The blockchain technology market expects to grow at a compound annual growth rate (CAGR) of 67 percent between 2020 and 2025. Not only are businesses rushing to adopt this technology, but governments worldwide are recognizing its potential. International payments, money laundering detection and protection, logistics management, voting, accounting, secure record sharing, intellectual property rights protection, royalty tracking, medical record sharing, and online shopping are examples of real-world applications.
How are businesses leveraging blockchain technology’s enormous potential to provide customers with safer, more authentic, and more empowering experiences?
The key features of Blockchain (or Distributed Ledger Technology)
Immutable data/records: they can’t be changed.
Decentralized: no single authority is in charge of the blocks; decentralized nodes keep the framework running.
Distributed ledger technology allows multiple users in a network or unlimited users to access digital ledgers distributed across various devices; However, strong cryptography principles ensure that transactions are safe and secure.
Finance/Payment
Blockchain technology is the fastest, safest, and most cost-effective way for businesses to pay their employees, vendors, and suppliers. Payments between B2B and international partners can made without fear of manipulation or fraud. You can set an estimate on our App Cost Calculator
Finance departments can significantly benefit from a single, transparent ledger that allows for immediate payment of dues without the need for banking remittances or amount of transaction fees that are common in traditional banking practices.
Smart contracts
Smart contracts are self-executing contracts in which the prerequisites of both parties are written in contract code. The contract automatically execute when both parties meet the requirements. Because third-party supervision is not required, businesses can cut out intermediaries such as lawyers and consultants.
Smart contracts can use in various industries, including education to track attendance and assignments, real estate to buy and sell land ownership, and media and entertainment to protect intellectual property rights.
Data Exchange
Companies can share records and data in the most secure way possible by using blockchain technology, which ensures that no specific information can tamper with and only reaches the person who has the key for which It is intended.
Supply Chain Management
Companies can track their assets and products from the place of order to delivery. At the same time, the business owner can double-check his own and those of his suppliers. This ensures complete transparency while minimizing the risk of loss and damage.
Visibility of the data, transactions, and exchanges involved in the lifecycle of product/service delivery is simplified with Blockchain.
The enormous ease of traceability and reliability provide by blockchain technology will benefit Amazon or Alibaba and medium to large businesses such as courier services, online jewelers, food grocers, food delivery apps, liquor makers, etc.
Manage Your Identity
Your business/production premises and offices must allow access to authorized personnel and employees, especially when dealing with data security and sensitive information. Decentralized identity management can enable a multi-pronged approach to improved compliance, fraud detection, and security using digital signatures and cryptographically stored digital identities, and self-sovereign identities on a case-by-case basis.
More Effective HR Practices
Enterprise-wide hiring requires employee verification from previous employers, references, and educational institutions.
However, this would require large-scale implementation and could pay off if widely adopted across platforms.
A New Idea for digital marketing
Companies continue to store personal information and collect data over which the customer has no control as digital marketing becomes more intrusive.
Marketers can establish a direct promotional base with customers without the need for intermediaries to eat into their budget. Marketers in the conscious consumer age can create campaigns that provide transparency regarding the origin and ingredients of their products providing customers. This information and using fair business practices and environmentally friendly methods when purchasing and manufacturing. Was it or not.
As Enterprise Blockchain App Development becomes more collaborative, some of the world’s leading businesses are using blockchain technology to solve complex business process entanglements, improve data efficiency in unprecedented ways, and create high-value Creating digital assets that customers can rely on while minimizing third party costs.
Which business process in your company requires the use of Blockchain? Blockchain-based business transformation is the way of the future. Take a look around and get ready to join in the future.