Oracle, the cloud computing giant, states blockchain and other emerging technologies give companies a competitive advantage in supply chain tracking and finance.
As per the latest study by Oracle, if your firm is not using merging technologies such as blockchain, your firm faces a competitive disadvantage.
700 finance and operations managers as well as executives, who use cloud-based services for supply chain metrics, enterprise planning, and performance management, were surveyed.
The findings of Oracle pointed to emerging tech, such as blockchain, digital assistants, artificial intelligence, machine learning, and the internet of things (IoT) devices as significant technologies that organizations must adopt. 84 percent of companies are using at least one of these technologies.
As per the study, companies that have adopted these technologies have seen their net profit grow 80% faster than organizations not investing.
To deter fraud through immutable and monitorable ledgers, blockchain applications are of great help. The beauty of blockchain is that you can trace where the transaction happens, who was part of it, and you can’t change it; it’s secure.
The study also points out that 83 percent of organizations that make use of blockchain expect significant value within one year of the utilization of blockchain.
If you want your business to be in the competition in the coming years, it’s a must to use emerging technologies such as blockchain, they make your business operations easy and effective.
Emerging technologies are the future of businesses; firms that are not using these techs; will face a competitive disadvantage. This technology provides greater transparency and increased efficiency. There is no need for any middleman in many processes because of the decentralized nature of blockchain.
In addition to that, it provides better security as every new transaction is encrypted and is linked to the previous one. Blockchain comprises of a complicated string of numbers and can’t be altered once formed.
The new study by Oracle confirms that emerging technologies such as blockchain help in business growth.
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