Detailed Understanding About the Benefits of Blockchain in Business Intelligence

    What is the Role of Blockchain in Business Intelligence?

    In today’s modern world, many of us have heard about blockchain and how it benefited other people and started wondering whether it will benefit you or not or whether it is secure enough. And many such questions arise in your mind.

    As of now, many businesses and individuals have adopted blockchain technology. People consider the ledger functionality of blockchain to be efficient, distributive, and very secure.

    Your data, which is present in the systems under blockchain, is stored in blocks, forming a secure chain powered by cryptographic strings. Hence, the name blockchain.

    Let us see some of the real-time uses of blockchain:

    • People can use it to transfer money from one user to another within seconds.
    • Locating the items supplied from one seller to another. Managing the supply chain becomes an easier task.
    • Companies can create Digital IDs for their employees.
    • Some companies use to run loyalty programs based on blockchain.
    • Hospitals and medical institutions use blockchain for recordkeeping.
    • Trading has been simplified since blockchain arrived.
    • Some companies use it for encrypting messages too.

    What Role Blockchain Does Play in Business Intelligence?

    Various companies have introduced business intelligence and blockchain together. Many such companies are trying to secure their data, embracing the potential of encrypted ledgers present in the blockchain.

    One of the advantages of using blockchain for your business intelligence is that no more technology is so much associated with blockchain as compared to business intelligence, and there’s a reason behind it i.e., blockchain has the most run applications for business intelligence.

    Blockchain, which is well known in the market for Bitcoin, provides users with data that cannot be altered due to the presence of records within a network.

    Blockchain can help various businesses transform the way they perform global business transactions. Such transactions are extremely vulnerable to fraud as both parties don’t know each other well.

    Instead of using a Nostro and Vostro account, many businesses prefer making payments via a third party person or a company, which can lead to delays in such payments and shipment of items.

    Such transactions, if delayed, can be risky in the case of some global businesses and can lead to heavy losses.

    And here comes blockchain to the rescue. Blockchain helps to remove such third-party companies and vendors, allowing businesses to be in touch and perform one-to-one transactions with ease.

    While performing such transactions, blockchain also enables a company to track its global shipments from the point, the item is being dispatched to the end of the sale.

    Real-time tracking of various things is easy with it, including gasoline and other essential utilities.

    Have you heard of ICOs?

    Well, let me tell you that ICOs here refer to initial coin offerings. Many companies utilize such offerings nowadays to raise funds.

    These are kinds of tokens based on blockchain technology that companies issue in exchange for money. Such tokens are very useful in a company’s day-to-day transactions.

    Like for example, these tokens can be redeemed by the clients of the company who have issued such tokens in purchasing or availing goods and services from the company.

    This is very helpful for startups as of now; they are only using venture capital firms to raise funds for them and trade equity shares. Instead, now they can use such ICOs for building funds, and whoever buys such tokens can avail of services from such startups.

    Blockchain is very useful in business intelligence as it provides a platform to track the records maintained in its ledger-based encrypted database, which is anyways more secure than the traditional centralized database present.

    This move will benefit blockchain as every company wants a secure database to protect users’ information.


    Companies should use blockchain services in business intelligence in the near future to safeguard the data of the users and other critical financial data that companies hold.

    Also, blockchain will help many startups raise funds through initial coin offerings, which will help companies bypass venture capital firms.

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