There is a lot of discussion about blockchain and blockchain app development in recent years. Their popularity is growing rapidly and almost every industry be it media, manufacturing, telecommunication and even the government sector is showing an interest in blockchain application development. Blockchain is a tech breakthrough with unlimited potential in the future. What is blockchain? Simply put blockchain is a decentralized and distributed ledger that is immutable and it facilitates the process of recording transactions and tracking assets. Assets can be tangible or intangible. Anything of value can be tracked as well as traded within a blockchain network. It can significantly reduce risks and costs. Information is critical for business. Blockchain can deliver information that is fast and accurate. It provides transparent, shared, and immediate information on an immutable ledger which can be accessed only by persons who have permission. Blockchain networks can track payments, production, orders, and a lot more. All the details of the transactions can be viewed by members hence giving greater confidence to the users. Benefits of blockchain 1. Security Your data is critical and sensitive. Blockchain technology is definitely more secure than other record-keeping systems. Only agreed transactions are recorded. The transaction that’s approved is encrypted and linked to the prior transaction. The information is stored in a network of computers instead of a single server thereby making it very difficult for hackers to steal or compromise data. By anonymizing personal data and user permissions to restrict access privacy can be maintained. 2. Transparency Since blockchain uses a distributed ledger, transactions and data are recorded identically in all the locations. This makes the transaction histories much more transparent as all the network participants share the same documentation as opposed to individual copies. The documents can be updated only through consensus as everyone should agree on them. Transactions are immutability recorded and are date and time-stamped. Thus data on a blockchain is much more accurate, consistent, and transparent and is available only to those participants who have permission access. Members have the ability to view the entire history of a transaction which basically eliminates any opportunity for fraud. 3. Traceability When exchanges of goods are recorded on a blockchain, you get a trail that shows where an asset has come from and every step of its journey. Using this it is easy to trace an item back to its origin, and this can be used to prevent fraud and counterfeiting. It’s also possible to share data about provenance with the customers directly. Traceability data is quite useful to find out any weaknesses in any supply chain. Blockchain can also help verify the authenticity of assets and prevent any fraud from taking place. 4. Efficiency and speed Traditional trading is a cumbersome and time-consuming process with a lot of paperwork. Transactions can be completed faster and more efficiently if they are automated with blockchain. Since a single digital ledger keeps all the records that are shared among all the participants, there is no need to reconcile multiple ledgers. Since the information is shared by all there is no need for intermediaries also. This clearing and settlement can be much faster. 5. Smart contracts On the blockchain, transactions can be automated with smart contracts. A smart contract is an agreement in the form of a computer program that is executed automatically once certain programmed conditions are met. This enables parties to enter into an agreement with reduced dependence on middlemen. A smart contract helps reduce costs, is more secure and transparent. It saves time as it takes place simultaneously for all the participating parties once the necessary criteria are satisfied. 6. Reduced costs As shown in the previous points, the necessity of third parties or middlemen are greatly reduced. No guarantees are necessary. You will have to just trust the data on the blockchain. There is no need to review a lot of documentation also. Implementing blockchain will bring down your costs significantly. Industries where blockchain can be applied Blockchain can be practically applied to any industry be it banking, healthcare, education, e-commerce, retail, media, entertainment among others. No matter what your business is, incorporating blockchain on your app or website is going to enhance the quality of your service and improve the confidentiality and integrity of your data. SDI can deliver blockchain solutions to your company to drive business outcomes. We are one of the top blockchain development companies with a varied client base. We build innovative blockchain products for our clients and provide end-to-end service to all types of business. Call us at 408.621.8481 or email us at email@example.com and we will help take your business to greater heights.