31 January 2019

Blockchain and Business Process Improvements

The blockchain technology has been winning the trust of global corporate executives for years.

Several studies showed that more and more companies are interested in this innovative system and are ready to implement it in their work. For example, according to a Blockchain Survey 2018 on Deloitte, it turned out that 70% of the executives consider themselves as good experts in this technology. And another survey conducted by PwC consulting company showed that more than 84% of managers already integrate blockchain into the business processes of their companies. There are many examples where this technology has already been successfully implemented, for example, in medicine, electronic voting, data management and, of course, finances. But today, we will tell you how blockchain technology can improve the business processes of your company and see whether the leaders were right to choose this technology for the automation of their business.

Let us remind you that the blockchain is a distributed database that consists of a chain of blocks. Any information that is stored there is public, it can not be changed or deleted. The system itself is decentralized, so all financial transactions are conducted without the participation of intermediaries. The purpose of this financial model is to provide full protection, easy availability, and transparency of any transactions, no matter whether it is a very important transaction or a small money transfer.

Always trying to keep up with the latest technologies, company leaders are constantly looking for new ways to automate their business. Therefore, today there is a tendency to try out new technology – blockchain, which might not completely change the principle of operating the business, but will surely provide bigger opportunities to improve your business processes. Let’s now see what changes this technology can make to your company.

Efficiency and quality

The use of blockchain technology gives an opportunity to significantly reduce the time and costs of performing individual business processes. For example, you can save time on processing documents at all stages of the delivery chain, as well as quickly and transparently obtain the necessary information about the location of goods at any time. Also, blockchain can significantly improve the quality of the workflow. This system completely eliminates the sale of fake goods or low-quality products. As a result, your data will always be protected from various frauds.

Speed and simplicity

Thanks to the inherent blockchain flexibility, business processes can react to any external or internal changes. The work of smart contracts can significantly improve the flexibility of business processes by ensuring the automatic implementation of all contract terms. In addition, smart contracts allow you to exchange various assets without the external intermediaries, which greatly simplifies the work processes. Also with the help of blockchain platform, such procedures as confirmation of conformity don’t cause any difficulties as this system safely provides confidential information to all members of the network.

Interaction and integration

Blockchain also serves as a perfect tool for better integration of all business processes. This can be achieved through automated systems based on decentralization. The systems, which are used by blockchain technology, allow exchanging data within the entire system.

It should also be noted that blockchain is most often used as a registry for physical and digital products. It allows to conduct such operations as registration, record keeping and managing the ownership of any product in the registry. Here the blockchain provides such advantages as reliability, professional product maintenance, security, data transparency, and impossibility of data falsification.

Of course, integrating the blockchain technology into a company’s business processes will not be easy. But think what opportunities your business can lose if you don’t try out all the advantages of this innovative system!