Blockchain technology has been around for a while, but it’s only recently gained widespread recognition among the general public due to its association with cryptocurrencies. And while this use case is still one of the most important, the truth is there are many more. One of the most lauded uses of blockchain is in the business arena. Although the system is not yet fully developed to allow use at an institutional level, this is likely to change in the coming years.
There is a wide range of applications for the decentralized ledger, and according to the researchers, companies around the world are likely to incorporate it into their business plans over the next decade. The platform has the potential to make processes more efficient and can also offer a higher level of security for its users. On the blockchain, information cannot be changed once it has been entered and recorded in the system, meaning business operations are less susceptible to fraud or unauthorized changes.
Let’s dive into some of the practical ways blockchain technology can help your business thrive.
In business, the quality of the products you deliver to your customers is paramount to your bottom line. To grow your business and ensure people buy from you. You need to ensure that the products you manufacture meet quality standards. Letting down your customers can result in losing your loyal customers and reducing the number of potential new customers who decide to try your business.
Blockchain technology offers potential applications in quality assurance, especially in case something goes wrong. Should withdrawals or investigations be necessary, the use of blockchain technology can quickly and reliably identify the problem. A process that would otherwise take days, if not weeks, can easily be resolved in a matter of hours.
Depending on what business you run, quality concerns may differ. In the case of food, the presence of bacteria such as salmonella or E. coli can lead to entire batches being taken off the shelves, while in the case of clothing, the discovery that the materials used to manufacture the garments are highly flammable and therefore pose a serious risk for represents the user and may seriously damage their business reputation. Also, money and resources are expended in the manufacturing process, and salvaged products essentially lose all of those funds. Blockchain can quickly get to the bottom of these issues, letting you know what can go wrong and what to avoid in the future.
Recruit new employees
Finding and retaining talent is a concern for most companies. Employee turnover has increased and employers are in a constant race to prevent employees from leaving the company. Not only can blockchain technology be used in the application process to ensure that resumes are not at risk of fraud and documentation cannot be altered after submission, which some people find an unfair advantage, but also the use of cryptocurrencies can do can help attract employees.
If you’re a trader, you already have a reasonably good idea of how the process works. Also, when considering how to buy ETH, keep an eye out for price changes, as the changes will indicate whether you should be buying or selling cryptocurrencies at any given time to get the greatest possible return. He is also aware that cryptocurrencies like Ethereum are not subject to censorship and have even been used by investors as a hedge against inflation rates in local currencies. To avoid inflation rates, you can pay your employees’ salaries or bonuses in ETH.
However, you should also do the necessary research before embarking on this adventure. Make sure you understand your country’s cryptocurrency laws and tax implications. Monitoring the currency value is also crucial as you need to adjust the values accordingly given the fluctuations.
The smart contract system enables companies to process large transactions automatically. This is great news for supply chain management, one of the most critical and also most complex components of the business. Blockchain technology can track goods and materials through shipping and manufacturing processes. When a product leaves the factory. It is tracked as it enters your company’s warehouse and then throughout its shipment to a retail store.
By using Smart Contracts, you can connect everyone involved in the process in real-time without the risk of disclosing sensitive information. In this way, security is guaranteed and everyone is aware of possible changes in the supply chain. If a single person doesn’t notice even the smallest of changes, the entire process can go awry.
It increases visibility and transparency, ensuring all ecosystem participants are involved, from suppliers and manufacturers to you and your customers.
In addition to paying out profits in cryptocurrency, the blockchain can also be used for a variety of other business transactions. Some companies have taken the first steps to create initial coin offerings for blockchain-based currencies and platforms. Some central banks have also started experimenting with their cryptocurrencies, such as the Japanese J-Coin. And while some are convinced that the cryptocurrency trend will not last, others are increasingly convinced that cash and digital assets are the future. In this scenario, more and more users will be making transactions daily in the coming years.
More and more brands and businesses have started to integrate cryptocurrency payments as a viable payment method on their websites. And some have gone a step further by enabling digital payments at physical locations. In doing so, many have improved their sales as merchants can now use their coins directly to shop at their favorite stores.
Although blockchain technology still has a long way to go before it is integrated into enterprises. But its use cases are too diverse to be deployed in official systems.