If you’ve been paying attention to the digital and/or business world, you’ve likely heard all the rage about cryptocurrency and Bitcoins. While Bitcoins are the star of the show, you need to understand the benefits of the underlying technology that has enabled its success; blockchain development.
Blockchain development refers to the creation of what is basically a digital ledger that records the transaction of Bitcoins in a transparent and highly secure way. Because the environment is decentralised and not funnelled through banks, it can be handled by the users of Bitcoin in a highly secure way.
While the sentiment-based value of Bitcoin is steadily dropping since its sharp increase, interest in the underlying technology has only increased. There are several functions that the technology behind a blockchain development company can assist with, let’s take a look at a few of them.
Management of supply chains
When it comes to the management of supply chains, blockchain development enables business to access the benefits of high-level traceability in a cost-effective manner. In simple terms, the ledger system can be used to track goods as they move between supply points and specific details about the quantity and origin.
This means that B2B systems can have a whole new level of transparency that brings simplicity and security to backend processes for any business. This obviously gives a great deal more assurance to business managers who may otherwise stress about the clean functioning of their logistical processes.
Blockchain development also enables those supervising a supply chain to easily identify the source of any irregularities in record time. This makes the whole QA (quality assurance) process much faster and more accurate for businesses.
This can be incredibly powerful technology in sectors where batch quality has severe health and safety implications for customer bases, such as the food or automotive sector. Quality assurance is incredibly important in these industries and Bitcoin ledger technology can be successfully converted to improve it.
Finance and accounting
Making notes of transactions using blockchain development helps to eliminate common issues of human error as well as provides a new layer of security against any tampering. This is because the ledger is verified at every stage when it moves through the digital nodes. This also makes auditing a lot easier as the ‘paper trail’ will be a lot easier to trace and verify.
On a foundational level, it also makes the entire bookkeeping process far more efficient. Using this technology, a business can maintain the integrity of their finances much more easily than if they were using separate records.
Contractual transactions can be very time-consuming and halt the growth of your business, especially when there is a great deal of correspondence continually going on. Blockchain development allows for smart contracts that can be validate automatically and enforced using the ledger technology.
Managing energy needs
Many businesses in the world today will either completely shrug of their monthly energy bills or will be panicking to find out where the big expenditure is coming from.
With the advent of blockchain development, many private establishments and businesses can use transactive grids that enable sustainable energy usage that is easily tracked. This can make tracking things like clean energy much easier and make using it more cost-efficient for homes and businesses.
Tradeable certificates were traditionally used for tracking clean energy and are notorious for how clumsy they are. Bitcoin ledger technology can be utilized to correct this process and make it much more effective in total.
Global transactions done via peer-to-peer
Bitcoin has enabled even faster and cheaper transfer of capital around the world and there’s no reason the underlying technology of blockchain development can’t be used to handle regular transactions.
While there are already many existing services that are used to handle transactions around the world, they normally demand a significant transaction fee. Other services that use peer-to-peer also have some limitations like minimum amounts required for transfer and local government restrictions.
For these reasons, many businesses are opting to use cryptocurrency for their overseas transactions so that they can save that little bit of extra cash. Ultimately, with fewer fees more businesses will freely trade and in this sense Bitcoin ledger technology can be very good for world economics.
These transactions are also more secure and this adds to the freedom businesses can enjoy with blockchain development.
As you can see, blockchain development has huge potential in the business world. Whether it’s to simplify in-house processes, backend logistics or B2B transactions, there’s almost limitless opportunity for impressive strides to be made in this area.
While Bitcoin can be a scary investment for many businesses, the technology underpinning it shouldn’t be ignored. Businesses that fail to capitalise on the benefits offered may find themselves falling behind the pack.