How Can Businesses Leverage Blockchain to Optimize Operations?

How Can Businesses Leverage Blockchain to Optimize Operations?Blockchain-based technology was thrust into the spotlight in 2008 after the introduction of the Bitcoin white paper by the anonymous Satoshi Nakamoto. Since that time, blockchain has grown increasingly popular among business leaders, enthusiasts, and developers looking towards the future.The nascent technology provides new ways of organizing commercial activities and mitigating costs related to third parties, transparency, and fortifying trust between the players in an ecosystem.Though blockchain was an obscure technology just a few years ago, today’s business leaders, CIOs, and IT leaders in many organizations see blockchain as an inevitable priority in their operations. The technology has a number of key-value propositions that can add significant value to organizations, with the global blockchain market predicted to reach $20 billion before the end of 2024.Here are some of the ways you can leverage blockchain technology to make a significant difference in your business.Blockchain technology helps streamline business operations by reducing the friction in communication between participants. Businesses can use private enterprise blockchains that are verified, distributed ledgers to ensure the quality of information and transparency from the goods or service provider. In addition, blockchain enables the implementation of self-executing smart contracts that automatically execute if a business agreement is reached and terms met.Blockchain technology increases the level of trust among participants within a business network.One of the most significant blockchain benefits is the ability to scale down the cost of an operation. Essentially, blockchain eliminates the need for intermediaries within a business transaction. A Fintech report claimed that blockchain technology could minimize the cost of financial services infrastructure by between $15 billion and $20 billion USD per annum by 2022.Businesses now have a chance of scaling down physical mediation in aggregating, amending, and sharing data. Regulatory reporting and audit paperwork could become much…