2 min readThe past year has been full of talk about the value of blockchain and digital ledg er technology (DLT), from cryptocurrencies to smart contracts and more.
But is it really worth the hype? What’s the practical application for DLT within a business?
Though nascent in its development, application, and acceptance, DLT and its impact on specific businesses and industries could be profound.
That being said, some industries stand to gain more than others, so businesses need to explore where the possibilities lie, and how they can benefit from them. Businesses that join an ecosystem that adopts DLT stand to gain from some unique characteristics pertaining to three critical business needs: security, zero knowledge proof, and efficiency.
In the daily course of business, many companies have already satisfied one or another of these needs, perhaps even two. But DLT changes everything, because the very structure of DLT necessitates that all three—security, zero knowledge proof, and efficiency—are always present everywhere across the ecosystem.
For example, in an industry such as commodities trading that is heavily reliant upon paperwork, moving to a DLT-supported system can provide many benefits. It can streamline processes (less paper means less friction means greater efficiency), minimize the risk of forged documents (which, at times, can be worth millions of dollars), and provide greater security and zero knowledge proof, thanks to the mechanism through which transactions are confirmed and recorded.
Interested in how DLT can factor into your business plan? Check out our white paper, “Can DLT Work for My Business?”