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Question: Is it true that some businesses were able to enhance their daily work procedures using blockchain technology
Business - 0 (0%)
Blockchain - 5 (100%)
Total Voters: 5

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Author Topic: Blockchain Usage By Businesses  (Read 314 times)
Bitcoinislife09
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April 25, 2020, 09:13:46 AM
 #21

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.
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.

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April 25, 2020, 06:35:51 PM
 #22

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.



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.
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April 26, 2020, 02:32:25 AM
 #23

Blockchain is a great technology which has many use cases. So blockchain is good for business. One of pros of using it is cost reduction. Blockchain can reduce operating costs by one-third of banking payments and other financial infrastructure costs. The cost optimization, as a result, will enhance profits.
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April 26, 2020, 07:06:33 AM
 #24

Blockchain is a great technology which has many use cases. So blockchain is good for business. One of pros of using it is cost reduction. Blockchain can reduce operating costs by one-third of banking payments and other financial infrastructure costs. The cost optimization, as a result, will enhance profits.

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.

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April 26, 2020, 07:39:35 AM
 #25

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.
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.
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.
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April 26, 2020, 09:26:23 AM
 #26

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.

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April 26, 2020, 09:39:42 AM
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 #27

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.
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April 29, 2020, 10:07:38 AM
 #28

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.

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April 30, 2020, 09:16:47 AM
 #29

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?

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.

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April 30, 2020, 09:22:29 AM
 #30

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?
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.
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May 01, 2020, 03:10:02 AM
 #31

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?

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.

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May 01, 2020, 03:59:56 AM
 #32

Quote
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?

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.





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May 01, 2020, 03:06:17 PM
 #33

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.



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.

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May 14, 2020, 01:19:16 AM
 #34

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.

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May 14, 2020, 05:41:22 PM
 #35

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?
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.

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