From the recent business trends and market analysis, it is evident that future businesses will be completely dependent on the Internet of Value. Thus, the proper addition of value to the services that businesses offer will be determining their sustenance in the market.
With the advancements in technologies, the line between the producer of goods and services and their consumers are slowly becoming irrelevant and obsolete. Also, a new class of asset is evolving amidst all this and that is data. Nowadays, data is everything! It has completely changed how value is perceived, created, added and distributed amongst different levels. Thus, it has become clear that the businesses of today need to be in tune with these market trends in order to survive.
Blockchain obviously plays a key role in helping businesses to adapt to these trends. Basically, blockchain can be best described as a digital ledger. However, it can be shared over the internet with different stakeholders and it is completely immutable. So, blockchain not only offers data security but also completely eliminates any chance of third party interference.
With proper utilisation of the blockchain technology, businesses can gain unprecedented operational efficiency in terms of their processes, team collaborations and interactions with clients and stakeholders. Furthermore, it offers improved traceability which allows effective compliance to different regulations. Also, the blockchain technology paves roads for creating new streams for generating revenues and offer new services with the help of analytics. In fact, when coupled with Machine Learning, AI and efficient analytics, blockchain will serve as a powerful force that will allow the businesses to reach new heights.
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