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When the blockchain was first introduced to the world in 2008, digital technology was still not as practical as it is now. Just as the emergence of the internet began to shift the traditional distribution of information from what everyone had to subscribe to in the morning paper to be able to update, now blogs and online newspapers are slowly replacing the role of traditional information media.

Blockchain too. Now its use in various fields not only changes the way it works, but also slowly changes the concept of the field itself. For example is the blockchain in business. What is the role of the blockchain in business and how can this technology change the business world? Let's look at it.

Peer to Peer trading

As we know, blockchain is an open source platform that allows us to transact directly without a third party. Because trade is carried out directly without a third party, businesses no longer need to incur intermediary costs, transactions are more efficient, and access is reached even wider.

This broad access is not only related to money transactions, but also access to important data and documents such as invoices and others, which can be sent through this platform without being monitored and limited by third parties. The time needed is even shorter because there are no work days that are required by third parties.

A Shared Balance Sheet

The general term for this joint balance sheet is a shared ledger, which is a balance sheet that records all transactions that occur in the business network. So there are no more data differences between business people with their business partners. Every transaction made will be distributed to all members in the business network.

However, actually this shared ledger is not completely open because only members who have access permissions can see the transactions that are running. So, the confidentiality of the data is still guaranteed.

This blockchain technology has been utilized by business people from all over the world. For example, in Singapore, blockchain has been applied for business activities in ports to reduce the waiting period and simplify export-import verification. Companies like Spotify have also used the blockchain to provide fair income to artists by tracking songwriters, song titles created, and so on.
Wow ... so cool.

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