For many blockchain enthusiasts there is a lot of learning required to not only be ahead but get it right in the blockchain space. Businesses and business organizations need to understand the real benefits of moving their businesses to the blockchain. There is the absolute need to be convinced just the same way we were convinced the Internet was the way to go before businesses started accepting the Internet migration.
In this piece I want to in a few lines state some of the benefits of the blockchain based on one of the five properties of the blockchain technology. There are actually five properties of the blockchain technology, namely; Provenance, Consensus, Security and immutability, High Availability, and Finality.
Each of these properties offers their respective benefits to the user of the blockchain technology. My intention here is to simplify the benefit of the blockchain to businesses, to the society, to the environment and to the customer or consumer.
Provenance: First, what is Provenance?
In blockchain technology it is called digital provenance. Provenance refers to the origin of things, tracing or tracking events or transactions back to their very origin to ascertain originality, authenticity and credibility of such events or transactions. When digital provenance is activated in the blockchain a number of benefits accrue to businesses on the blockchain, the society, the environment and the end-user customer. The following are the benefits I have identified we can get in the blockchain through digital provenance.
Benefits to Businesses: Incentive for Businesses to Invest in Blockchain tracking raw materials origin include but may not be limited to Cost-Saving, increased profit, trust and reliability will increase for the finished product. Compromise and corruption in raw material procurement is eliminated through Provenance.