On paper, blockchain is irrefutable. It delivers transparency, it’s immutable, self-governed, and secure.
The only thing holding the technology back until recently was a lack of understanding from traditional businesses.
Now, with the growing acceptance of crypto, and the adoption of Bitcoin by major institutional players, the potential behind blockchain technology is being realized in business.
Traditionally applied to crypto and financial markets, most recently we’ve seen how blockchain technology can be used within art and culture in the form of non-fungible tokens (NFTs).
By running their business on blockchain, organizations will be able to speed up processes and increase auditability, automation, and the transparency of shared data.
Yet despite this, many won’t implement blockchain-based solutions because of its connection with the crypto world and lack of knowledge of the technology.
However, when the time comes, blockchain and smart contracts will remove the traditional hurdles many organizations face such as a lack of transparency, reduced security, low efficiency and speed, heightened costs, and an absence of traceability.
To boil it down to the basics, the public ledger inherent in blockchain makes transactions 100% visible to anyone, creating full traceability and transparency, and consequently security as ill-actors’ movements can be followed easily.
The growing examples of traditional enterprises using blockchain prove that the technology can help solve countless issues.
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