How the Blockchain can be used in Business and Finance

over 1 year ago

Blockchain is a new technology that provides a lot of hope for the future of mankind, the technology that has succeeded in making cryptocurrencies like Bitcoin one of the most popular digital currencies in recent years can be used as an example of the success of Blockchain technology.

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Blockchain has developed further and almost reaches many sectors from finance, business, entertainment, and even the health sector is developing innovations using Blockchain technology. Our focus this time is the use of Blockchain in Business and Finance which is now widely adopted by almost all the people of the world to invest and take advantage of applications developed by Blockchain to advance their business.

Impact of Blockchain to Business and Finance

The first reason Blockchain has a positive impact when used in Business and Finance is because it is a Decentralized system, not tied to certain authorities in making decisions as is done in Conventional Banks. Blockchain allows users to see information transparently without the need for government approval to access that information, and the data stored on the Blockchain will forever be there, also it is difficult to manipulate the data on the Blockchain network.

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Blockchain can be used in the Finance and Business sectors well if the people involved are competent and understand how to use the technology so that the results are maximized, also the innovations presented by adopting Blockchain technology can change old systems that depend on decisions from certain authorities.

Answering the questions from this contest, of course, the use of Blockchain in Business is currently being carried out by many companies because real benefits can be achieved by using Blockchain technology. Some of the benefits that companies will get if they use the existing system on the Blockchain:

Transparent System
Using Blockchain will make the stored data more secure and transparent without the intervention of the authorities, transparent in the sense that all transactions that take place can be seen clearly without being covered up.

Transaction speed
Blockchain technology is currently widely used because it can work quickly to overcome transaction processes, when compared to other systems, Blockchain now is the choice for many companies who want to find a fast system to save operational time.

Guaranteed data security
Complex mathematical algorithms with encryption codes used by the Blockchain, this tech can store the original data without fear of the data being changed or cheated because it will be very difficult to manipulate the data stored on the Blockchain network and it takes a long time to hack into it.

Flexible Data Storage
A company can flexibly manage its data using Blockchain, when needed the data will be easily accessed as needed and it will not be lost if it is already in the Blockchain network.

Final Thought

Blockchain is still classified as a technology in the development stage that needs a lot of improvement both in terms of systems and applications, but with the many applications of Blockchain that have entered the business and financial sector, it will be a positive thing for the future of Blockchain.

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