Amco IT System and Blockchain

Amco IT System has been dealing with different industries for the past five years. We
have a highly skilled development team that is working on developing multilevel
marketing and network marketing system solutions. Amco IT System provides you with
time saving benefits of doing business offshore without the risks associated with
traditional vendor outsourcing. We at Amco IT System offer blockchain services to our
clients. Let us look at some of the benefits of blockchain.

Blockchain
Blockchain is being globally used by many industries like financial services, government
and healthcare to transform and disrupt the traditional industry models. Majority of the
industry leaders have already accomplished substantial benefits in business, including
reduced costs, greater transparency, increased efficiency, improved traceability, speed
of transactions and enhanced security. Following are some of the benefits that
Blockchain provides in the industry.

1. Better transparency
Blockchain technology is being used to make the transaction histories more transparent.
In contrast to singular copies, all the network participants share the same
documentation due to the fact that blockchain is a type of distributed ledger. This shared
documentation can only be updated by consensus, meaning that everyone must agree
on it. This makes the data on a blockchain to be more transparent, consistent and
accurate as compared to pushing through paper-heavy procedures. It is also accessible
by all the participants who have full granted access. The collusion of the whole network
and modification of all subsequent records is required in order to modify a single
transaction record which can be quite hectic.

2. Boosted security
There are a number of ways in which blockchain is more secure than the traditional
record-keeping systems. For the transactions to be recorded they must be agreed upon
by everyone. After the approval of a transaction, it is then linked and encrypted to the
earlier transaction. This information is not stored on a singular server and instead it is
stored in a network of computers, making it nearly impossible for hackers to get their
hands on the transaction data. By preventing unauthorized activity and fraud,
Blockchain is capable of changing the sharing of important information in any industry,
where securing the crucial data is a major priority.

3. Enhanced traceability
It is very difficult to trace the origin of any item especially if your industry deals with the
products that are traded through an intricate supply chain. An audit trail is established
when exchanging of goods is recorded on a blockchain, showing the details of where a
product came from and where did it stop on its way. This can help to confirm the
authenticity of the product and also helps in preventing fraud.

4. Increased efficiency and speed

Trading anything can be a time-consuming process that often requires third party
meditation and is open to human error if you are using the traditional paper work
procedure. Transactions can be completed more efficiently and faster by automating
and streamlining them with blockchain. Quicker and clear settlement can occur by using
blockchain as the record-keeping is done by using a single digital ledger which is then
shared with the participants. By giving everyone the access to the same information, the
need of intermediaries is lowered and the trust factor is increased.

5. Reduced costs
Cost reduction is a priority for majority of the businesses. With the help of blockchain,
you don’t require any guarantees from any third party sources and it is not a problem
whether you trust your trading partner or not. Instead, all you have to do is to trust the
data on the blockchain. As everyone is going to have the permission to access the
single, absolute data version, there will be no need to review much documentation for
completing a trade.