5 Ways Blockchain Technology Can Benefit Your Business

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5 Ways Blockchain Technology Can Benefit Your
Business
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Introduction
DISTRIBUTED LEDGER TECHNOLOGY Blockchain
technology, also known as Distributed Ledger
Technology (DLT), is stretching beyond the
Fintech boundaries.
DECENTRALIZE SENSITIVE INFORMATION It has become
a source to decentralize sensitive information
and benefit the world in many ways.
IT tycoons including Microsoft, Maersk, Kodak,
Visa, Walmart, IBM, Nasdaq, Foxconn, and JPMorgan
Chase have all began practicing and experimenting
the technology.
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Blockchain has the potential to re-engineer
cybersecurity completely, but the industry has
yet to come to terms with it.
Ettienne Reinecke, CTO Dimension Group of Data
Blockchain can prove beneficial to secure digital
transformation from further cyber breaches.
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Cost Cutting
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Blockchain will provide cost-cutting business
models for various business including banking and
financial sectors.
Automating Information It will reduce annual
customer expenditure by automating information.
Financial Information It will cut down
organizational costs by pre-recording the
financial information.
Error FreeAccuracy Data stored this way will be
more accurate and error-free due to less human
involvement.
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MAXIMUM TRACEABILITY COVERAGE
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Blockchain offers traceability and complete
coverage of every unit associated with a product.
Long runProgress It provides a gateway for the
stakeholders to trace the progress in the long
run.
No DataTampering Blockchain decreases the
chances of data tampering, loss, and theft to
nearly 0.
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IMPROVED CUSTOMER EXPERIENCE
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Blockchain offers improved customer experience
for everyone.
Loyalty Schemes for Customers It allows
stakeholders to design and enable loyalty and
reward schemes to speed up and value the purchase
made by the customer.
CustomerSatisfaction This ways the customer
satisfaction increases which heightens the
products demand and the user engagement in
return.
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DIGITAL IDENTITY
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Blockchain offers improved digital identity
system for everyone.
CredentialsSecurity Blockchain secures your
credentials (passport, utility bills, or driving
license details) in a loop which saves you from a
lot of hassle.
DLT Based Identities For Refugees United Nations
is in process to cultivate DLT-based identities
for refugees and other people with no background
or life records.
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IMPROVING CYBERSECURITY
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Blockchain offers improved cyber security system
for everyone.
DataSecurity Blockchain technology and its node
system can secure the future from any data breach
similar to that happened to HBO, Equifax, and
Instagram.
Mission DataSecurity Even the US military is
planning to benefit from the Blockchain mammoth
to prevent form hacks, data tampering, and
transport hijacking while on mission.
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Conclusion
These benefits listed here are but a few from a
huge list of benefits Blockchain provides.Right
now, we are just in the preliminary stages of
recognizing its Worth and adopting it to its
potential.
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About Kualitatem
Kualitatem is an agile, business-focused global
technology consultants offering independent
software quality assurance testing and
information security auditing services. We are
focused on leveraging emerging technologies for
innovation and digital transformation in diverse
industry verticals, including banking, finance
and capital markets, IT, digital media industry
among others. We partner with worldwide
companies to help them adopt latest technology
strategies faster and enable them to transform
for business performance edge.
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