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Blockchain has now became a most popular way to make money and many are trying to introduce new tokens and coins every day. People who implement a new methodology are trying to reduce the time of the transaction, but the business should consider different factors in implementing this like cost, time, need, real time worth.
One of the benefit the business would see in implementing a blockchain type of transaction is to reduce in reductions in transaction complexity and cost and also help to improve transparency and fraud controls which are being captured by the institutions with appropriate architecture. Also when considering blockchains like Bitcoin, it doesnâ€™t Â have central authority and can be considered as enablers of disintermediation. Currently Australian Securities Exchange is implementing the blockchain system i for equities clearing to reduce back-office reconciliation work for its member brokers. There is a lot of potential for blockchain in becoming a new open-standard protocol but this cannot be simply ignored without researching it (Carson et al., 2020).
Blockchain models are bit of disruptive type, but the impact it can create will improve operational efficiencies. Cost can be taken out of existing processes by removing intermediaries or the administrative effort of record keeping and transaction reconciliation. Making this big change seems to be like a big operational move, the strategy is that the process to create a new protocol will be kind of new improve to change the current world (Carson et al., 2020).
There many government organizations that are working with Blockchain companies in implementing such technologies. Many banks, governments has functions like verifying identity, record storing, this can be automated with help of blockchain infrastructure to have large administrative savings. This also helps to improve economy as well as the security in terms of public data, as the protocol enabled from the blockchain is considered very secure (Carson et al., 2020).
At this time, many have their own thoughts and doubts when it comes to blockchain implementation, until there is a commercial success known to public with evidence the reality is unknown. Key factors that determine a use caseâ€™s feasibility in a any industry: standards and regulations, technology, asset, and ecosystem. The main problem for many companies not to interfere with the technology is the time it will take to implement on each factor (Carson et al., 2020).