Blockchain technology offers capabilities for businesses that range from incremental improvements to redefining of business models. Many forward-thinking organizations are implementing blockchain in one or another way. They are exploring the technology to create value for their businesses and allocating special budgets for pilot/implementation programs.
The characteristic features of blockchain such as decentralization, immutability, transparency, peer-to-peer interaction, data security, and traceability help businesses to employ best practices across their operations and marketing campaigns. Let’s understand some of the benefits of implementing blockchain here that help to grow businesses.
Features of blockchain that helps to grow businesses
Take a look at some of the blockchain benefits here.
The activities that take place in the blockchain remain encrypted so that the data cannot be changes or altered. Due to the technology’s distributed nature, the files can get accessed across the nodes by the authentic participants. In brief, blockchain technology can be used for private and public purposes and it is impossible to hack.
Make faster payments:
Today most of the employees are working remotely. If your organization has a remote or global team, it is easy to pay them with cryptocurrencies and thus save the transaction fees associated with traditional banking services or cross-border remittances. Further, you can track cashflows and keep track of all payments.
Reduce identity theft and money laundering:
Storage of identity on a blockchain network reduces identity theft risk, fraudulent transactions, money laundering, and cybersecurity concerns. Transaction records help you to improve your relationship with customers over time, identify loyal customers, and build a strong customer base.
Improve marketing campaigns:
Marketers can craft campaigns by tracking consumer behaviors and bring greater returns on investments. Further, blockchain helps to verify the traffic they attract. It confirms whether the traffic is from real people or bot activity. This helps to make better planning of marketing activities across the select regions or at the global level.
Supply chain management:
Logistics is an integral part of any business venture, irrespective of the size or domain. With the integration of blockchain technology, the provenance task becomes simplified as it offers a transparent platform for data exchange and gets stored in the ledger, making it easy for involved parties to track the information.
Integration of products with a decentralized ledger makes it easier for the end-user, retailers, manufacturers, and all intermediaries involved in the logistics to track the origin of the product from farm to table. Knowing the history of a product increases the trust among the consumers and thereby helps to grow the business.
The use of smart contracts makes the money transfer easier between the parties. The self-executing program gets activated once the conditions are fulfilled and the money transaction is executed. Here is no need for any intermediaries or interference of the third-party saving time and cost involved in verification and validation of a transaction.
Data storage and security:
People tend to refrain from the use of digital technologies for want of security of their personal information. Blockchain allows the storage of data cryptographically that cannot be hacked easily as the information is stored across multiple nodes. One or two nodes may get hacked, but not all the nodes in the network can get hacked making data storage secure and safe.
It is evident that blockchain will get engaged more in the coming days in every business operation. Why not think of a career in blockchain, the industry 4.0 technology.
If you are a budding entrepreneur looking forward to implementing blockchain or a student wanting to make a career in blockchain, then this is the right time for it. Learn blockchain by earning blockchain certification and carve your niche in the growing industry.