Blockchain – Increase your social capital with Blockchain
Multinational companies or business houses who have crossed geographical barriers and are working across the globe find it difficult to keep a track of transactions. Imagine a scenario, where a simple data technology can keep a track of all the transactions, records the ownership of every asset and also gives an opportunity of cross-organizational partnership? The blockchain is that data technology that will assist you in doing the above-mentioned things and create a strong trust-driven social capital. Most of the people consider blockchain a technology that keeps a track of your cryptocurrency like Bitcoins, but it has evolved and emerged as a smart ledger. Every businessman wants transparency, accuracy, and honesty in his business, but fraudulent practices at some level lead to loss of business and distrust amongst the end-users. What if with blockchain, a businessman can keep a track of every social interaction and transaction? Won’t it lead to an increase in mutual trust amongst the providers and consumers?
Blockchain will help the companies to build a strong supply chain system, as it will keep a record of the data which can be exchanged with multiple organizations and a network of computers but cannot be tampered. It will not only help the large companies to eliminate time consuming activities and mitigate unnecessary steps but will also help to reduce fraudulent practices and keep the data secured. A practical and smart way of opening new avenues of creating revenue, it enables the parties in agreement to execute the terms and conditions as recorded, thereby resolving conflicts in an effortless manner. The automated system is not just limited to supply chain mechanism, but will also help at the time of collaborations with other business houses as it will help in making better decisions and setting accountability.