There’s a common misconception that blockchain technology only exists in conjunction with Bitcoin and has no alternative applications. However, blockchain is about much more than Bitcoin. This technology is being adapted to numerous business uses.
Blockchain is undoubtedly the driving force for business transformation. Those who neglect it are losing massive business opportunities. In this short post, we shall focus on the technology itself and how blockchain development services can help any business thrive. Dive in.
Key Features Making Blockchain Effective
The most important thing to understand is that not all the features mentioned below work individually. They work together. This is how they make it a secure way to record digital data and store it in the blockchain:
A blockchain network is decentralized. It has neither a third party watching over it nor a governing entity controlling it.
All data records within a blockchain are unchangeable and unalterable, and every node of a chain is verified for authenticity.
Blockchain technology makes use of cryptography, thus safeguarding data employing complex algorithms, a.k.a. anti-attack defense.
Transactions within a blockchain are faster than traditional ones: while a banking system needs days to process a transaction, a blockchain needs minutes.
Blockchain features an exceptional distributed ledger technology that guarantees parallel access, confirmation, and updating of records across a network and its entities.
Together, these make blockchain go far beyond cryptocurrency projects. Regardless of a company’s size, there are opportunities to incorporate blockchain into its processes. Let’s see how.
Top Ways Blockchain Development Services Can Help You
An agency providing blockchain development services can leverage the power of your business by:
Secure record sharing
Any business can store and transfer records most securely using blockchain’s built-in encryption. Let’s take healthcare data as an example. An ambulatory surgical center can use blockchain to share their patients’ electronic medical records securely. Access to records is only possible by utilizing personal key codes. Gone are the days of paper-based records and less safe in-house software.
Easy business contract management
Blockchain opens the gate to smart contracts, a technology that simplifies the workflow related to business contract management. What is a smart contract offered by blockchain? It is a self-fulfilling contract in which payments are released only after confirmation that both parties have carried out their agreed-upon terms.
Better transparency and traceability
This benefit is closely related to pharmacological and food supply chain businesses. In the case of pharma, for instance, a consumer can quickly verify a product’s authenticity while the business boosts its trust and loyalty. On the other hand, a food supply chain documents every step, every fork, or every farm it collaborates with. Thus, it also promotes trustworthiness.
Augmented external partner collaboration
Surprisingly, this option is a novelty for most businesses. The reality is that the transparent nature of blockchain is integral for niches and areas where businesses need to collaborate with many external partners. Blockchain allows all parties involved to view an accurate ledger with accurate data wholeness.
Improved financial management
Blockchain adoption allows businesses that spend money on current processes to reduce expenses related to third-party vendors. Blockchain features no centralized player and requires much less interaction when it comes to transaction validation. Thus, it saves time and money.
Powerful marketing campaigns
This technology also helps marketing teams with their campaigns. Now, a marketing manager can immediately track customer information and behavior. This data allows them to create campaigns that derive higher ROI.
Easy hiring
Blockchain participates in the recruitment process by preventing candidates from using external tools to build impressive CVs and other documents. Simply put, the technology helps verify documents so only valid candidates get hired. Thus, a company can keep a small recruitment team instead of a huge department.
Quick IoT adoption
Safety is a concern if your business works with physical objects with sensors or software that connects to any device. Blockchain can solve these safety challenges, ensuring devices remain approachable and data is securely encrypted.
Experts believe the application of blockchain across industries and geographies will increase with time. By 2030, its size is expected to more than double to a record of $508.1 billion. So, a business should start adopting it now by taking small steps instead of finding itself in a stressful environment where the adoption will be fast, painful, and less effective.
Last Updated 5 days ago
