Blockchain Technology: Reduce Costs and Save Time
Given the benefits of blockchain technology, it may be a good idea for your organization to learn more about it.
Blockchain is a combination of three leading technologies:
A blockchain is a distributed, immutable, and decentralized ledger at its core that consists of a chain of blocks and each block contains a set of data. The blocks are linked together using cryptographic techniques and form a chronological chain of information.
The structure of a blockchain is designed to ensure the security of data through its consensus mechanism which has a network of nodes that agree on the validity of transactions before adding them to the blockchain.
One huge blockchain benefit for organizations is cost reduction.
Blockchain technology creates efficiencies in processing transactions. It also reduces manual tasks such as aggregating and amending data, as well as easing reporting and auditing processes.
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Analysts like to point out the savings that financial institutions see?when using blockchain. This is due to blockchain's ability to streamline clearing and settlement translate directly into process cost savings.
Essentially, blockchain helps businesses cut costs by eliminating middlemen such as third-party provider and vendors. With blockchain providing the processing, expensive third-party vendors are not necessary.
Eliminating intermediaries also helps to process transactions significantly faster than conventional methods. In fact, blockchain technology has been known to handle transactions in a few seconds.
A good example of this is Walmart and how it has used blockchain technology to trace the source of sliced mangoes in the time it takes to clap your hands together. Before blockchain, this was a seven-day hunt.
Want to learn more about blockchain technology? Tonex offers Blockchain Training Bootcamp, a 3-day course where participants learn about the fundamentals of blockchain technology and tools to develop opportunities and applications.
Additionally, Tonex offers more than six dozen other IT and Technology courses. For more information, questions, comments, contact us.?