Blockchain is one of the hottest technological suites that could prove to be a trump card over the coming years. Yet, not many businesses know how best to make use of this technology. There are certain circumstances though, whose existence would lead to a situation where the use of this technology would be desirable. One such instance is if there is a constant need to share databases with a variety of people. The solution here could be Blockchain due to its decentralized mode of working. Transactions using blockchain are secured by cryptography. So, they are ideally suited to circumstances where process transactions require an audit trail. Another is when intermediaries are needed for information verification on one’s behalf. It is also desirable when transactions need to be transparent as is the case with Ethereum or Bitcoin. This business innovation is also of much use when contracts are needed between different parties to fulfill transactions.

Source:https://www.forbes.com/sites/forbestechcouncil/2018/12/20/five-signs-blockchain-could-help-your-business/#7b1f64944075

Uploaded Date:28 December 2018