Bitcoin Forum

Blockchain technology has made it easier for businesses to do business together because it has dramatically simplified the production process. Is it really great for businesses in the long run?

I think yes. Blockchain tecnology give benefit

1. Transparent and immutability. Public blockchains can be seen openly by all parties who create transparency, and all transactions that cannot change.
2. Faster transactions. Interbank transactions can potentially take up to several days for clearing and final settlement, especially outside working hours.
    However, Blockchain transactions can reduce transaction time in minutes and are processed 24/7.
3. Lower transaction costs. By eliminating third party intermediaries and overhead costs for exchanging assets, the blockchain has the potential to reduce
    transaction costs.

There are many benefits, and blockchain is an open technology. If there are weaknesses can be fixed.

Well, I don't really understand what you mean by production process. Is it production process of a bitcoin production or production process of business production?

The second part of your enquiry.
It will help to scale sales of the ecommerce industry because transaction is now faster and the cost is very low.

Blockchain technologies save quite a lot of money for business, many have already begun to understand this

Using blockchain has its advantage, but one should be educated enough to use blockchain properly, and the fact that the adoption rate is still low until now, I think we need more time for people to truly believe on blockchain.

As we can see, there's a lot of project in the crypto space but most of them failed, reason is because people are not ready to embrace yet.
In terms of business, that still depend on the nature of the business, but using blockchain could really help to ease the business operation IMO.

Agree. Many projects have indeed failed due to the lack of education of the people. However, the search for maximum adoption continues, with the development of platforms and Apps that offer convenient and easy-to-use services.

Depends on what business are you describing here. There could be mid-tier businesses and companies that doesn't need blockchain per se, perhaps their good old and legacy systems are enough to capture the data, translate it to a business process to improve their production. I think in the last two years or so, everyone really thinks that blockchain is the solution to everything, but voting process to companies who even understand the concept of blockchain or how it can help them.

So for me, I would say not all business are geared toward having a blockchain technology, maybe just a simple database will be suffice. But a companies that processes large set of data, let says a supply chain company, then I did blockchain will help them a lot to streamline everything and of course that business decisions base on the data can spell success or failure of a company.

Actually, blockchain is helpful for buisness but not for every industry. Nice variant for shipments and some other spheres but sometimes sql fine too

Well it really depends on the business if they can afford to use the blockchain, the price I'm talking about is not the blockchain itself, if the company or the business has nothing to do with computer systems, like they are store of garments for example it is really needed to have a person that has the degree of doing such thing as blockchain and other system for the whole scheme, so it will more likely to be a group of people added in your business and that is the price of having the blockchain. There is literally an advantage of having blockchain in many ways, blockchain can be applied on many field of experties.

Without iota of doubt 2019 to 2020 has been the very best year for business starters be introduced into the world of Blockchain technology for the purpose of having a free platform which maximize their profits in the process. We'll know what  Blockchain technology brings on the table of businesses. They ranging from: Transparency, Accountability and unaltered business data. Possibly, the next phase of Blockchain technology is the integration of businesses into the use of Blockchain technology to drive their production and services to the masses.

https://101blockchains.com/companies-using-blockchain-technology/
most of the companies described in the article are large and well-known corporations. And the fact that they use blockchain may well indicate the successful introduction of technology into their business processes.


https://i111.fastpic.ru/thumb/2020/0424/8e/a424db5796f6ecf9184c7c4f74adea8e.jpeg (https://101blockchains.com/companies-using-blockchain-technology/.png.html)

Businesses involved with series of transactions can leverage on the decentralized feature of blockchain technology to cut down the number of transactions. This would go a long way to reduce the cost of transaction fees as well. The time upon deliveries would also be very swift as compared to before hence increasing productivity in general.

I think we all go towards the blockchain era. Really, you should understand that the core banks of the world know a thing. They implement blockchain not for a joke. So business which implement blockchain first just is going to win in a long run, I guess.

What production are you implying with your example? Blockchain is actually useful to the specific industries and businesses that it really needs. But if they are just using for the sake of it being blockchain without knowing the real use of it, I don't think it counts.

Yes it’s true, this technology allows you to store important information in large volumes, provides good protection, which gives very good advantages ;).

You are quite on the lane with the benefit of blockchain. In terms of data protection and security. I believe as time will go on, we are going to see more growth in blockchain usage by businesses.

Blockchain is an outstanding and future promising technology not to crypto or business alone but also to humankind because it can be used for the betterment of every realm of operations and these are the primary part that makes some governments to support crypto scheme.

Blockchain is an outstanding and future promising technology not to crypto or business alone but also to humankind because it can be used for the betterment of every realm of operations and these are the primary part that makes some governments to support crypto scheme.

Blockchain technology really helps so many businesses in making business together. tThrough bitcoins buyers have completed their payments without accessing any sensitive financial information to the seller.
With this, they are enjoying a certain degree of financial privacy that is most neglected by many credit card offers. Production processes through blockchain technology has been easier and faster to many people.

There is no official affirmation from those big companies that they are using blockchain for any purpose. I can mention Siemens and Visa Card, whom made a little search about but found nothing about them using blockchain.
Generally, a centralised company is not in real need for such a decentralised public technology. Although, blockchain technology is the brand of nowadays, so i expect many/more company declare that they would use it when there is no way to verify this.
The link in the image above is brocken.
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It reduces the cost of operation because there's no need for additional manpower in certain steps along the process as it is already taken care of the blockchain. The only drawback is that if there will be less people involved, those who are employed in that particular step of the process will find themselves redundant and later on, the company will not hire them anymore. Also, the transparency is being addressed by the blockchain technology which is a long running problem in most industries. If businesses will optimize this new technology, they will find that it will indeed improve the efficiency of their operations.

I don't think that blockchain technology can be applied in the business because business is under governmemt which means that this should have in centralized system and as we all know blockchain happens in decentralized system, so business won't be legal if they use blockchain in some transactions they have, business is always handled by any government organization and for those who will not consult any government organization will be considered as not legal.
Well said mate, blockchain is so confusing, you should have more time to spend to leaen all about that, especially when they will going to connect it on their business.

Blockchain technologies will become a trend starting this year, as I saw on the news about future investment by Saudi Arabia, they were preparing to invest in the AI which is the main technology of Blockchain. they are now considering that investing in blockchain technology will be the best investment of the century. No wonder after some years from now, you will see most businesses using blockchain technologies.

Chances are that most companies that shout out about their usage of Blockchain technology are not using it for any real substance. It is often dropped into articles and blog posts as another buzzword to demonstrate relevance at some point on the curve.

The fact is that many sources confidently declare that large business has long been interested in blockchain technology.  According to certain surveys, almost 25 or even 30% of all financial companies and insurance companies have long been introducing blockchain technology.  Although there are a very large number of people who want to use blockchain, for this you need to have a real implementation plan for using blockchain and proper goal setting. Apparently there are still certain problems with this.
In addition, it is necessary to take into account the fact that for the implementation of your new project using the blockchain, as well as for the implementation of receipt in an existing business, you need quite a lot of money.  This, too, can become a certain obstacle to the use of blockchain by a small business.  But for a global technology plan, many companies must still consider collaborating with other companies to implement their plans.

Blockchain has come to stay and will help the businesses of the world to grow digitally than the traditional ways of doing business. For any business to strive in this century then they should be able to integrate their business to Blockchain, Blockchain is the future of any type of business that intended to succeed in the future. 2020 has been the most year we have hears about different types of companies integrating their business into Blockchain and some countries had started their Blockchain to handle country business.

Blockchain technology will be the gateway to a large world of innovations as it is characterized by a high degree of security and a degree of encryption, it may be impossible to break in light of the technologies available today, therefore, it may cause a change in the methods of business sectors in a way that many companies around the world may disappear as money transfer companies unless The wave is installed and its actions adapted to new technologies.

Bitcoin provides transparency and security in businesses. It is very helpful in tracking history, costs, and other relevant things. Businesses are having their own products everyday and having lots of competitors, Bitcoin can provide them with an advantage of new and fresh perspective because you can actually create lots of things with Bitcoin. If used in the long run, it might be included in the future of large scale businesses we see today.

Obviously yes but that shouldn't be questions at hand, as the businesses that have been opportune to get to know about the importance of the blockchain technology and its benefits are quite numerous for this technology to still be undervalued. The issue now is, are these businesses ready to allow the technology get introduced into their business to optimize it, bringing about more productivity and profitability? No instead they intend relying on their centralized mode of operations since that method benefits them more as their untrustworthy activities aren't been seen by all.

Many business do believe in the technology but the fear of giving an indirect endorsement to the authenticity of bitcoin has made them taken a step backwards in embracing the technology, like the banking system.

Oh, wow! I am surprised to see some seriously big names on this list! I was thinking that Blockchain is and will be a minor thing, but apparently it's just factually incorrect! Blockchain has many use cases and can save a lot of money and effort to companies. Even though the database is decentralized, it's possible to take it under control (otherwise centralized cryptos would be impossible), so that shouldn't be a problem for companies that want to stay in control. Even making a token as an intermediary for international banking transfers can reduce the transaction fees' expenses, and this is just the most obvious way to use it.

It definitely be a good use in business industry. Blockchain can determined and manage data. Also makes the business more convenient and makes it more easy to use. Some businesses already into the use of blockchain ito their system.
 
 Actually, I am also planning to integrate blockchain if my plan of opening up a business will happen maybe few years from now. Upon my research about those businesses who have it in their system, so far it runs smoothly to them.

Blockchain is really good for business and I have been using it for a long time for my business online. I have been able to work with a few companies last year and I got payments through cryptocurrency. It was swift and the money goes into my wallet once they initiate transfer, and no long stories.

I was able to get the money to my bank account with the help of local exchangers in my country who are buying and selling cryptocurrencies. You can as well make use of some popular exchanges worldwide, if they are available in your country. I hope to see lots of companies start making use of cryptocurrency, that would be really cool.