The new technological innovation which serves as editable ledger can be called as the basic crux of the Blockchain management. It allows transactions between two or more entities. All the transactions are registered and they can be properly viewed by getting permission to view the record. Each transaction becomes a separate block by forming a chain of blocks thus called Blockchain. Blockchain mainly grabbed attention through cryptocurrencies. It has immense applications as the detail of the party is transparent, there all details are stored. And will be used accordingly while all the transactions made by the entity will be recorded in a chronological manner. Blockchain can be used in different fields like insurance, trading, etc. This could reduce the unnecessary time-consuming processes and could increase the speed of the trading. This ledger can be edited, which helps to make the necessary changes in the case which have to be made in the future.
Blockchain has huge scope in wealth and asset management. One of the most time-consuming aspects of this area is documentation of the new customer including his financial details, residency proofs, etc. These all can be solved by Blockchain management. Once a block is created the person can grant access to people he wants and they can use the already verified details accordingly. This method also helps to stop money laundering as all the details are available on the digital platform and can be easily verified.
Companies like Maersk and IBM have announced a joint venture to apply Blockchain technology in supply chain management which could be a revolutionary step changing the whole way in which supply chain management works. It would save billions of money for the company cutting down the delay time usually taken due to old paper track method.
Blockchain management has a promising future ahead as it can be applied to establish new markets as well can be integrated into the existing markets.
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