7 benefits of blockchain outside crypto coins
According to many, blockchain is the big revolution and its crypto coins a bubble. The revolutionary blockchain technology began with the creation of Bitcoin. For the first time it is possible to do virtual transactions that can not be fraudulent. The demand for crypto coins is large, but in addition to crypto coins blockchain offers other advantages.
The advantages of blockchain go far beyond crypto coins. The seven sectors below can therefore undergo radical changes due to the blockchain technology in the coming years.
Inventory management
Inventory management via blockchain is much easier to follow up and much cheaper. A blockchain can be used to track goods, such as origin, quantity and the like. This brings a totally new transparency to the B2B ecosystem.
Quality management
Especially in the food chain, it is important to be able to guarantee the quality. Via blockchain and the stock management of the food chain, it becomes much easier to monitor the origin and quality.
- Accountancy
Accounting based on blockchain virtually eliminates any human error and protects data from unwanted modifications or fraudulent practices. Once transactions are in the blockchain, they can no longer be adjusted. This also means that companies only need 1 more database, making it cheaper.
Smart contracts
Via smart contracts, transactions can be automated without an intermediary or third party who has to validate the transaction.
Elections
Elections can also be organized much more fairly and more efficiently when the voting system works via a blockchain. This reduces the possibility of electoral fraud. NASDAQ is already experimenting with blockchain for the use of votes at shareholders' meetings.
Scholarships
Financial markets can use blockchain technology for the efficient trading of stocks, bonds, commodities, etc. The Australian stock market is already experimenting with a blockchain-based system.
P2P payments
Certain crypto coins are specialized in sending money quickly and cheaply. But this system is not exclusive to crypto coins. Blockchain in particular can bring about a true revolution in the global payment system.
Source: Entrepreneur