Blockchain technology has proven to be a valuable asset for diverse industries. This specific technology has changed the way organizations work by providing boundless advantages in the form of digital transformation. As per IDC’s report, worldwide spending on blockchain solutions is about to reach $17.9 billion by 2024 and will grow at a compound annual growth rate (CAGR) of 46.4%. Blockchain has been at the focal point in terms of effectuating digital transformation for giant-size corporations.

In today’s blog, KR Elixir Technology is going to discuss 5 ways Blockchain Technology can take your business to the next level. Continue reading further to get more information.

Higher Efficiency

Blockchain streamlines and automates time-consuming business processes to ensure more efficiency, speed, and accuracy. With the incorporation of Blockchain Technology, transactions are now devoid of any human error and third-party intervention.

Greater Transparency 

Transparency is what defines Blockchain Technology. Being a decentralized system, all network participants have access to the same documentation which can be edited or modified after the approval of every one. This ensures greater transparency, accountability, and authenticity.

Easy Trackability

In the cases of complicated supply chains, Blockchain contributes by allowing convenient traceability of the goods so that they are not compromised or lost during transit.

Intense Security

Blockchain employs superior security techniques than traditional databases. Once a transaction gets approved by the network team, it gets encrypted and linked to the previous transaction via hashing method. The confidential data is stored over a network of computers instead of a single server to protect sensitive data from hackers. Another interesting aspect of Blockchain Technology worth mentioning is “immutability”, meaning once data is entered, it can’t be deleted or taken back, thus, making it a more secured and trustworthy technology.

Lower Expenditure

When Blockchain Technology is deployed, additional costs associated with maintenance and third-party support go down. Also, automation takes care of basic and mundane operations, further removing the need to spend money or time to hire more people.

Blockchain Technology – Key Statistics

• Blockchain can reduce 30% of infrastructure costs for the banking sector. (CoinJournal)
• 109 Blockchain companies in China are providing Blockchain applications in the real economy. (Statista)
• 55% of healthcare applications will adopt Blockchain for commercial deployment by 2025. (Statista)

Commence your digital transformation journey with KR Elixir Technology. We are one of the prominent players in the field of Digital Revolution. Connect with us to achieve Digital Empowerment via Data and Cloud Solutions.