Several years ago, cryptocurrencies reached their peak. Their application has become widespread in all spheres of life. This type of currency has confirmed the assumption that the world may exist on a non-cash basis, and electronic money will become commonplace in the future. And although this type of currency is not developing so fast, its creation had another positive impact on the world economy – the discovery of Blockchain technology.
Blockchain is a distributed database technology based on an ever-growing chain of records. Among the advantages of blockchain software development are:
- Security and two-level identification of users with private and public keys, as well as digital signatures;
- Consecutive chains prevent an unauthorized change of information;
- Thanks to high-level programming languages, it is possible to create business logic that helps make management decisions.
Today, Blockchain technology is used on exchanges and in the world’s largest clearing organizations. Moreover, it has become widely used among large law firms in the field of copyright and personal data, etc.
5 Examples of Blockchain Technology in Business
Among the most popular companies that use Blockchain technology are the following:
- Amazon. This retail company is known worldwide for its sales of mass-produced goods on the Internet. It was one of the first to introduce the Blockchain on the world market. This company not only uses this technology in its work but also is a provider of its own developments for the interpretation of the Blockchain at other enterprises;
- Facebook is the company with the largest social network of the same name, which is popular worldwide. This company uses the Blockchain to protect its customer data, as well as for effective promotional activities;
- Nestle is a Swiss food company that uses a Blockchain to study the desires of customers, analyze their individual needs, and adjust production to each region, which significantly increases profits;
- Oracle is an American company that is the largest software developer globally. This company uses Blockchain algorithms to develop its own databases, which increases the competitive advantage of the product offered;
- Visa is the world’s largest payment system. The company’s cards are accepted in more than 150 countries. It is engaged in the development of innovative payment products and technologies. Blockchain technology helps reduce the number of cyber security crimes, protects customers, and enables payments worldwide, bringing additional income.
As we can see, the introduction of Blockchain technology is becoming widespread in business today. Businesses are beginning to estimate the cost of storing their own information and ensuring transparency in building a customer-centric approach with high-level databases such as Blockchain technology.
Furthermore, those companies that started implementing in the early stages of technology development have the opportunity to use the existing algorithm and modify it, creating a new, more developed product that can compete in the market.
As a result, many companies are becoming suppliers of cloud Blockchain technology, which allows them to make quite high profits and explore a new niche in the market.