In many instances, multiple companies are working towards the same goal; however, if one company fails or makes a mistake, it can harm every other related enterprise. There is now an emerging industry-wide shift in how companies communicate with one another.
Blockchain technologies are being used to get the complete picture of supply chain relationships and make it easier for enterprises to collaborate and coordinate their efforts with others to succeed in this new world of commerce. However, more so than any other blockchain technology, Bitcoin gives organizations the most flexibility and control at each stage of the value chain process. on the other hand, if you are looking for a trusted bitcoin trading tool, you may use Bit QS as it is reliable. Below are the top five features of Bitcoin which make it the most valuable cryptocurrency for enterprise use.
Transparency:
Blockchain is still an evolving technology and will continue to transform industries in the years to come. However, from a transparency standpoint, Bitcoin has already proven its value. Transactions on the Bitcoin network are public, traceable, and permanent. All transactions are just as transparent as traditional bank statements—but much more detailed and easy to use. Therefore, it can be precious for supply chain processes that involve numerous entities working together towards a common goal.
Security:
The immutability of distributed ledger technologies (DLTs) like blockchain makes it nearly impossible to alter data after the fact. If malicious actors attempt to alter transaction data on a non-DLT platform, they can do so with relative ease. It is not the case with a blockchain protocol like Bitcoin. The blockchain is immutable; this makes it nearly impossible to steal or manipulate digital assets.
Enterprise-level Applications:
Bitcoin was created for enterprise use and is the most robust cryptocurrency currently available. All the world’s largest enterprises already accept Bitcoin payments through services such as BitPay, Copay, and Coinbase. When you buy a gift card at Gyft or buy products from Overstock, you use Bitcoin (without realizing it). These companies understand that enterprise-level applications need enterprise-level solutions, which BTC provides.
Block Size and Transaction Speed:
Bitcoin is one of the few blockchain protocols allowing users to send large amounts of data within a short time frame. The average transaction size on the Bitcoin network is roughly 1,500 bytes—compared to 24,000 bytes on Ethereum. It makes it much faster (and cheaper) than traditional blockchains that require users to record each transaction individually. It also makes it easier to track transactions, as a single public address can be used by multiple entities – which would not be possible on a non-blockchain platform.
Permissionless Innovation:
Blockchain can potentially reinvent entire industries, especially if it gains widespread adoption. There is no better blockchain technology than Bitcoin to support this type of Innovation. The main reason permissionless Innovation is possible on the Bitcoin network is that it has been operating since 2009 and has an extensive network of computers spread out around the globe. Additionally, only a limited number of Bitcoins in circulation (21 million) ensures that they will be widely accepted for years.
Early Mover Advantage: Bitcoin has been around for 11+ years and is one of the only major cryptocurrencies on the market. It gives it a significant advantage over many other blockchain technologies that are still emerging. Bitcoin’s early mover advantage will continue to be extremely valuable as merchants, consumers, and enterprises begin to adopt this emerging technology.
Supply Chain Overview:
The supply chain process involves multiple entities working together towards a common goal – in this case, moving oil and gas safely between different countries. In the process, certain parties must collaborate to reduce costs and improve performance.
Supply chains are a complex model in which many different parties are involved in the movement of goods and services. If any party has a failure/error within its operations, it can adversely affect every other related party. To combat this problem, all companies need to be able to communicate with each other efficiently; bitcoin and blockchain are the mere efficient way to do so.
These are just a few reasons Bitcoin is the most valuable cryptocurrency for enterprise use. Still, there are many more reasons why organizations should consider using Bitcoin ahead of other blockchains—including some which may not be as well-known. For example, when you purchase a product from Overstock, the company pays its suppliers using Bitcoin.
