Blockchain technology is growing in significance and is going beyond the initial set of applications for which it was developed. The numerous advantages associated with blockchains have led to their increasing popularity among businesses. Gartner's report says that it has been found that by 2017 end, there were more than 300 million transactions processed using blockchain technology.
• Better Cash Flow Management
Cash flow is exceptionally smooth in blockchain technology. The system is used to create smart contracts which enable immediate payment and processing as soon as the transaction is completed. There is no requirement of long drawn processes involving authorization. When everything is done, a transaction block is issued an automatic payment is generated.
• Follow-ups are made Hassle Free
Any service that requires repetitive payments can be easily automated. As the first appointment gets completed, a follow-up is automatically triggered. The system might require the client to respond to the follow up as well, thereby creating a convenient process and reducing the chances of skipped payments and administrative burdens.
• Streamlined Operations for Industries
Blockchain offers the feature of transparent, immutable records of transactions. This enables companies to have better control over their supply chains. All the processes and transactions can be tracked to find out the place of their origin.
• No Involvement of Third –Parties
Interference from intermediaries is not required in the blockchain. Transactions are fast and efficient as they are carried out only between the two parties involved. This also means that costs decrease. Service providers who work with blockchain can deal directly with consumers without the involvement of agents.
• Convenient Identity Verification
Conventional verification involves the need to produce several documents numerous times. Blockchain does not need such modes of verification. Once information enters the immutable chain, it is used to verify the identity of users whenever they use blockchain again. This feature of blockchain can make it the future of identity verification.
As one of the many disruptive technologies out there, blockchain has a lot of potentials. Soon, blockchain can come up with many more applications and become indispensable for businesses and individuals alike.