With the trending blockchain technology, businesses have recognized its importance, which is becoming life-changing and greatest inventions of a new era. It has revolutionized many businesses facing a lot of issues till date; let see how it is shaping the world around us.
Managing the supply chain is a complex process passing over hundreds of stages that involve tremendous different locations, several invoices, payments, and many businesses. With, complexity, it really becomes difficult to track, and lack of transparency leads to many issues. With blockchain, a better track record of data throughout is possible, helping in improving the transparency and efficiency internally and more effective communication with its partners, thus transforming the supply chain industry.
For, eg, -Nestle and Walmart have collaborated with IBM’s blockchain technology where they will be able to track food supply chain producer, strengthening consumer’s confidence in the global food system.
The blockchain will reduce corruption, fraud cases, etc. 1.5 billion people in the world lack identity proof. Cross-border self-sovereign identity system would be set for individuals and assets by 2030 that will provide the tools to obtain and maintain legal documentation, which would be more secure and reliable.
Protection of royalty and distribution rights, removing the piracy, allow downloading of original music content, payment to the right owner saving many individuals and entities.
The future for blockchain technology looks pleasant, and the benefits of adopting this technology will be beyond expectations. If embraced properly, it would be key to the success of many businesses.
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