Blockchain technology is emerging as a trend, and many business associates have a proactive approach towards blockchain. It is rapidly gaining popularity because it is a game-changing technology with high-level data security. The global blockchain market is expected to be USD 19.9 billion by 2023. It has now become the need of the hour, just like personal computers and the internet.
This exponential growth is driven by many factors like the need to simplify business processes, match the business' speed, keep transparency, and reduce costs. Automation has become a need after the COVID-19 outbreak, and blockchain is an efficient technology to integrate it.
Be it making the internal processes smoother to strengthening the overall communication across the touchpoints; this decentralized tech is the future. How customers used to interact and buy online has taken a drastic shift. To cope with the changes, only technologies like blockchain can help companies with migration.
Blockchain speeds up your business
Blockchain technology is cost-effective as it reduces operational costs by removing intermediaries. It also reduces efforts by keeping track of records and transactions in an automated way. Blockchain enables companies to quickly and easily trace products and transactions by removing error-prone human intervention. Using blockchain, companies can reduce the delay in document verification, information sharing, onboarding, and much more.
It provides transparency, authenticity, and reliability. As the data is shared on multiple systems in multiple blocks and is validated every time, it is more secure. The data blocks are interlinked, providing maximum security.
Blockchains platforms are open source and can help scale and grow your business with less friction due to traditional tech barriers. Implementing blockchain needs digitization of assets to take full advantage. The evolution of technology is also aiding the maturity of the blockchain. Blockchain as a Service (BaaS) is getting more popular to help businesses with their cloud-based solutions.
At SevenBits, we help you transform your old legacy systems into full-fledged modern blockchain-based architecture to boost your productivity. Our Blockchain Center of Excellence (CoE) team analyzes your existing business processes and blueprints the best implementations.
Enhanced security across multiple touchpoints
The most significant benefit of leveraging the blockchain in business is seamless security and hassle-free traceability. As blockchain is a distributed ledger technology, all business-sensitive information and communication is spread across multiple blocks.
This advanced distribution keeps your information safe and improves the accessibility among the authorized individuals. Even after giving access to complete information architecture, people only make changes in their block, making the data integrity more robust.
As a business grows and more customers enroll, it becomes instrumental for the organization owners to enhance security and improved automation. For accomplishing both properties, blockchain offers the right fit implementation.
Our team at SevenBits leverages more than eight public and private blockchain technologies like Bitcoin, EOS, Ethereum, and Hyperledger Fabric to design a custom solution for your company.
Blockchain is cost-effective
Blockchain technology eliminates your company's dependencies on several third-party services for making the business smoother. As it's a peer-to-peer network, any transaction can be done with zero latency.
If you are looking to expand your business processes across nations, blockchain saves you a lot of money by cutting down third-party payment platforms. You can have the crypto-based wallet that lets you send and receive money with no delay. After the pandemic, cost-reduction has become a priority for many businesses, and blockchain is here to do it for you.
One critical benefit is that you don't have to validate and review each payment or traction request coming to you. With highly-accurate automation, smart contract-based systems can do this for you in no time. As all associated parties have access to the separate transactions, the transparency factor is intact.
The blockchain applications are exponential, and we at SevenBits are here to suggest you the best ones. Know more about our blockchain development services by getting in touch with us at firstname.lastname@example.org