This paper combs the nine benefits that blockchain technology brings to enterprises.

In 2009, the first application of Bitcoin in blockchain was launched, which changed the blockchain from theoretical application to practical application, and proved that this digital distributed ledger technology is indeed effective. Since then, many commercial organizations have been testing how to make the blockchain serve them.

Now, well-known companies, government organizations and non-profit entities are also trying to use blockchain to improve existing processes and realize new business models.

The value of blockchain comes from its ability to share data between entities in a fast and secure way, without any entity responsible for protecting data or promoting transactions.

"This is a trading book with unique characteristics, which helps to solve the problems in our systems and processes," explained Ayman Omar, an associate professor in the Department of Information Technology and Analysis of American University and a researcher at the Kogod Network Security Governance Center.

In Maoqiu Technology's view, in fact, blockchain and its characteristics can provide enterprises with a variety of help-whether using public blockchain networks or choosing private or authorized blockchain-based applications.

The following are the main advantages of blockchain:

Blockchain establishes trust between different entities, and the trust of these entities does not exist or has not been verified. Therefore, these entities are willing to engage in commercial transactions involving transactions or data enjoyment, otherwise they may not do so or need an intermediary to do so.

Realizing trust is one of the most promising advantages of blockchain. Its value is obvious in early blockchain use cases, which promote transactions between entities that are not directly related but still need to share data or pay. Bitcoin and universal cryptocurrency are typical examples of how blockchain can achieve trust among participants who don't know each other.

Daniel Field, head of the blockchain of the American University of Science and Technology, and Daniel Field, head of the blockchain of UST, a global digital technology and service provider, explained that when there is no core actor to promote trust, the blockchain really proves its value.

Therefore, in addition to achieving trust when participants lack trust because they don't know each other, blockchain can also achieve data sharing in an enterprise ecosystem where no single entity is specifically responsible.

The supply chain is a good example. Many enterprises-from suppliers and transportation companies to manufacturers, distributors and retailers-want or need information from others in the supply chain, but no one is responsible for promoting the enjoyment of all this information. Blockchain solves this problem with its decentralized characteristics.

The security of systems supporting blockchain is another major advantage of this emerging technology. The enhanced security provided by blockchain comes from the actual working way of technology. Blockchain creates unchangeable transaction records through end-to-end encryption, which keeps out fraudulent and unauthorized activities.

In addition, the data on the blockchain is stored in the computer network, and it is almost impossible for hackers to invade (unlike traditional computer systems that store data in servers). At the same time, the blockchain can restrict access by anonymous data and requesting permission, which solves the privacy problem better than the traditional computer system.

Blockchain can also reduce the company's cost, improve the efficiency of dealing with transactions, reduce manual tasks, such as summarizing and modifying data, and simplify reporting and auditing processes.

Experts pointed out that financial institutions will greatly reduce costs when using blockchain, and explained that the ability of blockchain to simplify clearing and settlement directly translates into process cost savings. More broadly, blockchain helps enterprises cut costs by eliminating middlemen-suppliers and third-party suppliers-who traditionally provide processing that blockchain can do.

By eliminating intermediaries and replacing the remaining manual processes in transactions, blockchain can process transactions faster than traditional methods. In some cases, the blockchain can process transactions in a few seconds or less. However, the time may vary.

The speed at which a blockchain-based system processes transactions depends on many factors, such as the size of each data block and network traffic. Despite this, experts have concluded that blockchain is usually superior to other processes and technologies in terms of speed. In one of the most prominent applications of blockchain, Wal-Mart uses this technology to trace the source of mango slices in a few seconds-a process that used to take seven days.

Wal-Mart's use of blockchain is not just speed; This is also related to the ability to track the origin of these mangoes and other products. This enables retailers like Wal-Mart to better manage inventory, answer questions or queries, and confirm the history of their products.

If a farm has to recall its products because of pollution, retailers using blockchain can identify and remove the farm's products and sell the remaining products. According to experts, blockchain can help track the sources of various items, such as drugs, to confirm that they are legal, not counterfeit organic items, and to confirm that they are indeed organic.

Invariance simply means that once a transaction is recorded in the blockchain, it cannot be changed or deleted. On the blockchain, all transactions have time stamps and date stamps, so there is a permanent record. Therefore, blockchain can be used to track information for a period of time, thus achieving safe and reliable information audit.

For example, Omar pointed out that Sweden uses blockchain to digitize real estate transactions to track real estate ownership, even if they change hands, which is an example of this benefit.

Experts say that blockchain can achieve unprecedented personal control over its digital data. Michela Menting, research director of ABI Research, said: "In a world where data is a very valuable commodity, this technology can essentially protect your data while allowing you to control it."

Individuals and individual organizations can decide which digital data they want to enjoy, with whom and for how long, and impose restrictions through smart contracts supporting blockchain.

Many industry leaders are exploring and implementing blockchain-based systems to solve thorny problems and improve long-standing cumbersome practices. Field cited the use of blockchain to verify the resume information of job seekers as an example of this innovation. Research consistently shows that a large number of people forge resumes, which makes hiring managers face the task of time-consuming manual verification of information.

However, the pilot program that allows participating universities to put the data of their graduates and degrees on the blockchain, and then authorized hiring managers can access these data will help solve these two problems-knowing the truth and knowing the truth quickly and effectively.

Experts say that executives need to carefully consider where they invest in blockchain.

They stressed that the real value of blockchain lies in its application in areas where traditional databases do not work and there is no central control or trust.

"If there is a high degree of trust, there is no problem to be solved in the blockchain. But the lower your visibility or the less likely you are to be corrupt, this is your bigger use case. This is where the blockchain becomes the solution, "Omar said.

He said that blockchain-based applications can also be paired with artificial intelligence, machine learning or other decision-making layers.

However, experts still believe that blockchain will bring subversion and business change-even if this revolution will not happen soon.

It is important to understand that there is a lot of hype in the blockchain. Although it is revolutionary in theory, it will not change today's society. Maybe 10 will appear in 20 years, but this is not a short-term technology. "