Indian enterprises are transforming their businesses to their full potential. With this movement in mind, the evolution of technology is reaching a remarkable stage. Every couple of years a technology breakthrough works wonders for businesses, and one such quantum leap is – the emergence of Blockchain in Business.
According to Statista, the global blockchain technology market is expected to reach a valuation of $163 billion by 2027. Data collection and storage have been an essential part of establishing and running a business. Blockchain is a technology that supports business databases to share data more transparently and safely. Data fraud or data leak has become a serious issue to consider, therefore businesses all across the world are rapidly adopting this innovative technology.
What is Blockchain Technology in Business?
The technology of blockchain liberates the user to access a secure and transparent record of all the transactions that everyone in the same network can see and substantiate.
Let’s simplify it even more for you:
- The data is stored in blocks linked to a chronological chain
- Each block contains: a list of transactions, a timestamp, a unique code (hash)
- Newly executed transactions are linked to a new block
- Once filled the blocks are sealed and linked to the chain
- Now it’s impossible to alter anything without changing all the blocks
What are the Benefits of Blockchain for Business?
Let’s talk about some of the major changes a blockchain technology can do to enhance your business:
Upgraded Security:
One of the most useful benefits that businesses can leverage from Blockchain is the high-powered security and safety of data. All thanks to the end-to-end encryption technology that creates an immutable record of all the transactions, cancelling out all the fraud possibilities and unauthorized activities. Conventional computer system traditionally stores all the data in a single server, on the other hand, blockchain distributes all the received data to a wide network of computers, making it impossible for any hacker to invade.
Builds Trust and Transparency:
Another benefit that blockchain technology is most applauded for is its ability to build trust amongst entities. The stakeholders of every business are interested in being included in all the internal transactions and data sharing. Blockchain allows the same version of data access to all the entities making it transparent for them to verify every transaction or sharing of data. These benefits make the stakeholders feel more valued and involved in the decision-making process.
Reduced Costs:
When it comes to running a business, money matters, always! Blockchain technology can manage a variety of fields for your business, from finance to management, making your business save a good figure of money. The elimination of intermediaries such as banks, in the process of business transactions, saves a good amount of transaction fees levied by them. This is not it, blockchain can also automate many administrative processes, making your business operate more efficiently without any burden.
Transaction Traceability:
As we mentioned earlier, the end-to-end encryption technology of Blockchain creates an immutable record of all the transactions. These records make it quite convenient for the users to track any transaction through its history. With this feature, companies can easily identify its origin and take further action quickly.
Decentralization:
One of the most renowned benefits of a Blockchain is – Decentralization. Decentralization is the process of working on a network of computers (nodes) instead of relying on a central authority. The idea behind the concept is avoiding any single point of failure, if one node fails to work or gets hacked the others can efficiently operate, making the system fraud-resistant.
Smart Contracts:
You thought we were done with automated features? Well, not yet. Blockchain technology offers you the benefit of cutting out any middlemen such as a lawyer or broker for any Business Contract. If you are wondering what this Smart contract is, let us surprise you. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. If any condition written in the contract gets met in future, the pre-defined contract will be automatically executed to the receiver. This smart contract saves on the cost along with promoting efficiency and accuracy.
Use Cases of BlockChain in Business in 2025
Supply Chain Management:
The growth of the supply chain management industry has witnessed new heights, making it a promising industry to grow further in 2025. Transaction traceability and encrypted security channels can be the game changer in the supply management process. These features will allow companies to track products from origin to consumer, verifying authenticity and ensuring regulations of all the compliances.
Financial Services:
Incorporating Blockchain technology in the frame can bring some major benefits to the overall process management in the banking industry. The major benefits that Financial services can seek through Blockchain technology are:
- Faster & cheaper cross-border transaction
- Better transparency in transaction
- Real-time settlements
- Streamlined compliance process
- Automated financial agreements through Smart Contracts
Healthcare Industry:
The healthcare sector is an industry that’s not going to get out of business anytime soon. Being functioned on such a large scale, it also requires to be managed in a more optimized and efficient way. Therefore, the emergence of the Healthcare sector and Blockchain Technology is highly anticipated to grow even further.
The major benefits that Healthcare Sectors can seek through Blockchain technology are:
- Streamline patient data-sharing process
- Better control over medical records
- Maintaining the privacy of information
Retail Industry:
According to the India Brand Equity Foundation, “The retail sector in India is expected to grow at a rate of 9% from 2019 to 2030, reaching over $1.8 trillion by that year”. If you have a Retail business or are planning to start one, this is the right time to collaborate with Blockchain technology.
The major benefits that Retail Sectors can seek through Blockchain technology are:
- Supply chain transparency
- Real-time updates on inventory management
- Customer loyalty program
- Smart contract for suppliers agreement
- Enhanced data privacy and fraud prevention
- Improved operational efficiency
In Conclusion
Blockchain Technology is here to stay! If you are someone who is starting a new business or trying to push your existing business’s success, all you need is talented and skilled developers who can tailor your assets according to your business requirements. At VamiTech, we acquire a team of well-qualified developers who hold expertise in programming, developing, testing and delivering a decentralized application that serves right to the purpose of your business. Get in touch with us today, to know more about our blockchain development services!