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If a conflict arises with another company over who owns the IP rights of a product, using blockchain technology can quickly create transparency and accountability at every step of production. In some cases, blockchain can even financially reward those involved in its processes for their contribution. It makes blockchain profitable and cheaper than traditional ways of organizing businesses. With an estimated market cap of $300 billion in 2022, there’s no doubt this technology will be around for some time.
What makes blockchain the most impressive technology of this decade?
This question is a real head-scratcher because many technologies are even more impressive. However, as a finance and tech professional, you must research and evaluate them yourself.
Blockchain can do very well to solve problems in business ethics. As a decentralized database of records shared between the world’s computers, a blockchain is an excellent tool for tracking how products are created and handled. It creates accountability and transparency in business operations that were previously unheard of.
There are also countless cases where consumers have claimed to be completely unaware they were purchasing illegally produced products on their credit card bills or through online services such as Amazon Web Services. Without blockchain technology, it would not be easy to prove that this has happened. It is often impossible to tell exactly where a product is coming from.
In the 2017 annual report from Deloitte, more than half of global respondents said that they expect blockchain to be secure and scalable enough for commercial use in the next few years. The same report also stated that one of the most attractive aspects of blockchain is its ability to reduce transaction fees and costs for consumers and businesses.
Transparency in business relationships helps everyone become more aware of potential product issues. For example, suppose someone brings something harmful into the business. In that case, blockchain technology can quickly identify what needs to be done about this problem before any participant in the business can do any harm.
Why is blockchain so hyped up?
One of the primary reasons blockchain is so exciting is that it’s a new technology. Because of this, it’s portrayed as revolutionary and never before seen by consumers. Furthermore, because this is where the money is, there’s a lot of hype around blockchain technology.
Consumers need to be more aware that if anything goes wrong with products bought online, they may not always be able to get their money back or have their products fixed by that company or a different company. If one of these companies goes bankrupt or becomes too expensive for consumers to work with, there must be another choice for companies who need the same services but aren’t willing to waste time trying to figure out what happened.
Transparency has always been a critical element in any company and is essential for all parties to keep track of. When there are no third parties in the business processes, there is much less of a chance for corruption or fraudulent traces. Blockchain technology can also create transparency between consumers and businesses about how products are produced.
One issue the banking industry is having difficulty with is that people are becoming too dependent on their accounts, credit cards, and loans to carry out their daily activities. For banks to survive, they need new investment opportunities that people will seek instead of banks becoming outdated by not providing a new way for consumers to access their funds.
Blockchain technology has been touted as the future method for all major industries to work together as a single entity to provide and track every transaction. Including people’s money and identity in these systems mean that all parties are protected by being able to track who they are associated with at all times. In addition, it will improve the current system of using numbers instead of names and dates that are too vague to be used in different situations.
The next step is to ensure banks can easily link their existing customers’ data stored online with their financial records held in physical locations worldwide so their banking services can keep up with their day-to-day needs.
The future of blockchain
It is difficult to predict the future of blockchain and finance. Technology can go in so many different directions, given its position in the market right now. However, in 2025, all devices may have their unique decentralized ledger of all their data.
It includes everything from your phone to your car, washing machine, TV, and computer system (all linked together). Blockchain technology would allow you to control what happens with these things via your smartphone. For example, you could use your smartphone as a security system or translate radio waves into pictures of what it is you are looking for.
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