Why Business are Adopting Blockchain Technology in 2020

1. Why Business are Adopting Blockchain Technology in 2020 Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.

2. Everyone in digital world is aware that more and more businesses are adopting blockchain payment platform in 2020. This digitally dependent era has witnessed extensive growth in the blockchain technology adoption due to the great advantages benefits of blockchain in recent years. ● Fastest Payments Processing While transferring money through conventional modes of payment, bank transfer or foreign exchange processing takes a lot of time. Currently, crypto payment systems are working lightning fast that takes approximately 10-20 minutes for payment approval.

3. ● Robust security Cybersecurity was the biggest concern why developers got an idea of introducing a decentralized system called blockchain. The entire data is secured with 256 bit encryption. Once a block of information overlaps the older one, it becomes impossible to manipulate the data. ● Minimal transaction charges A typical payment acceptance gateway like PayPal or Stripe charges around 4% as transaction charges. After that, bank charges are also applicable that substantially affect your profit margin. Crypto subscription payments are free from such high charges ● Traceability It can be extremely beneficial to track goods forwards in a supply chain when it comes to tracing where components are residing at the moment.Such important information

4. about the component can be relayed from or to the new owner for any action. ● Maintain utmost privacy All the transactions under crypto payment processors are executed with public hash keys. No personal information is revealed while paying or receiving the money. Customers who don’t want to reveal their identity can utilize this feature. In a nutshell, it will give birth to a healthier and stable relationship that is based on transparency instead of negotiation. ● Better Audit There is a record of each and every transaction conducted on blockchain which is done sequentially and indefinitely, which extends an indelible audit trail for the life of an asset even between parties.

5. ● Accurate recordkeeping Distinguishing feature of blockchain technology is the absence of any kind of internal database. That’s why it is considered to be one the most secure and accurate way of maintaining records. When an item is added to the record book (“ledger”), it cannot be changed or deleted by any amount of power and influence. ● Transparency Blockchain technology provides a high level of privacy by ensuring that transaction details are shared only amongst the participants involved in those transactions. With blockchain transactions, there’s no need for a third party. ● QualityAssurance Assurance of quality If any irregularity is found or detected anywhere along the supply chain, the blockchain system can take you to its origin point.

6. Although blockchain technology is currently changing our perception of many industries, Experts predict blockchain technology will only get faster as its scale increases.Essentially, the more widely blockchain is adopted, the better it will become. Further developments should make it highly usable and cost efficient for most business applications. If you want to get a blockchain-powered technology app developed, contact Xion Global for your blockchain application development. We hope the above said points have given you a clear reasons that why businesses are moving towards blockchain in 2020. Here, we discussed immensible benefits of blockchain technology for business in and points like quality assurance, a better audit, being economical, transparency, traceability, security, and enhanced efficiency came up.