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Why do you need Blockchain technology in 2020?

By the end of the ‘80s, the supply chain industry would have grown big and better. The term supply chain wasn’t popular before the early 1980s. Nobody knows the answer to “what is Blockchain technology?” With the aid of an integrated approach with inventory management using a number of functions such as production, sales, marketing and finance, supply chain management has seen a wide change in its scope. Since traditional markets are reaching a saturation point, every business entering the zone would feel the need to expand to various regions. According to Blockgeeks, the Blockchain technology network does not have any central authority. It is nothing but the definition holding the democratized system. Even though it can be a shared ledger, the information you would convey would be open for each and every person.

How do large enterprises leverage Blockchain technology?

This outreach by large enterprises through Blockchain technology has been taken into consideration by an overwhelming network of direct suppliers, suppliers involved with basic raw materials, distribution centers, banks, logistics providers, etc.,  These are also companies currently struggling to manage all the tasks. There has been a strong chance for intermediaries for businesses to hold all the dated and manual processes that would result in a number of duplicate and lengthy processes. You should know that the supply chain ecosystem is plunged by real-time connectivity as well as end-to-end visibility of various operations.  With inefficient ways to handle goods, you can look into the thorn present on the other side.  Blockchain’s distributed ledger technology would act as a medicine when the majority of the supply chain failures take place. It has the capability of working wonders across a number of industries. You are going to hash your transactions with the help of advanced cryptography as well as the record in an unconditional manner. You can also process it for validation.

This is the answer to the question “How do large enterprises leverage Blockchain?” Transactions are going to get hashed with the aid of advanced cryptography. You can record it in an extremely plausible way. This would suit the validation process much better. If there is going to be any malicious attempt with regards to delete or alter any transaction, it would trigger a number of changes across various blocks and, since this is going to be a distributed ledger. You can still spot it and make amendments immediately. This would make Blockchain more unhackable as well as trustworthy. Tracking the delivery chain could be crucial. You need to take into account a number of factors such as data, location, origin, time and much more. You need to transfer your custody to the Blockchain. It can happen via an irreversible registry consisting of a number of transactions. There are many retailers and enterprises that are moving the supply chain data to the Blockchain when they want to improve the performance. They can implement NFC chips or QR codes as a new “tag” while tracking your supply chain. You can track everything from origin to destination. So many end-to-end customers nowadays are interested to know about the origin of the product. They love to track the number of supply chain hops with transparency as the key to sourcing. Many diamond buyers would demand to know about the provenance right from the time of mining to ornament.

An expert opinion on this matter

According to Jack Shaw, a Blockchain expert, Blockchain technology would let you share any information over the internet in a safe and secure way. As for sophisticated technologies such as smart cars and automobiles, he says, “Blockchain and connected cars are like a marriage made in heaven. Connected cars will be among the most important things in the IoT. We will need Blockchain to validate the sources and accuracy of data – both produced by and consumed by connected cars.” You are not going to expose the information to anyone who you would not want to engage in. That is the power of Blockchain. It lets you share the information that you intend to share. You would also be able to share every information, right from who you are, what you currently do and everything about yourself in a more secure manner. A lot of enterprises are going to still question “Why Blockchain?” Your CEO might ask you ‘why should you opt for Blockchain?’ The answer to this question is the powerful nature of the technology. Blockchain is an extraordinary technology where you can get miracles done without any fuss. In Blockchain technology, you get the work done by just involving a few features that actually impacts.

Blockchain- The Muti-tasker

To answer the question, “How do large enterprises leverage Blockchain?” without beating around the bush,  it can perform a number of vital tasks. Blockchain can perform a number of tasks for them such as creating more immutable, fixed, time-stamped as well as signed ownership records, identity, contractual commitments as well as transactions. They allow all these records to get shared among a number of entities. It can be a business, people, governmental agencies, or any other organization. You are supposed to be relying on many ‘Master‘ record keepers. You are not going to use a third party intermediary when you are supposed to be the master record keeper. When you eliminate all your rents, it can result in a reduction of costs across your ecosystem. Otherwise, you need not pay any third-party record keepers. They make this shared information globally available, in near real-time, to all parties authorized to view it. And they allow the subset of those authorized to see this information who are also authorized to update it to do so quickly and easily. They provide essentially unhackable protection against those unauthorized to update those records from doing so or even to see the relevant information without approval. As a result, blockchains can provide entire ecosystems with a real-time, single source of consistent and reliable data. This allows participants to put in practice the processes required to reduce any kind of error and delay. We can also increase productivity, for the purpose of accelerating the processes, as well as to eliminate significant costs across any industry.

How Pattem Digital can help you deal with your Blockchain requirements?

If Pattem Digital is the name that has been in your mind for Blockchain requirements, then you have got it right! Run the show along with us to get it done like a professional. If Blockchain is the best technology, then you need to know that we are experts at dealing with it. From documentation to support, we are there to support. Contact us to know more!

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