Blockchain AML 1080x664 800x500 - 4 Blockchain Technology Benefits Apart from Cryptocurrencies

4 Blockchain Technology Benefits Apart from Cryptocurrencies

Bitcoin and other cryptocurrencies had an amazing year in 2017. But its technology, the Blockchain, had also impressive gains. Several enterprises are starting to use this technology in order to increase their efficiency and profits. Blockchain offers not only the possibility to use a cryptocurrency in a fast and easy way, but it also allows them to track their shipments, to have a better control over their assets and many other uses.

Supply Chain Management

As we have mentioned before, blockchain technology allows enterprises to have an easy way to track the movement of their products, the value of them and other characteristics. In this way, the process becomes more transparent and creates a better B2B ecosystem. Furthermore, with cryptocurrency integration, supply chains become more effective and cheaper.

Accounting

It is important to remember that Blockchain technology was born as a decentralized ledger to power Bitcoin transactions. Recording transactions in the blockchain reduces the human error and protects the data from being changed, stolen or damaged. Besides that, it gives a highly traceable audit trail.

Businesses that need to have an important accounting control, find it easier to use Blockchain rather than other methods. With this technology, companies are able to keep a single joint register knowing that the integrity of the information is guaranteed.

Smart Contracts

Smart contracts permit agreements to be automatically validated, signed and enforced. Everything using Blockchain technology. Enterprises see their efficiency increased when they do not need any mediators, saving time and money to contract them.

Voting System

Voting systems tend to be corrupt and sometimes, the community does not trust the results. Besides that, it is also time consuming, due to the fact that people needs to move from their homes, make long queues and just then vote.

Blockchain technology has been implemented in several countries in order for their citizens to vote. For example, in Moscow, the program Active Citizen, is powered by blockchain technology. In Brazil, some days ago, there was a bill circulating about a possible voting system through Ethereum’s network. Other countries are also trying to implement similar voting systems that reduce corruption and increase transparency.

Build a winning crypto portfolio
Free report teaches how to structure your crypto portfolio, so you can maximize gains and minimize losses.
We respect your privacy.