Blockchain is undeniably one of the hottest topics in the tech world, as well as in business and financing circles. Although many associate blockchains with bitcoin and cryptocurrencies, it is just one of its mainstream applications. Blockchain’s scope is actually wide-ranging and goes far beyond digital currencies. There are even consultancy firms, such as IBC Group, that specialize in developing blockchain-based platforms and solutions.
In the world of business, blockchain technology can have numerous applications. The decentralized distributed ledger can hold massive amounts of data, transactions, and records that are transparent, secure and accessible in real-time to all authorized users. The data contained in each block is tamper-proof since each block is connected to a network of time-stamped blocks. Attempting to alter any data in a block requires changing the entire network.
What makes blockchain even more revolutionary is that the network is not owned by any third-party provider. In effect, it acts as a public network where businesses can transact with each other without the control of a middleman. Blockchain removes the intermediaries in many operational processes, along with the fees, complications, and bureaucracy that go with it.
Recognizing the potential applications of blockchain in their operations and processes, some businesses are now studying how they can harness the benefits of this new technology. As a business owner, you definitely don’t want to get left out in the competition. Here let’s take a look at how blockchain can be of use to your business.
E-commerce and digital payment
Blockchain, particularly cryptocurrencies, offers an alternative to conventional payment methods such as credit/debit cards, wire transfer, bank payment, and other online payment modes. As you might know, Bitcoin is the first actual application of blockchain. With the wide acceptance of cryptocurrencies, it is poised to become a possible payment method in the future. Savvy businesses can stay ahead of the competition by integrating blockchain technology into their e-commerce.
Supply chain management
Implementing blockchain in your supply chain can help address common problems such as identifying errors, addressing delays in delivery, unnecessary transport costs, and loses. With blockchain, businesses can now track their supplies in real time. This is made possible by creating a permanent history or data of a product. This data is then relayed in the blockchain where businesses (and even customers) can access it. It gives a new level of transparency and responsiveness thereby improving the processes and ultimately helping achieve maximum productivity.
Human resources management
Human resources are a crucial part of any business operation. With blockchain-based solutions, you can improve your business’ human resources – from recruitment to payroll. Blockchain benefits human resources management as it can be used to automate mundane tasks such as tax documentation, issuing paychecks, managing contracts and tracking payroll. The decentralized ledger could also provide an immutable and secured repository of all worker data, which businesses can use in hiring their employees.
Blockchain takes business accounting to the next level as it offers an unparalleled source of trust. By digitizing the entire accounting processes, you can now generate fully automated audits. Time-stamping financial documents using the blockchain can make it easier to track the whereabouts of each and every transaction. Furthermore, since the blockchain is decentralized, there is no need to scrutinize transactions for authenticity. This saves the business precious time and manpower needed to verify accounting data. Accounting blockchain guarantees transparency and accuracy of all financial and accounting processes – something that every business needs.
Businesses can use blockchain solutions for storing their business data. Unlike conventional cloud storage services held by central entities, the blockchain isn’t held hostage by an intermediary. And given its inherent security, you are guaranteed that your essential business data are safe and secured in the decentralized ledger.
Marketing and advertising
One sad fact in today’s digital marketing is the proliferation of murky middlemen and fraudulent behaviors. It is estimated that annual losses on fraud bots amount in over 7 billion. Many businesses pay up third-parties for fake traffic reports. With blockchain, this will become a thing of the past. Blockchain offers your business a new era of efficiency and transparency in your digital marketing campaigns. With its decentralized nature, you can check in real-time the reports that digital marketers give you.