The unique blockchain technology will enable greater trust in business, creating an “all-in” economy fueled by autonomous organisations by vaporizing current frictions in the economy that are inhibiting business growth and propelling the movement of capital, a new study said on Tuesday. Also Read - Facebook for Android will soon get dark mode and coronavirus tracking featureAlso Read - Scientists develop soft contact lens that can zoom with a blink
“Today, a number of frictions — such as participants of a transaction not having access to the same information or the high price of intermediaries — add costs and complexity that drags on global business and trade,” said the study done by technology giant IBM’s Institute for Business Value (IBV). “Blockchain technology — which creates a permanent and transparent record of transactions — will reduce or eliminate these frictions, recasting our institutions and economy in new form with far greater efficiency and far less risk,” added the study.
“Distributed ledgers would become the foundation of a robust system of trust — a decentralized platform for massive collaboration,” it added.
By using blockchain technology, the enterprise can overcome complexity to scale freely, integrate vertically or laterally across a network or ecosystem, transact with super efficiency, among others, the study predicted.
“Also, new services delivered on blockchain networks would accelerate access and liberate those that were once locked out of efficient value creation to fully participate in an “all-in” economy,” it said.