Blockchain technology has started finding uses not only in the cryptocurrencies but also in many businesses. But before you know how it can be used in a company it is first important to know what Blockchain exactly is.
The blockchain is a distributed ledger and it maintains the list of every transaction across the network that is distributed by many computers. This finds a lot of use because it makes hacking very difficult.
There are some applications where Blockchain technology is used.
Payments and money transfers
The main use of Blockchain,thevoiphub.com in a business is to send and receive payments. This is one of the major applications of Blockchain in a company. The technology lets you transfer the funds directly and in a secure manner anywhere in the world and everything is highly secure and charges you a very minimal fee. This is because the Blockchain technology keeps all the intermediaries away and this saves you on banking and other transaction fees.
Record keeping and paperwork
The Blockchain technology lets one maintain the receipts and other documents digitally and this lets the business have a clear view of what is going on. The advantage here is that the technology ensures that the data is not being tampered. The companies are able to maintain up to date records that are transparent and this makes Blockchain highly efficient.
Cloud storage is another application in a business where Blockchain technology is used. This allows the users to use the excess hard drive space and store the cloud more than 300 times. It helps the company because it saves them the storage costs by a huge extent.
Blockchain helps to track and manage the identities digitally in a secure and efficient manner and this results in reducing fraud and makes a sign on seamless.
Quality control and supply chain management
Blockchain helps to manage the supply chain to and from the stores. It helps to record all the steps between the store and the producer and this makes tracking products possible in a few seconds.
It also helps in quality control. All that one needs to do is to enter the product’s serial number to know the point of failure.