A 2017 study conducted by IBM found that at least one of three C-level executives are currently using or considering implementing blockchain technology in their business. Many executives are looking at how blockchain solutions can improve transparency, accountability, and trust within the business community.
Although not all enterprises fully embrace the arrival of this revolutionizing technology, especially among organizations that heavily rely on central, conventional databases to generate revenue, the fact is that this technological breakthrough is poised to take on the entire business sector and will soon find its way to multi-industry implementation.
As the technology goes mainstream, many businesses are now investing in blockchain development. It is in anticipation of the benefits that blockchain offers to industries. Here let’s take a look at some potential blockchain solutions that can be implemented in your organization.
1. Monetary transactions
Bitcoin is perhaps one of the most popular uses of blockchain technology. Businesses can also take advantage of blockchain encryption for their monetary transactions, most especially for international transactions.
Unlike traditional monetary transfer, blockchain solutions offer faster and more accurate payments and transfers at a reduced cost. Also, third-party middlemen (banks and financial institutions) would not be necessary for financial transactions.
2. Smart contracts
Businesses can use blockchain to secure information in a contract. Being in a distributed ledger, the information deposited in smart contracts is tamper-proof. One would need compelling technology to alter a contract without leaving a trace, which is impossible at the moment. This could benefit businesses that handle numerous contracts at any given time. The retail industry and real estate sector can utilize smart contracts running on the blockchain.
3. Audits
Blockchain solutions can be developed to make record-keeping and auditing easier and more secure for your business. Businesses that conduct internal audits can benefit from blockchain solutions as information is more accessible and accurate. Since data stored in the blockchain is basically tamper-proof, tracking and auditing are also more reliable.
4. Digital identity and signatures
Compared to traditional password-based methods, blockchain technology can provide a more secure and reliable user identity verification. Businesses can implement blockchain-based identity and signature confirmation system which is more difficult to hack. The blockchain authentication system uses public-key cryptography and unique digital signatures.
Users are assigned a specific private key to access information. This could provide added security on passports, e-residencies, online accounts, and digital forms of digital identity.
5. Supply and production chain management
Blockchain solutions can be developed for supply and production chain management. Every part of the supply chain can be tracked using the blockchain. The raw materials can be tagged and entered into the blockchain-based tracking system from the supplier through the production process. This makes it easier to track the progress of production in real-time.
You can see the entire process from raw materials down to the finished product. This is also critical in risk management as it can help a company instantly identify which specific part of the supply chain has aberrations or problems.
Final Thoughts
Clearly, there are a lot of amazing applications of blockchain in the world of business. Many blockchain development service providers are now working on innovative solutions that hope to answer many businesses’ most pressing problems. Although many of these blockchain-based solutions are still in the early developmental stages, experts are very optimistic about their benefits.
This breakthrough technology offers many benefits – from simplifying business processes to increasing revenues to ensuring tamper-proof databases and more. It’s not entirely surprising why many businesses are now heavily investing in blockchain.
Don’t get left behind. Explore and discover how blockchain solutions can help make your business more efficient.
