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Why blockchain technology is paving its way in several industries?

by ProofEasy
blockchain document security

Blockchain technology was a buzzword a few years back but nowadays this technology is paving the way in many industries. Blockchain technology can revolutionize industries, companies and economies with security, transparency and trust. Blockchain can reduce many non-legitimate activities. Many pitfalls of industries can be eliminated through blockchain enterprises. It can change business operations throughout the world. Do you know that with blockchain document security, you can secure your documents? Yes you can.

What are some of the flaws in the business process?

For any company, business processes are the main parts. They are essential for successful business execution. Business processes can be considered as pillars on which business efficiency depends. Let us know the points towards some flaws present in it. The business processes are a series of connected steps that are given to each stakeholder for particular work for delivering solutions or services-client, business partner or supplier.

Every industry has its particular business processes, but some are common. Have a look at some underlying problems of business processes:

a) Dearth of data integrity

The data layers assisting business processes are sometimes broken down because of some lack of integration. Integration of data layers in any process is not only costly but also a technical challenge. It is hard work to impose organizations with various objectives in sharing their valuable data with transparency. Organizations and businesses from different sectors require privacy, guaranteeing visibility of the data layer. Lack of data integrity can cause duplication of data, inefficiency and inconsistency.

b) Bad compliance and standardisation

Sometimes local regulations or laws prevent a proper way of working processes between parties while running processes. In this situation, compliance is hugely affected resulting in expensive fines at the time of audits.

c) Lack of a proper validation 

Without any preventive controls, a fault in a task can have the worst chain reaction. It can result in degrading the complete execution process. Errors may have the biggest consequences. Again time will be required to find mistakes, rectify them and execute.

What are the advantages of applying blockchain technology?

Blockchain technology has immense potential to revolutionize any industry that needs data integrity, security and privacy. This technology is an excellent asset in any industry’s architectural landscape. Let us have a glance:

1) Offering top security

Each record in the ledger is hashed, verifiable and authenticated. So what are the main basic assets that blockchain technology offers? Authorization, non-repudiation (offering proof of origin & data integrity) and authentication. The mechanism of cryptography makes data integrity and verification makes it almost impossible to alter or change. Every transaction is well secured via digital signatures allotted to any member of the network, and it prevents record alteration. All in all, the incorruptible and immutable nature of blockchain technology makes it completely secure from hacks. Isn’t it great for what every industry is looking for in terms of security? It is vital to mention that the financial industry has been the most benefited from the blockchain. Many other industries such as education, healthcare etc. are opting for blockchain because of security. With secure QR code integration, users can efficiently secure their credentials.

2) Excellent characteristics of the ledger 

What is a ledger? Ledger is a database of the blockchain architecture. The qualities of the ledger are:

a) Distributed: Each member owns a copy of the ledger, unlike the conventional client-server architecture. Distributed ledger eliminates the need for any central authority to affect your data maliciously. If inconsistency occurs, blockchain can identify and correct those unreliable records.

b) Immutability: Each record of this ledge can not be deleted or altered. Blockchain technology only supports “read and write” operations but not “update and delete” operations, just like the normal database.

These characteristics of the ledger can efficiently help different industries in continuing their business operations properly. Securing documents with QR codes is one of the best ways to secure your sensitive documents?

3) Efficiency can be boosted

Blockchain technology eliminates the requirement of middlemen in several processes of different sectors especially real estate. As compared to conventional financial services, blockchain promotes quick transactions.

4) Enhanced traceability

With the blockchain technology ledger, every time any exchange of goods is recorded on the blockchain, a unique audit trail is there to trace where the items are coming from. It not only helps in enhancing security but can also ward off fraud and forgery mainly in exchange-related businesses and supply chain management. Blockchain can also help users to verify the traded assets’ authenticity. In the medicine industry, this technology can easily track the supply chain taking from manufacturer to distributor.

So blockchain technology has full potential to revolutionize different sectors. It applies to numerous industries. Blockchain facilitates business processes and offers security, privacy, and trust. Nowadays, innovators are utilising blockchain in multiple fields by realising the benefits. Blockchain document security methods can help in securing documents.

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