How Enterprises Use Blockchain for Business Processes?

1
How Can Enterprises Use Blockchain to Improve
Business Processes
https//katalysttech.com/
2
Gained popularity as the backbone of Bitcoin and
cryptocurrency, blockchain has now entered into
many realms of business. It is playing a
transformational role in reshaping the business
models by bringing them in the mainstream
of digital commerce.  At its core, blockchain
is the modern way of storing information. Talking
about its most significant aspect, blockchain
doesnt cater to the needs of an individual
instead, it works based on an agreement between
all the network partners. It certainly implies
that a single member cant alter any information
stored on the blockchain without notifying
others. Moreover, any document between sharing
parties shows the same information without any
back and forth. Gifted with characteristics like
immutability, transparency, and authenticity,
blockchain is a reliable and effective solution
for enterprises that want to streamline their
business operations in 2020.
3
Lets find out how blockchain is imparting
efficiency and competitiveness to the
businesses. 1.Improved Supply Chain Management
Supply chain is an intricate network of
manufacturers, suppliers, vendors, shippers, and
many intermediaries. It is the most vulnerable
segment of a business that offers a broad scope
of malpractices. However, it seems that with the
advent of blockchain, the transparency of the
supply chain has increased manifolds. Now the
manufacturers can see what is happening at every
touchpoint, thereby enabling them to eliminate
any possibility of ethical breach. For example,
the grocery giant, Walmart is using blockchain to
stop the spread of foodborne diseases. It has
asked farm owners to update every information
digitally for end-to-end traceability. Walmart is
tracking supply chain management of shrimps,
mangoes, chicken, and many other products to
ensure its customers get fresh food. Blockchain
is the simplest way of assuring that vendors
practice what they say. 2.Improved Contract
Management Contract management was never easier
before blockchain technology. Traditionally,
contract enforcement always faces delays and
issues because of the difference of opinion
between multiple parties and also due to
continuous modifications. However, as contracts
get updated on the blockchain, every party has
the latest version of the document without
worrying about previous versions, thus saving
enormous time and paperwork. 3.Improved Payment
Mechanism Payment delays are often a bottleneck
for businesses. However, blockchain offers a
simple solution to this problem. As all parties
are on blockchain, the process of reconciliation
is eliminated, and payment is triggered once the
transaction is approved by the parties involved.
Since every detail of the transaction is recorded
on the blocks, verification is inevitable, and
all the parties come to know instantly about
payment approval.
4
4.Improved Authenticity Blockchain has touched
almost all sectors. For example, it can be used
for authenticating a candidates profile for a
particular job role. Instead of checking with
previous employers and clients, human resources,
people can save time by tracking the complete
information on the blockchain. Evidently,
blockchain is a game-changing technology that can
help businesses to stay ahead in the curve in
2020. If you are looking to embrace digital
solutions in your business model, Katalyst
Technologies can help. We are a leading digital
commerce solutions provider enabled with
disruptive tech like blockchain. Contact us
today. Source Link - https//www.bloglovin.com/_at_
katalyst1tech/how-enterprises-use-blockchain-for-b
usiness
5
Demo Form https//katalysttech.com/free-demo/
6

• Katalyst Technologies is a leading IT services
  and solutions company servicing clients in the
  manufacturing, wholesale distribution, life
  sciences, e-commerce, logistics, and retail
  sectors. We provide industry specific IT
  products, strategies and solutions for companies
  implementing large-scale and transformational
  projects. Our business and technology experts are
  highly-skilled and work seamlessly across
  multiple geographies, with a global footprint in
  the U.S, U.K, India, and Germany. We specialize
  in the areas of Digital e Commerce,
  Enterprise Resource Planning, Supply Chain
  Management, Engineering and Manufacturing,
  Professional Services and e Publishing.

USA Evanston 1 847 425 4321 Atlanta 1 678 684
5300
INDIA Hadapsar, Pune 91 20 6709
3939 Valasaravakkam, Chennai 91 44 4294
3400 Basavanagudi, Bengaluru 91 80 2677 0101
UK Teddington 44 208 943 5589
sales_at_katalysttech.com