With the emergence of blockchain technology, the dramatic explosion of cryptocurrencies like Bitcoin and Ethereum has transformed the finance world today. But what is blockchain technology that instigated changes? A blockchain is simply a network of computer systems that replicates and distributes a digital ledger of transactions throughout the complete network.
Regardless of the industry, almost every business uses blockchain technology for its positive performance. Therefore, if you’re under the impression that blockchain is just a part of finance, you’re mistaken. Furthermore, Global Market Insights predicts that from 2021 to 2027, the CAGR for blockchain technology in healthcare will be around 52.1%.
So yes, blockchain can help your business grow too. Read this blog to discover how blockchain technology contributes to business growth.
5 Blockchain Benefits Business Owners Know, That You Must Too!
To wholly understand blockchain in business, you need to know some of the advantages of blockchain technology. So, here’s a list of top 5 advantages of blockchain technology:
1. Improved Security
Blockchain technology deploys end-to-end encryption. Thus, protecting your sensitive data from unauthorised viewing or activity.
With the help of smart contracts, transactions can be automated. This avoids any dependence upon a third party or mitigates any other human involvement. Furthermore, automation also removes any human error.
3. Increase in Speed and Efficiency
Applying blockchain automation leads to speeding up business processes and increasing efficiency. There is no hassle of paperwork, and the digital ledger has an efficient data storage system making it secure and a practical approach.
4. Enhanced Transparency
Blockchain technology employs a decentralised network which brings up high transparency. In distributed ledger systems, data is stored across multiple locations, which different people with access can view. As a result, transparency is maintained, ensuring immutability.
Blockchain makes use of smart contracts to implement equity tracking. Therefore, blockchain traceability could guarantee that anyone could view the chain of custody and the movement of an object across the distribution network in real-time.
Blockchain in Business: 5 Effective Ways Your Business Can Grow with Blockchain
The incredible features of blockchain technology allow it to meet several diverse business demands. As a result, introducing blockchain technology to your business model will help it develop further and add immense value. Today, the most corporate and public organisations have adopted this technology. Here are 5 ways of applying blockchain technology in your business:
- Building Trust for Your Brand
One of the most significant advantages of blockchain technology is how it generates trust among different parties. The fact that blockchain lets you share your data quickly and securely make it a trustworthy resource. Your clients can conduct transactions or store data knowing that their privacy is ensured.
To give you an example, look at the De Beers, who sells high quality real diamonds. De Beers uses blockchain technology to track various diamond sizes from the mine site to the retail store to ensure his quality trail.
2. Efficient Payment Gateways
Blockchain technology is an ideal way of making fast and secure payments. It helps you transfer money from one country to another in no time. Usually, these processes may take a few days, but blockchain does it in a few hours. Maintaining transparency and privacy, all your transactions are conducted securely.
For example, Barclays is one of the leading banks in U.K. that uses blockchain technology to simply fund transfer and for their users KYC processes.
3. Cost Effective
Blockchain technology eliminates the need for any third-party vendor, this saves you money. Furthermore, automation in blockchain technology simplifies processes by avoiding any manual approaches that may need human intervention. As a result, streamlining payment processes automatically makes it cost-efficient and fast.
For instance, Delta Airlines has created chatbots using blockchain technology that can interact with customers and deliver offers according to their interests. As a result, the company saves money with this innovation by not having to hire a new customer service representative.
4. Blockchain Eases Recruitment Processes
With blockchain technology, you can hire the best employees for your organisation. Blockchain also helps filter out fake profiles and verify the potential ones. It helps maintaining the integrity of candidates’ details. All the personal and professional information of applicants is stored in a network, making it accessible to the recruiter.
Jobvite uses blockchain technology to screen fraud resume and verifying credentials of candidates.
5. Blockchain Enhances your Marketing Strategy
Blockchain technology help in detecting frauds within the advertising sector. You don’t need a third person to track your clicks; blockchain would do that for you. You can even use blockchain in influencer marketing, which helps you to verify the authenticity of an influencer.
For example, UAE’s Etihad Airways employs blockchain technology to broaden its customer base, this is helping Abu Dhabi become one of the most popular tourist destinations.
Blockchain technology is a boon for businesses where it promises you security and integrity along with growth. It has the potential to transform any industry for a better tomorrow. In fact, you can find blockchain in numerous sectors like healthcare, manufacturing, real estate, banking, marketing, etc. The beauty of blockchain technology lies in the fact that it can blend into any sector and churn out enormous benefits.
Furthermore, start learning blockchain to comprehend it better while a professional hand is helping you with setting up the technology for your business. You can take up introductory courses in blockchain to learn the fundamentals of the domain and further proceed to learn its advanced concepts. So, avoid any second thoughts, and just get started with blockchain courses today!