Blockchain — A Cost-Reduction Tool

4 min readDec 29, 2020

Make sure to follow us on Twitter, Instagram and give us a like on Facebook. You can also join our Telegram Chanel for all the latest news and updates.

Nowadays, organizations always require quality performance with minimum utilization of cost. Cost-reduction techniques hold great significance in today’s world since they maximize the profit of the organization. Businesses need to keep an eye on technological developments to gain a competitive edge.

Blockchain has started to step out of the umbrella of cryptocurrencies and step into different fields to bring its potential into the spotlight. Blockchain technology has transformed a number of companies, as discussed earlier, and continues to do so. It is capable of saving your business money by minimizing supplier overhead. The utilization of blockchain technology might result in a paperless business model since all the information can be accessed electronically and there is no need for printouts. This reduces a lot of business costs.

The following are some of the areas where blockchain is effectively contributing to reducing cost:

Blockchain — Reducing Supply Management Costs

Blockchain is proving to be a reliable solution for reducing supply chain costs. In today’s world, businesses have to rely greatly upon supply chains to transport goods and services. The greater number of intermediaries in the network results in increased costs.

The issues related to the supply chain can be rectified with the utilization of smart contracts. These smart contracts are triggered automatically when a particular action is taken, which results in lowering the role of intermediaries. Furthermore, it can aid in improving the inventory system as a result of which costly data errors and delays are reduced. Blockchain technology can facilitate logistics companies in providing the details about available space and routes, reducing the cost as well as transport time. This will further benefit the customers by providing lower shipping costs.

Blockchain and The Healthcare Sector

The implementation of blockchain technology in the healthcare sector as a data integration tool brings great benefits. This technology is employed in information-intensive electronic healthcare records and medical applications, which results in lower costs for providing health services such as security and system maintenance costs.

Furthermore, blockchain technology will enable the storage and updating of patient’s medical information in real-time with the aid of the Internet of Things and ensure that every healthcare professional, be it a nurse or a doctor, can access the records and data of patients with utmost convenience. Through the utilization of blockchain technology, the information exchange among the user will be secure and devoid of anomalies in the system, further reducing costs.

Blockchain — Minimizing Agricultural Costs

Blockchain technology has the power to provide traceable data for every input that is produced and bought. Farmers will be able to save costs by requesting rich data on the inputs that they buy from local retailers and can reduce waste by making sure that they are using reliable and authentic inputs prior to making any investment for growing their crops.

Blockchain and The Parking Industry

A decentralized parking platform can be formed with blockchain that enables vehicle owners to search and reserve free parking spots. It will enable the drivers to pay through applications and even use cryptocurrencies via smart contracts. This will save fuel costs, ultimately resulting in a cost-effective approach.

BigBang Core — Providing a Cost-Effective Approach

For reducing costs, BigBang Core integrates the Internet of Things, blockchain, and big data technology and uses this combination in numerous fields. This further reduces risks and increases revenue. Following is a list of industries that are benefitting from cost-effective techniques of BigBang Core:

Energy Industry

As discussed earlier, BigBang Core combines big data, the Internet of Things, and blockchain technology to create an energy ecological big system that builds “Data collection, data transmission, data storage, and data analysis”. This will facilitate companies in reducing the time and energy of manpower statistics and analysis, and also reduce the utilization of resources and energy, ultimately resulting in a cost-saving experience.

Agriculture Industry

By combining the Internet of Things, blockchain, and big data technologies with agricultural data, BigBang Core minimizes the work of record retention and maintains multiple systems. It has made it convenient to manage, process, and track every link from crops to accurate statistics, and to enhance the management efficiency of the agricultural supply chains, resulting in lower costs and lesser time consumption.

Drinking-Water Industry

For recording the whole process of “production-packaging-logistics-sales” of bottled drinking water (including factory status, assembly line labeling, filling and capping, water quality treatment, etc.) on the chain, blockchain technology and Internet of Things is employed by BigBang Core. The adoption of Light Wallet Service (LWS) and LWC makes the production environment on-chain transparent. Furthermore, it lowers the cost and provides greater efficiency.

Parking Industry

In order to ensure information security along with realizing the characteristics of sharing, BigBang Core employs blockchain technology. It ensures the provision of solutions for the flaws in the parking field, including barriers gate systems, cloud payment systems, license plate recognition, access control systems, and other integrated solutions. It is committed to building a comprehensive urban parking management system to achieve the effective operation of parking resources. The parking time is automatically calculated by the system and allows online billing via an application, eliminating the risk of cash loss.

A Bright Future

Blockchain technology is taking over the business world with its numerous benefits. It is facilitating various industries in every possible way. BigBang Core employs blockchain technology along with IoT and big data, to enable industries to maximize profit and minimize costs.