Making Old Companies New with Blockchain

Making Old Companies New with Blockchain

Naveen Joshi 04/04/2018 4

Transform your business with blockchain to securely assimilate all digital assets and transact more smoothly and efficiently.

Blockchain is a rapidly developing technology, which maintains a set of continuously growing records, termed as blocks. A blockchain network-intranet or internet is updated, which involves the validation of all parties. The entire chain of blocks is regularly updated and any changes made are reflected across all copies. These blocks in a blockchain are linked and secured using cryptography. This helps in meeting security constraints. According to Statistica Report 2017, the global blockchain technology is predicted to grow to 2.3 billion U.S. dollars by 2021. This highlights the rate at which the blockchain industry is growing. Transform your business with blockchain to achieve numerous benefits that the legacy systems could never offer.

Benefits of Blockchain over Legacy Systems

Legacy systems offer a lot of challenges that must be addressed at the earliest. A critical issue with legacy systems is their vulnerable security. All transactions made on blockchain are immutable and cannot be altered or deleted once carried out. This helps in resolving the security and privacy issue faced with legacy systems. Another concern with legacy systems is the associated cost. Legacy systems need more capital to upgrade its software/hardware configuration. Blockchain technology, on the other hand, is a distributed ledger, which eliminates the need for a third party verification and makes use of a distributed database. This helps in lowering the cost of transactions. Legacy systems do not provide optimized computations and operations. Another benefit offered by blockchain over legacy systems is the higher availability of systems. Even if nodes in a peer-to-peer network pause to work, the network as a whole will continue to work.

Transform Your Business with Blockchain

  • Blockchain offers considerable benefits to various sectors including finance, travel and tourism, retail, healthcare, government, and so on. Below are few organizations that can leverage the blockchain technology to revamp their business. Tourism - Blockchain technology can be used in the tourism industry to achieve substantial benefits. The tourism industry has to often deal with the ever-increasing demands of their customers. Blockchain technology can be leveraged by the tourism industry to improve the quality of services and to fulfill customer needs. Moreover, it can be used to enhance the security and privacy of customers too. Furthermore, blockchain technology cuts down the need for middlemen, which helps in lowering the overall money spent by customers.
  • Retail - Blockchain technology, along with big data analytics, can prove beneficial to retailers in improvising their supply of goods and services and strengthening their customer’s security and privacy via the cryptocurrency payment method.
  • Finance - Smart contracts, digital identity management, cryptocurrency payment method are few of the promising applications of blockchain technology in the financial sector. Additionally, this technology will help eliminate fraudulent activities, maintain privacy, and promote better settlement of payments.
  • Healthcare - Blockchain technology could be used in the medical sector to allow doctors to have instant access to their patient’s health records, eliminating the third-party verifiers. These files mostly contain personal details, which will always be secured using cryptography when maintaining them over blockchain.

Customer satisfaction is the key to success in any business; if customers are unhappy with your service, then your business will burn out eventually. To stay ahead of the curve, transform your business with blockchain and find opportunities that could lead to maximum profits. 

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  • Stephen Pietroboni

    Amazing work putting this article together!

  • John Gavin

    This blockchain article was very refreshing and inspiring.

  • Luke Rapkin

    Exciting and fun to read

  • Somish

    Using Blockchain Technology in the business model will definitely increase the efficiency of the business.

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Naveen Joshi

Tech Expert

Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.

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