Blockchain is the new shiny object in the technology world. It is taking over the headlines pretty fast due to the remarkable application it offers. It is the buzzword in the market right now planning on staying for a long-run. The applications offered by Blockchain technology seems promising enough disrupt industries including banking, real estate, finance, academics, healthcare etc. While big enterprises are embracing this technology at a faster rate, startups should also look out for this technology. Following are the major reasons enough to make you care about blockchain-
Blockchain technology is basically a Peer-to-peer network which manages and manipulate the networks with multiple stakeholders. It ensures the no one person can ever hack, close chains, shut down or manipulate the block. Guaranteeing that Blockchain is free from any hacks or fraudulent activity.
Due to the promising security it offers, it is now the most preferred method of storing enterprise data owing to the incorruptible digital ledger of transactions (DLT). it stores all the data with encryption using the latest cryptographic methods for the greater level of security. Considering that data is the most valuable asset of any organization today, hence it is important to protect it from every potential threat. Blockchain addresses most of the data security threats and offers more secure transactions.
Record and Transaction transparency
Transparency is the major factor contributing to the more secure transaction in this technology. Transparency is ingrained in every DNA cell of Blockchain. To protect the privacy of the transaction, the details of the transaction are shared only with the set of participant involved in the particular transaction, effectively eliminating the third-party interventions. Which means regardless of the type of the data, the transaction records can easily be tracked on every transaction. Moreover, blockchain technology employs unforgeable, trackable, audit-able and indelible transactions.
Low Transactional Costs
Experts say blockchain technology is built with collaboration in mind. So it’s not a surprise that startups can propel their growth story by collaborating with foreign workers and offshore partners. Blockchain effectively utilizes a global network that is remarkably distributed across the world and the organizations are no longer restricted by the geographical boundaries. Moreover, blockchain offers the application of smart contracts which means the blockchain transactions are negligible.
Blockchain transaction records are kept on decentralized storage which wipes out the need of having any extra storage capacity to place the records. Not only that, it encourages the constant availability of the records to the startups in a cheaper and easier manner. It is supported by computer systems, successfully eliminating the need of any manual intervention. With the pre-existing servers, decentralized platforms of blockchain don’t need any large investment. Therefore, startups don’t have to worry about any huge investment.
Reduced Business Cost
Take the instance of smart contracts it offers, which can eliminate bureaucracy and lawyers. Which means the codes stored on the blockchain network and they execute automatically when they meet the certain condition. Hence effectively reducing the business costs for startups.