A new advancement in technology is being introduced every day. There is always something new and better available. One such technology which is being used widely is “Blockchain.”
According to a survey, 84% of companies are actively using blockchain. Blockchain is a chain of blocks that contains information in digital form, and then that data is stored in the database.
This technology contains cryptocurrencies like bitcoins. The main purpose of this technology is to record transactions and to get rid of the third party in most cases. Blockchain is more fast and secure.
Currently, blockchain is being tested for the marijuana industry ranging from the health records to legal business. Nowadays, companies like Amazon, Facebook, and even Microsoft are finding ways to make use of this technology.
Many other corporates are looking forward to using blockchain like IBM, Accenture, Deloitte, JP Morgan, and HSBC. They are all looking to put effort into this technology in order to bring out some productive outputs. Compared to other technologies prevailing in the industry, blockchain is very much reliable, faster, secure, and scalable.
One of the world’s largest logistics management company, “FedEx”is now using blockchain technology in their supply chain management. They are also working to develop a blockchain based industry for supply chain logistics in this field. Just like FedEx,“Walmart” is also using blockchain for tracking food globally through its supply chain. The food trust blockchain includes Nestlé SA, Dole Food Co., and several others. Mastercard has recently filed over 30 blockchain related patents under the title of “Method and System for Instantaneous Payment using Recorded Guarantees.”
A lot of banks are using blockchains in its operations; for example, Bank of America is trying to use open sourced ledgers in order to create more efficient financial transactions for the consumers and business. The uses of cryptocurrencies are no longer restricted to the financial sectors now. It is spreading across real estate, corporations, and management sectors.
Thus, it is clearly visible that blockchain has become an important part of various types of businesses. Successful progress has been made towards inculcating it in not only e-commerce, but even by a wide range of companies who offer a variety of services worldwide. It won’t be wrong to say that blockchain has changed the face of business, and it is evident that further progress will be made that will help in changing the face of commerce all over the world.
Bay Infotech has been providing digital solutions and technologies for companies who are looking to boost up their operations. So if you want to know more about new technologies which could be implemented in your business, then contact Bay Infotech.