For many years, blockchain is considered as one of the most remarkable terms of the 21st century. Since its inception in 2009, it was widely utilized around the globe as a public ledger which supported cryptocurrency transactions. It has also become the framework which supports more than 1,1000 cryptocurrencies with a market cap of more than $100 billion.
Outside Initial Coin Offerings and cryptocurrencies, blockchain technology is proving to be a crucial facet of contemporary business operations. With its distributed ledgers, it promises to offer businesses, along with the competitive edge they require to survive in changing business settings.
Blockchain platforms can help make transactions more secure, cheaper and faster for businesses and their customers. That has a direct impact on operations, profitability and overall productivity.
Safer, Cheaper and Faster Payment Processing
Mobile payments, credit cards and other forms of digital payments have been part of business transactions for a while. Nevertheless, most of them haven’t been the safest or cheapest of payment methods. These are digital bank transfers that take several days to materialize.
On the contrary, blockchain technology offers a safe and quick platform for digital payments. It’s partially the reason why cryptocurrencies like XinFin have become sought-after worldwide. The blockchain is impassable. It works without security patches that makes it the safest payment platform. Payment verification and audits are also simpler within the blockchain.
One of the major use cases of blockchain technology is in implementing financing for both governments and corporations. At the moment, when a government wishes to raise money, it can do so through expensive loans or domestic borrowing. For instance, XinFin is changing this by the TradeFinex exchange. With this exchange, an institution can raise financing via a peer-to-peer mechanism which is easily accessible and cheap. As more corporations and governments take up this means of financing, XinFin (XDCE) will obtain a strong core value which is unprecedented by other blockchain projects today.
Blockchain Can Enhance Client/Customer Experience
Customers have access to a plethora of information about the services/products a company offers. That because blockchain technologies are based on an open ledger and transparent platform. That goes a long way in establishing trust and enhancing the experience on the platform.
With blockchain, customers can get information regarding the origin of their products, packaging, shipping and other crucial information kept on blockchain-powered platforms. That helps boost customer experience.
Moreover, customers can also provide real-time feedback and respond to inquiries through blockchain platforms. That contributes to improvements and efficiencies along the supply chain. For instance, the XinFin platform is designed from a combination of the finest blockchain features of both Qurom and Ethereum. As such, the platform can be utilized to develop some applications.
To conclude, blockchain promises to turn over many facets of contemporary business operations throughout industries. That will be one of the major trends for businesses for the coming years. That’s especially true with companies anticipating to integrate blockchain technology before the close of 2018.
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