Among the many inspiring technologies that have come to be over the last few years, blockchain is by far the most promising. With its universal new solutions blockchain has the capability to completely change any market within any corporation, most avidly financial institutions. With blockchain and its immutable ledger, the shared view of transactions create a solid concept to encourage tracking, traceability, and transparency, which substantially affects key aspects of many fundamentals with a company such as monetary transactions, property records, administration, and legal record keeping.
Its distinctive features enable institutions to operate at a fast pace without the constrictions of cost. Other than the obvious added benefits of financially lower operating costs, it also provides a lower error rate, less risk, lower capital requirement and is less vulnerable to breaches of cyber-related attacks. Companies implementing Blockchain technology do so in order to decrease costs while retaining profits and sustaining consumer purchases.
Financial institutions are not the only market to have such an impact on cost, data shows blockchain investment is returned within a year of implementation, not including any future earnings achieved as a direct result of blockchain technology. Blockchain is a unique opportunity for any aspiring business wanting to step into the current where the possibilities are endless, greatly impacting the work currently achieved in health care, supply chain software, and security, transforming the way we collaborate and interact within our community, solidifying blockchains already profound impact on the world.
Within today's competitive market, businesses must use every advantage available to ensure their success, blockchain offers a reduction in overhead costs, automation of key services like legal costs and other expenditures such as accounting, smart contracts, payroll, and invoicing reducing the need for external services. Blockchain brings analytic tools that give small and large businesses more transparent and reliable data, which enables management to respond quicker and more efficiently.
2018 survey of 600 executives from 15 territories, 84% say their organizations have at least some involvement with blockchain technology
"Samsung predicts savings of 20% with Blockchain implementation. IBM predicts savings of 50% with Blockchain implementation."
In some cases, companies have successfully implemented supply chain blockchain solutions focusing on using the technology to cut costs, improve efficiency, and protect brands against counterfeiting.
Blockchain allows manufacturers to track materials reducing costs while protecting their brands. Blockchain technology is predicted to become an enormous part of our society with many companies switching over and seeing the benefits, while some are already reaping the rewards.
It is inevitable that Blockchain technology will eventually replace systems over the coming years saving millions, many companies passing those savings down to the consumer. Blockchain will be a must-have technology very soon, those that don't have it now will need it in the future if only to keep up with the changing market as each new business develops to implement the available revolutionary technology. Small and large corporations that have not already switched over will eventually need to in order to achieve the same results, to evolve and advance as the new technology sweeps the world.