Blockchain is well-known in the world of cryptocurrencies since it can significantly improve companies’ processes and relationships with suppliers and customers. Here are four advantages of leveraging blockchain technology for digital transactions:

1. Speeds Transaction Flows

Unlike traditional methods, blockchain eliminates the need for documents to go back and forth, signatures, verification, and third-parties such as banks. This critically reduces the time needed to close B2B deals, and tasks like tracing the origin of shipments that usually take multiple days can now be reduced to just a couple of minutes.

2. Transactions are More Secure and Transparent

With blockchain, all transactions are recorded in blocks that can’t be altered or destroyed, making it easier to track and corroborate. Moreover, the transactions can be seen by anyone using the system, which ensures transparency. A set of rules is also in place to regulate the transactions, preventing any issues that may arise when one of the two parties fails at fulfilling the agreement.

3. The Purchase Process can be Automated

As we mentioned before, you can establish a set of rules to automate the purchase process, making it easier to scale your business and lower your operation costs. This is what we call smart contracts.

Thanks to these smart contracts, you can build fully-automated supply chains to process orders 24/7, prevent scams, and verify every transaction in real-time.

4. Improves Efficiency

Duplicated documents and tracing the origin of transactions are some of the most time-consuming tasks that blockchain has eliminated. Because every participant in the transaction has access to the same ledger, there is no need to create multiple versions of a document.

Every move within the supply chain is also stored in the same block as digital information, keeping everyone up-to-date. All of this reduces the time of settlements to minutes, saving hundreds of hours and allowing you to scale your business more efficiently.

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