How is Blockchain transforming B2B transactions?

udoy · Post by **udoy** » Sun Dec 22, 2024 5:15 am

In today’s business world, where speed, efficiency, and security of transactions are key, blockchain technology is coming in as a revolutionary tool, fundamentally changing the way businesses conduct business country code philippines mobile transactions. Originally known as the foundation of cryptocurrencies, blockchain is now penetrating deeper into the industry, transforming business-to-business (B2B) transactions in many ways.

One of the most visible ways blockchain is transforming B2B transactions is through the elimination of middlemen. Traditionally, many business transactions require a trusted intermediary or the intermediation of a financial institution. However, blockchain enables direct transactions between parties, eliminating the need to trust a middleman and reducing the costs associated with their services.

Banks are increasingly interested in implementing blockchain technology, seeing it as a great advantage for international transactions between them. Although it is mainly known for its applications in cryptocurrency transactions, this technology is finding increasing use. Although blockchain was initially mainly associated with cryptocurrency transfers, it is now also being used in restaurants and shops as a new method of payment with cryptocurrencies. The development of these examples of blockchain use in everyday life for payments has contributed to the growing interest of banks in this technology. Thanks to the low cost and speed of international transactions, blockchain allows for a considerable reduction in transfer costs. BitPesa in Africa, for example, has achieved a reduction of up to 90% in the costs associated with international transfers.

Examples of blockchain use cases
BitPesa, by using smart contracts for international transactions, has managed to optimize transaction costs by 90%.
Banco Santander introduced instant transfers in 2018 with the help of the Ripple cryptocurrency.
In 2018, Pko Bank Polski launched the world's first blockchain-based merchant service called "Persistent Carrier". At this time, it has been used more than 50 million times and generated PLN 77 million in profit.
LINK4 enables its clients to access public documents using blockchain, an innovative approach in the insurance field. It has worked with Coinfirm to implement this system.
Positiverse has developed an innovative solution that combines RFID, NFC and blockchain to support supply management. The blockchain thus contains all product information and history.