Businesses in many sectors need to develop strategies that address the market needs and concerns. In order to be successful in this endeavor, leaders must think of innovative ways to solve modern problems and foster organizational growth. Blockchain has been proven to be a very beneficial technology for businesses, providing methods that allow them to stay competitive in the marketplace and adapt to changing market conditions. The rapid growth of blockchain has been due to the increasing awareness about the importance of technology in supporting organizational sustainability. As a key enabling technology, blockchain is able to improve the efficiency of both business operations and business processes. Blockchain technology could be used in one industry, the microfinance sector. This is especially true when it comes to real-time transaction processing.
Blockchain technology is a key advantage for microfinance firms. It is possible to enhance security in the microfinance industry by using blockchain technology architecture. This technology uses a distributed ledger system that provides additional security, especially in the case of processing real-time transactions. Digital records are used to verify the trustworthiness of distributed ledgers. To be registered, transactions must match all existing catalogs (DURRANT 2019). To prevent unauthorized parties accessing data, transactions must be encrypted. Microfinance is guided by several ethical and behavioral standards. One of these is confidentiality. This ensures customer data is protected from unauthorised system users. Blockchain technology could help in solving the problems associated with adhering this concept to increasing dangers and hazards in information management systems.
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