Reduced time and cost - Time and cost are two of the most important factors in any industry, whether it is business, finance, health, etc, time and cost are extremely crucial. Part of the amazing benefits of applying blockchain within any industry is that time and cost will be massively reduced. Like they say, time is money…
In many industries, a lot of money and time is spent to move things around manually which adds to time delay and cost build-up to do things in the industries. In some industries, for instance, it can take a lot of time to move things from one place to another, the cost of transportation and the time to move things around.
Applying blockchain helps reduce that time and cost because certain things can be automated and moved digitally using blockchain securely, thereby reducing the time and cost it would have taken to do the same thing manually.
Efficiency - Efficiency is super important in any industry, when the efficiency is high, it means more things can be done with less unnecessary resources. When we talk about efficiency in industries, we are talking about the high level of performance that produces the highest amount of results with the lowest amount of inputs.
This sounds easy on the outside but can be very difficult to accomplish due to a lot of factors. In certain industry like the administrative industry, there are some tasks that require moving around physical paper documents for signing from one department to another.
This can be time-consuming and also have cost implication due to the movement from one place to another and also human error can incur massive cost. Applying blockchain can solve this by massively increasing efficiency and also automating the process, massively reducing the chances of human error and also massively reducing the human inputs while producing the highest amount of outputs.
Better Security - Security is incredibly crucial in any industry, no matter the industry, security is of the topmost importance. This is where blockchain becomes very beneficial… In certain industries like finance, administrative or any industry that utilizes record-keeping, security and authenticity of records is key.
Records can be changed or altered in the traditional way, which is a huge problem. Applying blockchain can help solve this problem because when records are stored on the blockchain, it cannot be changed or altered which drastically improves the security of those records, meaning no one can alter those records which brings about authenticity.