Let’s talk about cryptocurrency today. Although people say either “yes” and “no” to the digital money, this technology can be used in almost any business field. So what’s the reality? Can a business obtain any financial profit and benefit from using blockchain technology in its operations? Let us get all this straightened out.
Why Blockchain Is Beneficial for Business
Key advantages of blockchain technology are transparency and safety. The actions of all system participants are clear, this prevents the falsification of information and its leakage. Due to the fact that there is no single data center, the data cannot be deleted, for example, during a hacker attack. Thus, any blockchain development company can benefit a lot.
What is more, blockchain is beneficial for companies as a mean of simplifying and cutting costs for many business processes. Potentially, this technology is capable of eliminating many intermediaries during transactions or any other business operations. So it’s not surprising that the technology has quickly become popular with firms working in different industries around the globe.
According to the analyst firm Transparency Market Research, the industry will reach up to $20 billion by 2024, showing an annual growth of over 59%. The next big step towards the development of the technology is to assign a legal significance at the state level for it. This will expand all the scales and limits of the technology.
Where to Use Blockchain for Business Needs
The use of blockchain is just impressive: from secure services for citizens to easy and fast use in gambling (for example, in online casinos, where the algorithm cannot be “tweaked” for the sake of fraudsters).
The public sector has a huge potential to use blockchain, spending about 70% of the budget to support IT systems: from managing state property to e-government. Thus, in the Italian province of South Tyrol, with a population of about 500 thousands people, about 1 thousand programs are required for managing the population and providing the services for the public. This is where the blockchain can jump in to assist.
The technology helps to build a transparent and secure data exchange between systems, saving both time and resources. The Estonian government is also actively implementing this technology: it is based on the e-Tax return system and the e-Business Register online business service. As a result, the process of creating a company takes up to 18 minutes instead of 5 days.
There is even a better benefit and financial advantage for the investment companies. This is confirmed by a global survey on the prospects for the blockchain, which was conducted by PwC this year. The survey involved more than 1,300 managers from the large companies in 71 countries around the world. Almost 30% of participants from the banking sector talk about studying the potential of the blockchain, and over 90% of payment companies representatives are planning to introduce the blockchain by 2020.
All in all, the above info signals about the great value of the blockchain technology, letting know that blockchain is supposed to change our life, no matter where we live, where we work and what our social role is.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.