Why Blockchain Technology Is A Go-To Tool For Companies

The developing blockchain technology is more than just Bitcoin and Ethereum. This technology will make a major impact on many businesses and aspects of accounting and marketing. The blockchain technology uses coding and encryption to improve transparency.  Many people find blockchain technology and cryptocurrency as synonyms.
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In the reality, the blockchain is so much more than just a technology behind a certain cryptocurrency.

1. Broad Use Cases

Despite the wide range of companies that use this technology, it’s expected that more unique ICOs will come to the field. One of the best ICOs is probably Puregold which is using gold-supported tokens. Another one is probably Farma Trus that aims to eliminate drugs that are counterfeit. Their aim is to keep track of all the international drugs with their AI system and data services.

2. It’s Transparent

The ledger technology allows you to control every information and transactions that users make. Once transactions are made, the blockchain data is accurate, complete and consistent with every member. Every member can make a change in a public blockchain and this creates a perfect transparent system. Also, transaction recording is done by using a single public ledger thus complication of multiple ledgers is reduced.

3. Smart Contracts

Smart contracts can operate as decentralized applications. They can replace old standard contracts and take care of much more sophisticated functions.

4. Small Business Paradise

Opening a business can be an incredibly difficult process often faced with a lot of bureaucracies. In the past two years, blockchain technology proved to be of huge help for the small businesses making every process so much easier. There are a lot of startups that embrace blockchain, creating easy and accessible systems for its users.