Blockchain for business is invaluable as it concerns transaction between two parties. With blockchain that conceptualizes distributed ledger technology, all the involved parties are able to gain access to the identical information simultaneously. Hence, this helps in enhancing efficacy, developing trust, as well as eliminating discord. Blockchain also provides solutions regarding scalability and multitasking in business.
The implementation of blockchain in business provides it with many advantages such as following:
Consensus: All parties involved has to validate the transactions occurring in-between such that shared business information are being updated in an efficient and trustworthy manner
Reproduction: As soon as any transaction is validated, it is automatically and immediately reproduced among all parties involved with that business. Hence, there is transparency in the business conduct.
Immutability: Information, once validated, pertaining to the business can only be updated but not edited or removed so there is a permanent record of every transaction increasing the trust among the parties involved in business.
Security: Only authorized and trusted personnel are permitted access to the information, increasing the business security.
The blockchain applications that can be used to improve the business are shown below.
Smart Contracts: A smart contract is a self-executing contract which exist on a decentralized blockchain network. Smart contracts helps to make certain that all parties will uphold their terms of agreement. The programs executing the contract can be interfered due to the immutability of blockchain system. Hence, the deal made must be fulfilled after the terms of the business is fulfilled since there is an irremovable record. Therefore, smart contact helps conduct business in a justified manner.
Hiring qualified candidate: As all the information about everyone is in the database as well as easily accessible with the help of blockchain technology, any and all information regarding a potential candidate for a job hiring cab be verified such that a qualified and the best candidate can be hired which helps to improve business.
Faster and efficient system of payments: As the first application to blockchain being cryptocurrencies, the cryptocurrencies can be used as the payment system. This helps eliminate any transaction fees associated with the middlemen such as traditional banking systems or remittance services. Also, the payments are all recorded as transaction on the blockchain, it helps in improving the payment tracking efficacy. So, there will never be any issue regarding the tax fraud which is a big problem while running a business
Better customer knowledge: With help of blockchain, we can easily understand and verify the history involving the customers, so there is lesser risk of identity theft, money laundering, fraud, and other cybersecurity concerns. We are also able to identify loyal customers, understand their spending arrangements, and steadily build your customer base.
In conclusion, we can see that blockchain helps us in positively changing how business is done. With the upcoming era where everything is being digitized, blockchain is an avenue that every company should give a serious thoughts to, as it will possibly benefit both companies and customers.