We know you’ve heard about what blockchain is, but what can it do?
The value of blockchain technology lies within the efficiency of it’s security measures. It can diminish the cost of doing business by providing data security that protects underlying data by making permanent, immutable records of exchanges. Blockchains are a new opportunity to reduce costs, streamline processes, improve data tracking and security, mitigate fraud and improve security.
“I continue to learn and develop more of an understanding of the power of blockchain technology. We are seeing a multitude of different and diverse uses and I believe that we are not even close to the pinnacle of what this technology can do. It is explosive and enabling businesses to become more efficient and successful.”
– Jacqueline Rosales
We’ve seen a real-life example of using a blockchain to track data with London-based company, Everledger, who are using a blockchain tracker to help eradicate the mining and trading of “blood diamonds,” which are mined using child labo0r and drug money. The startup has built a platform that tracks origin and ownership changes along the supply chain – recently securing $20 million in funding.
We are seeing a trend in opportunities for business development on these new platforms. Blockchains are bringing a new way to track and securely store data, giving transparency and more trust to business transactions. Large corporations, like Beijing Mercedes Benz, have partnered with blockchain based used car company, PlatOn, to understand and measure depreciation of their vehicles over time.
“I think a lot of these projects are being built on platforms where community will have the best experience. It comes down to user experience. It is important to provide value back to users on the network.”
– Hugh Benjamin
Blockchain technology allows for opportunity for greater productivity and trust between companies and clients. We are seeing blockchain platforms gain the interest of financial institutes like RBC, JP Morgan, Citibank, American Express, Visa and MasterCard. These enterprises can use the technology for building trust within the industry, financial inclusion and payment efficiency. Business developers can use those same principles in their work to gain business by providing an immutable and transparent ledger, receiving access to a secure place to track and store data, and reduce costs of conducting business, resulting in a higher margin.
In order to stay ahead of the Web3 curve, we need to make sure we are staying up to date on news. Make sure to take time to do your own research and learn about the space.
NFT News Nugget:
Check out this video of some billion dollar companies that use blockchain!