How Blockchain Is Reshaping Enterprise Software Development?

By raising standards for efficiency, trust and data integrity, blockchain Reshaping enterprise software development looks set to upend traditional corporate finance in the coming years. Below we explore the potential of blockchain for finance and look at some of the first steps in the enterprise market, including a full digital letter of credit.

Reshaping enterprise software development

Benefits

Trust and transparency with respect to privacy

A shared and immutable source of truth allows all parties in the business network to collaborate, reach agreement, and manage selected data while maintaining integrity and confidentiality.

Security

With a distributed architecture, there is no single point of failure, reducing the need for data brokers. It is resistant to fraud and malicious third parties, making it virtually impossible to manipulate or hack.

High performance

Modern private blockchain platforms are designed to sustain hundreds of transactions per second as well as periodic spikes in network activity.

Enterprise blockchain use cases for finance

Many companies have been exploring the benefits of blockchain for years. Although the technology foundations have untapped transformational potential, most enterprises are still in the testing phase and have not yet implemented any production-ready solutions.

Trade financing blockchain technology and letters of credit

Global trade can be a complicated process when importers and exporters from different parts of the world need transaction verification before they can complete a trade finance transaction. Blockchain speeds up the process by allowing all parties to access documents and records once they have processed them.

Conclusion

Blockchain has the potential to reshape financial processes reducing costs and increasing the benefits of control. It’s a new catalyst for improvement from purchase order to cash to purchase to payment, receivables, payables, general ledger, reconciliation and even payroll.