Blockchain Technology systems are a great way to reduce friction in your business processes. For example, blockchain solutions make it easy to track cash flow since transaction records are stored on a distributed ledger. Additionally, a distributed ledger makes digital identity management possible. This means that identity verification is more accessible for companies, and the security of this data is guaranteed. This also means there is less risk of identity theft, fraud, and money laundering.
Blockchain also improves trust between parties in a business network. Because there is no middleman, participants can trust one another without fear of not being able to complete a transaction. This is especially important when working with different organizations. Usually, entities working for the same company trust one another because they share the same goal. However, when individuals from various companies are required to work together, faith is often absent, and collaboration becomes a problem. On the other hand, blockchain eliminates the need for intermediaries and can help reduce friction within multiple organizations.
