Very few people would not have heard about Bitcoin or Blockchain. The Bitcoin bubble has brought Blockchain to the forefront, and has increased its popularity immensely. Even those who did not know about it till now, have started enquiring into it. For most, Bitcoin is blockchain and vice versa. Let me start from bursting this bubble. Bitcoin’s underlying technology is blockchain; however, Blockchain is much more than Bitcoin or any of the other use-cases for the technology.

Let me take you through a few other facts that will change your perception about the technology entirely. Ready? Let’s start!

#1 Ensures top-notch record-keeping

When it comes to data handling and record Management, nothing can beat the Blockchain technology. The data maintained in blocks and interlinked in a chain-like fashion, is maintained and managed in a sequence, and passes through a network comprising of several people.

Earlier, you had a single middleman, who was responsible for the management; with Blockchain, you have numerous decentralized systems that manage the whole recordkeeping, making sure no data is changed or manipulated. A single person or system cannot modify the data within the system; you need permission from several people. This not only manages the data in a successful way but also mitigates the risk of error. Your sensitive data is safe to the core.

#2 Induces transparency within the system

Trust is a major concern specifically in the virtual ecosystem. Most of the decisions are made based on trust. In case of data or financial transactions or even in healthcare, the main concern faced by consumers is who to trust. This problem is solved by the transparency and security offered by Blockchain. They use cryptographic security and all the transactions are conducted with the knowledge of everyone involved. The various ledgers are decentralized and available virtually, thus making transactions immediate and visible. Everyone in the system can view the activities, which furthers trust.

The users have better control on the transactions as a result, and don’t have to worry about losing their private information. With this, the conversions for your business increase.

#3 Empowers your users

A right to the information empowers the users, which is exactly what Blockchain offers. It allows you to decide what information you want displayed, how much of it do you want made public, and who all should be able to view your information. This right is not just restored online but also offline.

Hackers will not be able to break into the systems and get hold of your data, which means your information is secure. The reason being the entire system is decentralized. With data management becoming a responsibility of the user, and the systems getting full-proof, the overall attack reduces and privacy is maintained.

Trusttoken, implemented over Blockchain, has developed physical assets that can be owned and managed through smart contracts. The legal disputes over property in case of small businesses is majorly reduced with this system. it records the ownership of the real property and eliminates the fraud factors.

#4 Beyond database management

Most of the use-cases established for Blockchain talk about database management. However, this technology is not limited to database management alone. It is a technology that has been revolutionizing the way businesses work, their management and the interaction. The decentralized control reduces the risk that two parties might face about their data being stolen or when they have basic trust issues with management and transaction affairs. With blockchain every aspect of the business is visible and any effect that occurs is immediate and transparent. This reduces risk and increases the trust. Before entering into Blockchain technology, you need to be sure whether or not you need this technology for the survival of the business.

#5 Quick and efficient

Blockchain makes your business quick and efficient. Businesses need to finish their tasks on time, require payments to be made on time, and everything needs to be done now! Blockchain helps you accomplish the different tasks in-time with the quality and consistency that you are known for. Smart contracts help release the funds faster and increase the speed of transactions. No intermediary means no intermediary costs, which in turn reduces the overall time and costs involved. Tracking is made easy and faster with this technology. You can track from the origin to the end point with the technology.

Unilever, the FMCG conglomerate, has collaborated with several fintech companies to develop a Blockchain system. The aim is to be able to track and verify the contracts of the farmers located in Malawi. These farmers supply tea to the FMCG company, and the tea supply is a big deal for both the company and the supplier

Summing up the facts

Blockchain is an evolving and revolutionary technology. It is definitely going to make businesses more efficient and transactions easy for the users. The better control is definitely a game changing fact, which will make users prefer this technology over others.

However, you need to think through before you adopt Blockchain technology. It is not needed in every situation.

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Author Bio: Yuvrajsinh is a Marketing Manager at Space-O Technologies. Being a member of Blockchain app development company, he spends most of his time researching on the Blockchain and startup trends. If you have any confusion, or question, or need any consultation regarding mobile app development process, feel free to contact him.

5 Facts That’ll Change Your Perception of Blockchain Forever was originally published in BetaPage on Medium, where people are continuing the conversation by highlighting and responding to this story.