Five ways Blockchain can impact your business positively
Since its inception, blockchain has attained a lot of buzz. This buzz caught a rapid pace when bitcoin was invented. The blockchain is yet under development, and its newer applications are emerging every single day.
Approximately 80% of the business organizations are making use of blockchain technology for accomplishing their business related tasks.
It is high time you should infuse blockchain into your business model to reward it with something that has a multitude of benefits.
Here are some ways you can utilize blockchain for revamping your business processes.
For quicker and safer payments
The emergence of blockchain has entirely terminated the need for paperwork and invoices for finalizing the payments. All the payments processed through blockchain can be transferred instantaneously and in an ultra-safe environment. Let us help you with an example.
Suppose you transfer an amount using your bank; many intermediaries in the whole process are keeping an eye on what’s happening. The payment will be verified at your end and also at your receiver’s end before getting credited into the account.
In the case of blockchain, there are no intermediaries who are halting the process and making it slower. The payments are processed directly and transferred into the receiver’s account without any troubles and security breaches.
In fortifying the copyrights
Another great use of blockchain for the businesses is protecting the copyrights. With the help blockchain, all the information related to the copyright like when the product invented, who invented it, and the dates associated can be accumulated into a data form. This chunk of data is readily available to settle any dispute that belongs to the copyright.
Blockchain assists the businesses to protect their copyrights from any false claims.
For keeping transaction histories
Blockchain caught a rapid pace after the evolution of bitcoin which is one of the most grossing crypto-currencies across the globe. In the case of bitcoin, blockchain served as a ledger. It was utilized to keep the track record of all the payments processed. This public ledger was accessible by everyone, and anyone can check the transaction history made using bitcoin.
Incorporation of blockchain into your business will bestow you with the capability to keep a record of everything and in a well-managed form. Blockchain also assures that there is no scope of data breach as this technology is highly secured using the industry’s best encryption.
For swift background checks
It is expected that blockchain has the capabilities to conduct background checks on your employees. No, you don’t need to rely on the HR folks to perform a thorough inspection which is time-consuming and has a scope of human errors.
With blockchain, your business can conduct background checks without human intervention. A business can easily verify the job titles, previous work history, and other imperative factors related to the employees.
Better quality control and supply-chain management
A single firm does not produce most of the things available in the market. Some companies are into the assembling process, and they assemble the elements gathered from different manufacturers. Let us take the example of a pencil.
A firm manufactures the graphite of the pencil, whereas another firm does the outer shell and marketing. So if any of the firms fail to deliver quality, the whole product will be ruined and it will backfire on the company’s reputation.
With the help of blockchain, supply management and quality assurance can be proactively done. The product is verified at every step, and the information is available in an auditable form to trace down the flaws into any product.
Wrapping it up
These are some ways your business can take out the most from blockchain. As per current researches on the blockchain, it is expected that most of the processes will get automated. Further many businesses/ governments are or in the process of using blockchain to conduct electronic voting, maintain land records, legal contracts, etc.
Blockchain is making everything much more transparent and secure than ever before. It is high time you should consider adopting blockchain technology to boom your businesses process while terminating the flaws and any possibilities of defects.
Vijaya Bharti (Author)
With a background in finance and a passion for writing, she has made her passion her profession. Her endless desire to learn new things developed her interest in Blockchain Technology and the Crypto world. She enjoys writing and learning in the process as she believes there is no end to gaining knowledge. She likes to unwind by watching online series or reading when she is not working.