Today, in industries all around the world, businesses need to save costs, implement digital transformation and increase efficiency at every turn. There is no longer a space for companies who merely ‘go along’ – we must innovate and transform to keep up with the current times.

Where blockchain truly excels is in optimization: from cost to overall company efficiency. By doing this, streamlining processes, optimizing data storage, it removes the excessive, unnecessary tasks that consume company time.

It’s all about data

Data drives business.

Yet, currently, many companies don’t know where their data comes from, is going, or what to do with it. This is because there’s excesses of information and it can be massively overwhelming, especially when companies don’t have the technology to change this.

Blockchain platforms can take this data, analyse it, and ensure its security, all in one. Blockhead Technologies’ platform, STAMP, does this in a variety of sectors, from fuel to supply chain tracking. This is where blockchain excels. It supports platforms to easily protect and analyse data in a cost-effective method for companies.

Removing expensive intermediaries and reducing overhead costs

Blockchain can provide an ‘in-between’ between companies and in contracts. Because it is inherently traceable, any changes or deletions are visible, and the contract will be permanently on the blockchain. This leaves limited room for issues.

Companies spend large amounts of money on intermediaries. Blockchain can also reduce the need for services such as lawyers, contract drafts, or other expenditures such as accounting. In this way, SMBs can “save on payroll, invoicing and reduce the need for external services.”

By implementing smart contracts instead of regular contracts, companies can massively reduce overhead costs and remove the necessity of expensive intermediaries.

Improved and uncompromisable compliance

By putting data on the blockchain, we ensure that it is permanent and untampered with. This data is very difficult – if not nearly impossible – to lose, and any changes that may be fraudulent are visible. In addition, all data is encrypted, meaning that it is better protected from fraudulent attacks.

This both ensures easy auditing and helps companies have confidence in the security of their data.

Using blockchain-backed platforms ensures that data is more accessible and transparent. It also brings cost savings in both the short and long-term.

Blockhead Technologies has created STAMP Supply and STAMP Fuel, blockchain-backed data tracking platforms that ensures transparency, easy access and simple data analysis. You can find out more here or contact us here for a demo.