t its core, blockchain is the modern way of storing information. Talking about its most significant aspect, blockchain doesn’t cater to the needs of an individual; instead, it works based on an agreement between all the network partners. It certainly implies that a single member can’t alter any information stored on the blockchain without notifying others. Moreover, any document between sharing parties shows the same information without any back and forth.
Gifted with characteristics like immutability, transparency, and authenticity, blockchain is a reliable and effective solution for enterprises that want to streamline their business operations in 2020.
Let’s find out how blockchain is imparting efficiency and competitiveness to the businesses.
1. Improved Supply Chain Management: Supply chain is an intricate network of manufacturers, suppliers, vendors, shippers, and many intermediaries. It is the most vulnerable segment of a business that offers a broad scope of malpractices. However, it seems that with the advent of blockchain, the transparency of the supply chain has increased manifolds. Now the manufacturers can see what is happening at every touchpoint, thereby enabling them to eliminate any p