There has been a significant amount of hype around cryptocurrencies and blockchain in the last five years, with business to business (B2B) blockchain applications slowly starting to gain traction in leading-edge organizations.
Although blockchain is the underlying technology for cryptocurrencies, the technology can be separated from a cryptocurrency, such as Bitcoin or Ethereum, and used in a B2B environment where a high degree of visibility and/or security is essential. Significant opportunities exist for companies that strive to understand the capabilities of blockchain technology and creatively apply the technology as a solution to business transactions. Successful organizations will benefit from a reduction in overall costs of processing, monitoring, validating and executing transactions between a buyer and seller of products — and in other areas across the entire supply chain. Understanding the capabilities of the underlying technology is imperative to ensure that the value and benefits clearly outweigh the costs and risks of implementation.
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