Blockchain technology has gained so much popularity in the marketplace. In this article, we will discuss different ways blockchain technology can change your business processes. First we will discuss issues with traditional business models.
1. Autonomy
In the traditional method, every business process functions as silos which means the information is not shared with other parties or departments. People belonging to one department are unfamiliar with the information by those belonging to another department. This way of processing business information is resulting in lower transparency and trustability among all.
2. Time-Taking Processes
As discussed in the first point, all the processes act in different ways in a business operation. Resulting, teams spend time in searching, collecting, and analyzing the same data to make the decisions. Also, teams have to connect with other third parties for the proper functioning of business which makes process time-consuming.
3. Payment Barriers
Another challenge with traditional business models is payment barriers. As there are different countries involved in the business, there are multiple currencies and because of this, payment transfer becomes more complex as well as time-consuming and costly.
4. No Security
The traditional business systems are not prepared for the intelligent and growing hacking world. And because of this, there are chances that data can be stolen by third parties or hackers.
5. Higher Cost
In traditional business systems, every task is performed manually. Also, various third parties are also involved in every process, which demands more money and charges. This results in higher costs.
With the above points, we have discussed the issues companies are facing with the traditional business model, let’s see what differences come with the involvement of blockchain technology for business processes.
1. Smart Contracts
This is the main important application of blockchain in the business world. As the name suggests, a smart contract is a self-executing contract where all the terms and conditions are agreed from both parties and written in the form of programming codes. This code is then stored on the decentralized blockchain network. Whenever the written code is fulfilled, conditions get executed. In case if any party overrule condition, services or products are returned back to the party. This is the way smart contracts encourage businesses to execute important and legal processes without the involvement of government entities or middlemen.
2. Ease of Payment
The integration of blockchain with digital payments is also one of the important applications of blockchain networks. By eliminating the interference of third parties and documents like billing statements and invoices, blockchain has also made easy cash flow in the startups and other companies.
3. Supply Chain Management
Blockchain plays an im[portant role in the supply chain. It enables companies to track their products or services throughout the process. from manufacturing to transportation, and delivering at the consumer end blockchain plays its role. It provides the power of transparency and immutability into the whole process, making it possible for the companies to prevent counterfeiting, delays in product delivery, providing strong security in the process.
4. Better Hiring
Blockchain technology also helps companies in hiring the best candidates. With the use of this technology it is possible to prevent candidates to use some tools like photoshop for creating fake or duplicate documents. It also helps organizations to save time for verifying documents and hiring the right candidate.
5. Effective Marketing Campaigns
Blockchain technology helps in running effective marketing campaigns. with blockchain, marketers can keep a real-time track of client information and customer behavior which makes it easy to create effective campaigns with high ROI. This enables marketers to authenticate traffic from the real world.
6. Robust Security
Strong security is one of the main specifications of blockchain technology. Blockchain technology can improve your business by providing robust security to your business and its processes. It comes with decentralization and transparency which encourages more and more users on the network to store and verify the information of the network. As the blockchain system comes with complexity and security considerations, it lowers down risk of cyberattacks.
7. Customer Engagement
Blockchain technology also helps in engaging a wider target audience. with blockchain, users can take control of their personal information, adds transparency to the business model, allow quick and secure transactions also helps businesses in identifying loyal customers.
As we discussed, there are multiple surprising benefits of blockchain and in future, more and more companies are going to invest in Blockchain. NearLearn provide best Blockchain Training in Bangalore at an affordable cost. Online training is also available with live projects and case studies.
We also provide training on various other courses such as Machine Learning, React JS, Python programming and many more. For more information, call +91-80-41700110 or visit: www.nearlearn.com
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