How Enterprise Applications Can Benefit from Blockchain Technology
Between 2020 and 2025, the blockchain technology market is projected to grow at a Compound Annual Growth Rate (CAGR) of 67%. Not only are businesses adopting this technology at a breakneck speed, but governments worldwide are waking up to its potential. Real-world applications include international payments, money laundering detection, and protection, logistics management, voting, accounting, secure record sharing, intellectual property rights protection, royalty tracking, medical record sharing, online shopping, among countless others.
How are enterprises utilizing blockchain technology’s tremendous power to offer safer, authentic, and empowering experiences to their customers? What legacy processes are ready to be retired, giving way to the fresh, dependable, and innovative blockchain approach? Let’s dig in.
Blockchain (or Distributed Ledger Technology) and its key features
Immutable: records/data cannot be altered
Decentralised: no one authority looks after the blocks, rather decentralised nodes maintain the framework
Secure: data is entered into the block only once approved by all the network nodes, an exchange between only two parties, thus extremely secure.
Distributed ledger technology: either several users or unlimited users in a network can use distributed stored digital ledgers across various devices; however strong cryptography principles keep the transactions safe and secure
The fastest, safest, and most affordable way for businesses to pay their employees, vendors, and suppliers is blockchain technology. Payments can be made without the risk of manipulation or fraud across B2B partners as well as international associates. Finance departments can benefit hugely from one transparent ledger to instantaneous settlement of dues without paying for banking remittance or transaction charges that are structured in regular banking practices. Another great reason for using blockchain in business finance is it’s easy to audit because distributed ledgers are immutable and unalterable, free from human errors, so there’s that much guarantee of clean records.
Smart contracts are self-executing contacts where the prerequisite agreements from both parties are written in code. When both parties meet the requirements, the contract is executed automatically. Third-party supervision is not needed; therefore, companies can eliminate middlemen like lawyers and consultants. From the education sector to track attendance and assignments to the real estate sector to buy and sell land titles, or the media and entertainment industry to protect intellectual property rights, the applications of smart contracts are limitless. They’re also coded to refund funds or other transactional components automatically in case of failure to meet prerequisite agreements.
Using the principles of cryptography and public-private key encryption, companies can share records and data in the safest possible way using blockchain technology, which entails that a particular piece of information cannot be tampered with only reaches the person with a key for whom it’s intended. Sharing health records timely and accurately, sharing educational records among institutions and employers, private contracts among business teams, government transferring digitized fingerprints, criminal records, tax history, scientists sharing research results, and so on.
Supply chain management
Companies can track their assets and products from the point of order to delivery at every stage while the product is en route. At the same time, the business owner can verify their own suppliers and supplier’s suppliers. This ensures complete transparency and reduces the risk of losses and damages. The supply chain ecosystem consists of various stakeholders who need auditable technology that ensures the end product is delivered without any hassles. Blockchain eliminates complexities in the visibility of data, transactions, and exchanges involved in the lifecycle of product/service delivery. Not only Amazon or Alibaba, even medium to large companies like courier services, online jewelers, food grocers, food delivery apps, liquor manufacturers, etc., stand to benefit from the massive ease of traceability and reliability offered by blockchain technology.
Your business/production premises, as well as offices, allow access to authorised personnel and staff, especially when you’re dealing with data security and sensitive information. Otherwise, also, your storehouse and facilities may be filled with physical assets and products worth millions. Blockchain uses digital signatures and cryptographically stored digital identities, self-sovereign identities on a case-by-case basis so that decentralised identity management can enable better compliance, fraud detection, and a multi-pronged approach to security.
Better HR practices
Enterprise-wide hiring requires manual hours doing employee verification from previous employers, references as well as educational institutions. HR managers are busy doing background checks when their time could be better spent on high-value tasks. Once entered, data cannot be changed by the candidates and gets auto-verified without investment in third-party providers who do manual verification. However, this would require large scale execution and may bear fruits upon widespread adoption across platforms.
New approach to digital marketing
As digital marketing becomes more invasive, companies continue to store customer’s personal information and collect data over which the customer has no control. A blockchain approach to more customer-centric marketing efforts includes giving people the choice of opting in to view an ad for digital currency or tokens. Marketers can directly establish promotional grounds with the customers without the intermediaries eating into the spends. In the woke consumer era, marketers can also create campaigns offering transparency in terms of the origin and materials of their products and whether they were procured and made with fair business practices and eco-friendly ways by offering this knowledge to the customers.
As more and more opportunities for collaboration take over the enterprise blockchain applications, some of the world’s leading enterprises are solving complex business processes entanglements using blockchain technology, enhancing data efficiency in unprecedented ways, creating high-value digital assets that customers can trust while cutting down third party costs. Which business process in your enterprise requires blockchain deployment? Business transformation with blockchain is the future everyone is headed for. Take stock and join the future.
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