How Blockchain is Helping Businesses Grow Better
Published on : Wednesday 06-10-2021
Blockchain technology can also help you determine if your business is attracting real people or bots – this will help you rationalise your marketing budget.
Blockchain technology is revolutionary, and its ubiquity across industries is overwhelming. While it is still too early to categorise it as an alpha solution to many of the existing industrial security and trust issues, it is good to know that blockchain technology is undoubtedly growing, and its use is entering the realm of both small and large businesses around the world.
According to the market measurement tool CB Insights, annual spending on blockchain solutions will reach nearly $16 billion by 2023, almost endless.
Why are industries focusing on blockchain technology?
In our age, it is quite obvious that the level of competition between enterprises today is extremely high. And to gain a competitive edge over others in the marketplace, your business tactics must be in line with current trends that appeal to your consumers. Aside from financing, gaming, online commerce, and e-commerce, blockchain is one of the trends that offer amazing solutions for businesses to grow better.
Here are some inherent blockchain features that can help a business grow better:
1. It is a decentralised technology.
2. Transparency is ensured in the blockchain.
3. This facilitates peer-to-peer communication.
4. Data security at the highest level.
5. It is also trackable and immutable.
What are the areas of business operations in which this technology can be useful?
Without a doubt, blockchain has proven to be a key driver of change and a foundation for new developments. In fact, these are areas of business operations in which it can be very useful:
Supply chain section
Whether your business is large or small, it is essential that your company has a flawless and efficient supply chain. While data-driven supply chain management (SCM) provides continuous visibility to keep track of all important information about a company's goods and services from receipt to production and delivery to end customers, human factors and trust still affect this particular section.
However, with the integration of blockchain technology, the whole operation is simplified. In addition to eliminating unnecessary regulators, it offers a transparent platform on which every data exchange – from point of purchase to production and delivery – is timestamped and stored consistently in a decentralised ledger. In this way, “certain members” of the company can easily track the information.
Records management and security section
Long before that, many customers were afraid to post their data (especially personal information) on digital platforms due to cyber hacker attacks. But this technology helps to solve this problem. Customers no longer need to worry about losing their data or unauthorised access, because the blockchain provides top-notch security from all sides. Hackers cannot enter the system or modify any data added to the registry as a block. Meanwhile, if there are any changes in a block, it will affect other blocks as well, because they are related to each other. Thus, it is a tedious task for any hacker to change that many blocks in one go.
Smart contracts section
Since people do business with each other, it is natural for them to have a contract that binds them. Typically, a contract is a binding agreement between two parties or businesses, large or small. But today many companies face serious problems because their contracts with other parties are either violated or delayed, even if they are bound by law enforcement obligations.
Smart contracts are pre-programmed contracts that are governed by clearly agreed terms between both parties. They are executed independently – the code and conditions of the Contracts exist in the blockchain network. Thus, as soon as both parties reach an established agreement (that is, it reaches the end of transactions), it is automatically activated without delay. In fact, it is the best tool for business owners when you are afraid to do business with people you don't trust.
Know your customers
As long as the information on the blockchain cannot be changed, blockchain is the right technology to help you get to know your customers better. In other words, it promotes "strong identity management".
And since both customers and employees have their own means of digital identification (identifiers), their information can be stored on the blockchain network. Using this process, you reduce your risk of committing identity theft, money laundering, etc. Yes, customers can gain control over their personal data because the information on the blockchain cannot be changed. In fact, this technology creates space for clear transactional records that strengthen your bonds by showing how your relationship has evolved over time.
Recruitment section
It is not news that companies could lose thousands or even millions to a messy hiring process. In fact, some small businesses are stumped because their employees lack the critical technical know-how. Approximately 80 per cent of employee turnover is related to poor hiring, according to the Harvard Business Review.
The cost of poor hiring is enormous, which is why it is very important to select the right employee for the job. While most of these recruiting systems cannot easily tell if an employee is lying about their CV or not, hiring qualified professionals becomes challenging.
The truth is, the Internet is flooded with many people claiming what they are not. They tweak their resume to make it look extremely impressive to their potential employers.
Employers can access the verifiable records of potential employees thanks to the integration of blockchain technology. In a digital ledger, we track all information about potential hires, including academic records, past workbooks, extracurricular activities, and recommendations. In this way, they can easily authenticate a potential candidate. In addition, potential employee data stored in a decentralised ledger makes it easier for employers to recruit the right people to improve their business.
Marketing department
Competition is said to lead to innovation. However, the number of businesses competing for attention today is overwhelming. In order to market your business with innovative ideas, you must step up your game.
Integrating blockchain technology into your marketing efforts provides transparency and data protection for your customers. Further, business owners can track customer behaviour to improve their products and services with the help of this technology. As a result, smart marketers will take these results (data) and create a robust marketing campaign that can lead to big sales.
Blockchain technology can also help you determine if your business is attracting real people or bots – this will help you rationalise your marketing budget.
Conclusion
Eventually, blockchains will revolutionise all industries. In addition, it has proven to be a viable option for almost every traditional business.
Article Courtesy: NASSCOM Community – an open knowledge sharing platform for the Indian technology industry:
https://community.nasscom.in/communities/blockchain/how-blockchain-technology-helping-small-and-large-businesses-grow-better
