Blockchain in Business and Project Management
Blockchain technology seemed to be complex but not anymore. This technological innovation and advancements has bought up extreme opportunities to conduct businesses in a whole new different environment. Blockchain popularity increased with the introduction of Bitcoin a digital currency which enabled two parties to complete transaction with no third party involvement including the governments and banks. Blockchain is simply a digital ledger technology that cannot be alter by any means and functions on a decentralized network simplifying the transparency and distribution of the ledger data across the network.
With the help of Blockchain technology many business are being able to adopt new ways to increase the efficiency and trust among the partners while working together, thereby reducing friction. This technology will provide clear visibility of all the transactions that are involved in the business and at the same time it is shared among the business network. For example consider a supply chain of goods; it involves various recipients transferring ownership from party to another and passing through different time zones, countries, etc. During these transits lot of information has to be exchanged among parties with ease to get real-time updates on the shipments. Usually sharing and synchronizing the data among the parties is a bit complex and take time but with Blockchain technology it is possible to exchange the data with clear visibility across the value chain without any trust issues on a real-time basis. Once a transaction is recorded on the Blockchain it is near impossible to delete or modify the transaction data which means the records are immutable. This enables the partners to gain confidence eliminating fraud and tampering of business process and assets. Since every transaction is recorded on the distributed ledger across the network the transactions are highly visible, available and auditable which means the data is secured. It clear and evident that cyber attacks costs billions for companies every year. Data security is essential and vital for any kind of businesses across all the industries. Use of Blockchain helps eliminate the need for the third parties or central authorities to validate the transactions of the businesses. One revolutionary change that Blockchain could bring is the adaptation of smart contracts. Smart contracts are the digital electronic contracts that help to state legal and business terms between two business parties in Blockchain without the engagement of services from the third parties or central authorities or any legal systems. This will not only helps the organizations to take decisions faster but will help companies in eliminating costs that are incurred with several legal services. Blockchain technology could be applied among different sectors in the near future namely but not limited to supply chain management, banking and finance markets, insurances domains, healthcare, digital identification, automotive, etc.
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