Blockchain is a linked list of blocks or shared immutable ledger for recording the history of transactions that cannot be altered. Transactions take place every second; that may be orders or transactions. Mostly, each participant has his ledger; and, thus, his or her version of records. Having multiple logs or redundancy is prone to error, fraud, or other inefficiencies. The goal is to be able to view a transaction end-to-end and reduce those vulnerabilities.
The blockchain is a single shared ledger that is tamper evident. Once recorded, a particular transaction cannot be edited or tampered. All parties involved must give their consent before a new transaction is added to the network. It eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies. All of this is quite the opposite of typical transactions that always carry the risk of human errors and misses.
Blockchain is poised to change Information Technology in pretty much the same way; open-source technologies did a few decades ago. Also, in the same way Linux took more than a decade to become a cornerstone in modern application development. Blockchain may take years to become a low-cost technology based, more efficient way to share information between open and private networks.
But the hype around blockchain, which is seemingly secure and new electronic record-keeping, is real. Many organizations in 2017 began to roll out pilot programs and real projects across multiple use cases spanning different industries, including financial services, healthcare, telecommunications, mobile payments, global shipping, etc. In short, Blockchain a new paradigm using which tech vendors, enterprises, and individuals and share data using a distributed ledger-based technology to save time and administrative costs.
For global B2B enterprises, it can be a virtual bank—accepting deposits, completing transactions, transferring money, and more. It differs from online banking, where your business is subject to regulation, monitoring, business hours, and other restrictions.
Quantifiable substantial savings.
B2B merchants online and retail need to gain advantage of the cost savings promised by blockchain deals. Fundamentally it speeds up the vendor-customer transaction. Secondly this reflects through the supply chain resulting in customer satisfaction and experience. Third, it improves efficiency in distribution and logistics. Fourth, it reduces the overheads by bypassing credit card processors and other merchant services, resulting in lower service cost.
Block chain helps in improved B2B sales which is purely dependent on human relationships. Generally, the sales cycles are larger, but the relationships last longer. Trust is key in such B2B deals. Jeremy Epstein, a blockchain marketing expert’s eBook, The CMO Primer for the Blockchain World, points out that only 50% of businesses check buyer creditworthiness, request secure payment forms, or both. And 81.5% of companies report employing credit management policies to mitigate trade risks.
“The world is now open for business”, this statement makes more sense than ever. Well yes, Blockchain is a radically better financial system that has powered over 100M transactions and empowered users in 140 countries across the globe to transact super-fast and without any costly intermediaries.
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