1. Cost reduction
The use of blockchain technology eliminates the costs of managing and recording transactions that would otherwise be paid to third parties such as banks, mediators, payment networks, and money transfer services.
It can also save money on operational and IT costs by avoiding replacing legacy systems and administration infrastructure in businesses. Implementing Blockchain technology will necessitate some investment. However, the cost is a fraction of maintaining IT infrastructure. The same is true in other business areas, such as supply chain management and finance.
2. Revenue Creation
The Blockchain eliminates administrative and collaborative barriers, allowing for innovative business strategies that were previously impossible to implement due to the lack of distributed ledgers. Blockchain paves the way for new infrastructure and revenue models with this new freedom.
3. Consumer Impact
New business models open up the possibility of meeting previously unmet consumer and community needs. In the medical field, where remote patient care and record-keeping may have been a problem in the past, Blockchain advancements offer ways to overcome those barriers by utilizing synchronized records and smart care devices on the network.
