There’s plenty of hype and mystery surrounding blockchain technology, but a recent survey of over 1000 worldwide executives revealed that 84% believe it is widely scalable and will eventually achieve worldwide adoption. The survey also found that in the next calendar year 39% of firms plan to invest over $5 million in blockchain capabilities and 65% plan to spend over $1 million.
From finance to marketing to healthcare, there’s not an industry that will not be impacted by the upcoming inflow of blockchain-based solutions. Let’s take a look at some ways blockchain can help businesses gear up for tomorrow.
Transparency
Whether it’s tracing a financial transaction record or looking up the shipping history of a particular product, transparency is key for efficient data checks.
Blockchain’s very architecture, where each node of the network stores a copy of the transaction ledger, means that every user always has a copy of the full record.
In supply chain, for instance, you can imagine that a product can be tracked from an IoT-enabled manufacturing system to a blockchain-based supply chain management platform all the way to a blockchain payment app used by the customer to purchase the product.
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