Despite the popular belief that blockchain technology is only for cryptocurrency transactions and bitcoin earnings, blockchain continues to invade many areas of life: social media, gaming, healthcare, real estate, and more. This technology aims to improve work efficiency, reduce business costs, and improve customer experience. You can also read more about blockchain at https://www.supercolony.net/.
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Blockchain can be described as a digital database and belongs to Digital Book Technology (DLT), which does not contain a central data warehouse or administrative functions. Why is that an advantage for the company? Decentralization, combined with transparency, allows each individual participant to view all recorded data, to ensure its security and to track important information.
Here are areas where blockchain has been successful and has proven that it is worth relying on this technology.
Supply chain management, for example, is an important but fragile part of the workflow of many companies. The parties involved in the process often do not interact directly and still use paper methods to collect and store information. Blockchain offers complete document deletion: automatic document cycles and digital certification are used. More importantly, any authorized member of the supply chain can trace products from producer to consumer and prevent counterfeiting from spreading.
Several American retail giants, facing foodborne disease outbreaks and further food recalls, have implemented blockchain technology in their grocery supply chains. It takes at least 7 days to trace a product, and nowadays the origin of a food can be identified in seconds.
In this way, blockchain solutions have made the foreclosure process faster, more efficient, and more cost-effective.