Here’s how companies can make sure they are blockchain-ready

-In recent years, many of the world’s biggest enterprises in the finance sector and beyond have adopted blockchain technology.

-Companies that are not integrating blockchains into their processes are at risk of being left behind.

-“Middleware”, such as oracle networks, can help enterprises to interact with blockchains and engage with the world of decentralized finance.

Blockchains, once considered a nascent, frontier technology, have become increasingly critical infrastructure for enterprises that want to keep pace with the future of information and value transfer. A blockchain is a shared digital ledger of transactions that is duplicated and distributed across a network of computer systems. The ledger is nearly impossible to cheat or hack, because it is verified by multiple participants across the globe and underpinned by cutting-edge cryptography. A blockchain network can be used to execute smart contracts, transfer value, track orders, settle payments, verify accounts and more.

To facilitate transactions, a set of rules — called a smart contract — is stored on the blockchain and executed automatically when a certain condition has been met. For example, a smart contract could include a business payment between enterprises that automatically executes when certain conditions of a deal are achieved.

While there remains a general assumption that blockchain technology is still in its early stages, in reality, it is already entering the early phase of majority adoption, especially by the finance industry. Recalling the massive digital transformation propelled by the internet, many forward-thinking enterprises in the finance sector and beyond are already taking important steps to become blockchain-ready.

Today, the rise of reliable software for holding digital assets and interacting with multiple blockchains and smart contracts have made it easier than ever for enterprises to embrace this new world. Companies that are not already developing a blockchain integration strategy are at risk of being left behind.

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