6 Things To Know About Blockchain Implementation for Your Business
Today, most businesses use many kinds of technology and depend on software to keep track of their customers, financial transactions, communications, and most other tasks. Unfortunately, not all software provides high levels of security.
Initially developed to transfer Bitcoin, blockchain technology now supports most cryptocurrencies. If you’re not familiar with the term, you’re probably unaware of the many benefits blockchain implementation can provide to your business.
What Is Blockchain?
Blockchains are distributed digital databases. These databases store data on multiple computers in a network; each computer is known as a node. The technology used in blockchains structures data differently than traditional database formats.
In a blockchain, individual blocks connect together, one following another. Each block consists of a group of information. Once the block reaches its storage capacity, it closes and links to the other blocks in the chain. When blocks close, they receive a time stamp and become part of an irreversible timeline.
What Benefits Does Blockchain Implementation Provide?
Before you implement a new technology, you need to understand how it will benefit your business and determine if you’ll receive a good return on your investment. In addition to providing the specific benefits mentioned, many of the categories below can save you money due to increased efficiency and the reduced need for human involvement.
Blockchain technology allows the automation of some transactions using “smart contracts.” This process enables the next step in a transaction to initiate automatically upon completing the previous step.
Using smart contract blockchain processes means that no humans have to oversee transactions. Once you meet the required conditions, such as providing necessary documents, the smart contract will complete the transaction automatically.
2. Increased Speed and Efficiency
Paper-based transactions can take lots of time. Because of the level of human involvement needed, these processes often suffer from human error. Blockchain implementation streamlines transactions, making your operation more efficient and faster.
You can store transaction details with supporting documents in the blockchain, removing the need to reconcile several ledgers. This saves time when clearing and settling accounts.
3. No Need for Third-Party Involvement
Blockchains exist on peer-to-peer networks, which are either private or public. Blockchain implementation is a great way to conduct secure transactions because two parties can interact directly without involvement from a bank, government, or other kinds of third parties.
Users have access to keys and can use a unique digital signature to make transactions. This positively identifies the parties involved.
One of the most significant benefits of blockchain implementation is the extra degree of security it provides. Once a data block is complete, nobody can edit or change it. Because the blocks are stored in multiple locations, if someone tries to alter one block, you can still access identical blocks in other sites containing the same original data.
5. Traceable Transactions
Blockchain implementation allows you to trace every transaction or asset from start to finish. This traceability provides proof of provenance for products from industries with fraud, counterfeiting, human rights, or environmental concerns. You can share the origin of your product with your customer directly, creating trust in your brand.
Each block in the chain receives an immutable timestamp when it closes. This is beneficial because it can show supply chain weaknesses, such as excess inventory or delays in transport.
The distributed ledger concept used with blockchain allows every authorized user to view identical information simultaneously. These people can see every step made in a financial transaction, supply chain progression, legal case, or health care procedure.
Who Uses Blockchain Technology?
Typically, companies that need additional layers of security utilize blockchain implementation. This is a relatively new technology, but developers are constantly making strides to adapt it to businesses in the health care, legal, and banking fields, for example.
Every company has unique needs, and your blockchain software must address those needs. DreamzTech will provide a comprehensive Proof of Concept to show that our solution will meet your requirements before developing your software. We listen to your ideas and test them in realistic scenarios so we can adapt blockchain to function correctly and cover every eventuality.
Our approach to providing this POC includes:
- Analyzing your needs, defining your requirements, and determining the scope of blockchain solutions
- Assessing the impact that implementation will have on your business processes, naming objectives, planning the project, and obtaining validation from stakeholders
- Examining the operational impact that blockchain implementation can make in specific areas of your business and comparing your key performance indicators with this projected impact
- Developing the POC, which includes documenting the steps we take, testing the blockchain, determining its efficiency, and evaluating system management options
Why Should You Choose DreamzTech To Provide Your Blockchain Implementation?
DreamzTech is a highly rated and recommended blockchain development company with a global presence. We began working with blockchain technology when the concept was young, meaning that we thoroughly understand it and know how to design and implement custom solutions for a variety of business needs.
When you contact us, the development team at DreamzTech will:
- Assess your business to determine your software needs.
- Perform research about your needs to make an informed proposal.
- Provide you with our portfolio, which includes reviews from satisfied clients.
- Give you a high-quality product at reasonable prices, which we will discuss and agree upon before beginning your project.
- Keep all of your information private and secure.
Our developers are extremely knowledgeable and have experience with all necessary aspects of building software. We check every applicant’s background thoroughly before bringing them into our company.
Some of the blockchain solutions we offer are:
- Blockchain Computerized Maintenance Management System
- Blockchain IoT Hub
- DreamzIoT Asset Tracking
- DreamzTech Enterprise Asset Management
- Fleet Management
- KYC Solutions
We have also developed custom blockchain solutions for blockchain as a service, game development, supply chain solutions, integration services, social media apps, and many other new and innovative areas.
As a leader in blockchain implementation, DreamzTech invites you to contact us so we can help your company benefit from this technology. Call us at (800) 893-2964, email us, or leave a message online.