Blockchain technology can help businesses save money

CHERRY HILL, N.J. - July 8, 2021 - PRLog -- Using blockchain technology can prove that a Louis Vuitton bag purchased in New York city is not fake and actually an original Louis Vuitton bag. In Africa, blockchain is used to empower small farmers to enter the global food market.

Find more information on blockchain use cases at https://cryptoandforexnews.com

We normally think of blockchain technology as the foundation for cryptoassets, such as bitcoin. But there is a broader use case. The technology can also be used to improve transparency within businesses.

By using blockchain and tracking a product from its origin, you have the opportunity to validate something once, put it on the blockchain and people could access that authenticated data again and again. There is no need for a third party and by reducing redundancy business can increase profits.

Another key benefit is blockchain may help companies save money on compliance costs. A lot of compliance is repeated, and there are a tremendous amount of  repetitive functions across the industry. The repetition is due to a lack of trust across the global supply chain.

If business owners can apply an effective strategy on the technology it will help drive economic growth.

At this stage of development many people are caught up by the lack of regulation in the blockchain space. This single focus can distract from the technology's legitimacy. Early adopters realize how this technology can revolutionize their business and give them a competitive advantage in their industry.

Recent examples include a group called the Blockchain Art Collective. It is helping artists to monetize their work. (https://medium.com/@normbond/21-inspirational-blockchain-...) For $10 the group offers an RFID chip (Radio Frequency Identification). The chip can be scanned by an app that reads stored information about the piece including artist, title, date, region, and origin with a unique ID number to guarantee authenticity.