Why blockchain is not just cryptocurrency and how it can improve your business
Blockchain technology which is popularly known as a synonym for cryptocurrency is actually more than what it is understood. It is far more advanced than what it was defined after it is proved that it can actually help businesses to grow. Wondering how it helps businesses? Well, with its record-keeping, high-end security, transparency features, Blockchain technology can help businesses to achieve higher security, productivity and profits.
Blockchain technology is being used in various industries such as healthcare, insurance, IT, security, transport, IoT etc. already. It is used in areas like trade processing, cloud storage, secured payments, supply chain etc. to help businesses cut the extra costs, effort while improving their privacy and efficiency.
Let’s dive into some depth and see how exactly blockchain technology can help businesses to grow.
6 reasons why and how blockchain technology can improve your business
Ease of transaction
This is one of the most efficient uses of blockchain technology. Transactions between two parties can be done with not only the utmost ease but also with no third party involvement provided if both parties are on the same blockchain platform. Validation of these transactions and the visibility of transactions can be done only by the approved users. And, the transaction is transparent from end to end and is encrypted. Thus making it a secure transaction and free from fraud. As there is no involvement of banks, the additional costs for verifications are cut off.
Smart Management and Cybersecurity
Smart management through blockchain can be defined with an example of a contract. Lets’ readout how it's done.
Assume that two parties are agreeing on the terms of a business deal. Their data will be stored in the form of encrypted codes over a distributed platform which is also encrypted. This makes the deal fraud-free with no third-party interference and any other fault speculations. Such a process of a two-way deal for business using blockchain is known as a Smart Contract.
A smart contract will help businesses complete deals without any disputes. Also, this enhances the privacy and security of any information of both parties.
Blockchain can be used for HR roles such as data management, payrolls and other benefits.
This technology can handle work at the back end and can deal with payments to lead a standard form. Blockchain will help top-end staff in employee-related duties from training to compensation.
It also works in cases such as record-keeping, biometric, auditing database of employees.
Marketing using technology is the present-day way of advertising. Since blockchain is a complete technology-based process, marketing will be a lot easier. Blockchain can be used in real-time for customer engagement, tracking clients' and customers' data. Blockchain can approach customers in campaigns, advertisements, and in some unique ways. Wondering how?
It can pull the customer's data and help companies to analyze it and plan their marketing strategies while also protecting their digital rights.
Supply chain management
In order to take a product to a customer, key elements such as manufacturing, transportation, and delivery are involved. But if there are a bulk number of products tracking of every step becomes a heck. Here’s where blockchain comes into rescue again.
Blockchain keeps a track of everything from start to end. It traces each step and maintains a record. Additionally, people can use cryptocurrencies as payment to ensure the suppliers are paid only after the stock is delivered as you can even trace the payment.
The idea of business to reality can be achieved masterly with blockchain technology as it targets a wide area across the business and brings various opportunities. The blockchain serves businesses with more customer engagement and ensures trust among people. Privacy and security of data which are top priorities are delivered much easier using this technology. Hence there are high chances that your customer’s experience is achieved greatly which helps in growing your business to new heights.
Blockchain is one of the emerging technologies that is capable of bringing success to your business with quality-oriented methods. The new marketplace, blockchain has already led many companies to reach global markets, yet you are not too late. Businesses need to adopt new technologies such as blockchain to not only to make their internal tasks like their data privacy or transactions easier and secure. But they also need to improve customer experience which is the topmost parameter for any business to grow. Reach out to experts in the industry who can help integrate the latest technologies into your business. Visit Value Global Services, a company that offers top-end solutions to build future-ready businesses.