By David Drake via Iris.xyz

Blockchain technology is taking the world by storm. Its decentralized and transparent nature, coupled with fast speeds promises to revolutionize the way people transact and run their businesses in the future. As adoption of this technology spreads across sectors, corporates are not being left behind.

At the beginning of this year, Amazon  (AMZN) and Starbucks  (SBUX) went public with their intentions to include blockchain in their business models. From the look of things, these are not the only global companies that want a piece of the ‘blockchain pie’.

Research findings released by Deloitte this past month indicate that at least 74% of companies in different countries are considering blockchain technology with the aim of developing business applications.

Strengthening Collaboration

The move by companies to get into the blockchain technology space is expected to yield a corresponding increase in this technology’s application within the business world. According to Dan Ramirez, CEO of Vanig, the utilization of blockchain will help address the shortcomings of conventional e-commerce by facilitating fast transactions.

He says, “Traditional E-commerce changed the world. It changed how goods are bought and sold, plus it brought substantial value to the formative days of the Internet. But do we call it a day now, or do we look to improve current platforms as well as the retailer and consumer experiences that come with them? With all the good traditional e-commerce has brought society, it still has shortcomings. By utilizing blockchain technology, we are reducing transaction fees for retailers, streamlining legacy processes for the supply chain, and lowering prices for consumers, it’s a win-win-win across the board.”

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