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19 useful indicators to measure blockchain progress

Time : 03/07/2022 Author : 490yhc Click : + -
        So far, there is no definite data on the actual rate of return of blockchain projects. Recently, there was a survey of 550 executives. At the same time, according to the analysis of 79 blockchain projects by the World Economic Forum (WEF) and Accenture research, it was found that blockchain has not been implemented on a large scale in enterprises. The analysis shows that the executives expect the return on investment of early blockchain projects to be 24%, but the actual return is only 10%. Blockchain advocates need to accurately locate the key areas of the business in order to measure and record progress. The author of this survey, Sheila & bull of WEF; Warren and David & bull of Accenture; Treet put forward some suggestions on where they can start, and listed some key indicators that may be suitable:.
        1. Auditability: the blockchain provides a shared transaction ledger, which can fully track any assets and related activities, so that the organization can "improve its confidence in the generated data without having to manually verify the data". 2. In terms of compliance, blockchain can reduce risks. "If the management is not proper, non-compliance will bring great risks and damages. However, the blockchain will not be tampered with, which can increase users' confidence in data.". 3. Data management: improve product prediction. "Blockchain can improve data management in terms of data source and accuracy by learning more about digital assets and related data.". 5. Ownership: improve customer experience.
        "Blockchain technology can realize real digital ownership of real-world goods and digital assets by creating improved intellectual property rights and personalized data profiles without checking the history or current status of the project.". 6. Payment: eliminate overpayment of invoices. "Blockchain technology can use a single shared data source to ensure the accuracy of payments and eliminate the need for manual audit and tracking of payments.". 7. Process automation: resource reallocation. "Enterprises can use the blockchain to seek improvements in efficiency, cost saving and improving employee productivity and retention rate by shifting employees' work focus to a job with higher participation and satisfaction.
        ”。 8. Reconciliation: eliminate duplicate payments. "Blockchain technology can significantly reduce the overall cost of settling settlements, while reducing the accumulation of errors and unresolved projects.". 9. Standardization: improve the speed of listing. In a blockchain network, multiple organizations "work together in a blockchain system. They must agree on common terms, business logic and business flow because they share access to the same data and apply the same smart contract to enable business logic". 10. Tracking and tracking: saving resources and time. "Distributed ledger technology allows trade organizations to view every step of the supply chain process. Each party can verify the current status and tracking of products without relying on direct communication with other parties in the network.
        ”。 11. Data sharing: enhanced the value of the data model. "However, with blockchain, trading partners can share real-time data, as well as the history of the data and any changes made to it.". 12. Flexibility: reduce downtime. "Blockchain exists in a distributed form. It creates a highly elastic network with multiple data sharing copies, thus reducing the risk of isolated attacks or events.". 13. Transparency: improve incident response rate. "The distributed ledger of blockchain technology allows all designated parties to view data in real time. With unlimited transparency, organizations can identify opportunities, improve decisions, and track and track the results of these decisions.
        ”。 14. Trust: reduces business risk. "In the digital world, trust is being challenged, and organizations are unable to verify the basic elements. Blockchain helps realize and even automate trust by encrypting information and providing transparency in data status and tracking.". 15. Identity verification: prevent attacks by bad actors. "The core function of blockchain technology is its public key and private key encryption technology. It can be used as the basis for authenticating a user across multiple networks, thus improving the confidence of the entire network and participants.". 16. Identity management: improved retention rate. "It no longer makes sense to rely on physical documents as the only means of identifying users or objects.
        Blockchain technology can enhance the characteristics of digital identity management and use, while transcending the limitation of being operated by one organization. ". 17. Market creation: create new markets. "Blockchain technology improves the market's confidence in products and services, and also uses shared ledgers, smart contracts and digital assets to promote real-time peer-to-peer transactions.". 18. New and enhanced products and services: new product revenue. "New digital assets can exist outside the umbrella of an organization, company or government.". New and expanded partnerships: new distribution channels. "By leveraging digital assets and smart contracts, many of these partners can also have automation components.
        ”。 Statement: This article is written by the author of Golden Finance and economics. The opinions only represent the author, and do not mean that golden finance and economics agrees with his views or confirms his description.
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