ledger systems designed to achieve just that.

To be correctly employing the services of blockchain technology; a savvy businessperson can effectively do away with the need for unnecessary and expensive go-betweens. A typical example is how smart contracts – via blockchain technology – can be channeled to allow for disbursements of payments automatically as soon as a given criterion is reached. Thanks to this, it eliminates the need for administrative officials who have to verify documents before validating them to release the funds physically.

As expected, reducing the number of intermediaries in your supply chain as a businessman not only works to cut costs but also streamlines the entire process. As such, by eliminating the kinks that middlemen introduce in any functional system, you effectively inject some speed in your overall operational process. Also, there is no longer any need to involve multiple parties in your decision-making process whereas blockchain technology can achieve all that via a few simple pre-set programming stipulations.

Blockchain technology – via standard encryption – ensures that all nodes in the network are working harmoniously in total agreement with the transactions that are being continuously updated in the ledger. Besides, it’s working algorithm is structured in such a way that each block is connected to the one preceding it in an inexorable manner. And although it is not 100% fail-safe, its reliability is miles ahead of the current conventional methodology that most traders are presently using.

This explains why blockchain technology is proving to be a godsend blessing to many sensitive industries such as financial institutions, political administrations, healthcare and legal sectors.

Finally, it’s the unequaled transparency of blockchain-based businesses that has made it stand out among the crowded platform. The ability to implement a consensus-based ledger system whose intricacies are available to all parties cannot be over-estimated.

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