Just because the burgeoning blockchain industry is evolving quickly doesn’t mean your business can’t jump on board right now. As leaders across all industries often share the same day-to-day challenges, there are several ways to begin taking advantage of this era-defining technology today – and a multitude of benefits to doing so. Here are five ways that businesses both large and small are already leveraging blockchain tech to enhance their daily processes.
The unprecedented transparency provided by distributed ledger technology has proven revolutionary for supply chain management. Newly-emerging blockchain platforms such as Provenance and TagOne are specifically designed to prevent the sale of fake goods and the problem of double-spending on certifications; two of the numerous rampant challenges in today’s dated systems. Leveraging blockchain’s global peer-to-peer network ensures neutrality, reliability and security – all of which can mean better products, more cost-efficient shipping, and increased customer trust for businesses of all kinds.
As in many use cases for blockchain, the power of decentralization presents a big opportunity in the realm of cloud storage. Household name providers like Google, Dropbox, and Microsoft control the industry at present, and this has raised tricky questions about data ownership, protection, licensing, and privacy. Now, instead of going with one of the big guys, businesses have the option of running storage through a decentralized blockchain network that stores the data with open source technology. Not only is there no company controlling the data, but the price for storage is lower and network availability is much higher. Compared to a centralized network that represents hundreds or thousands of computer servers, decentralized cloud networks often represent millions.
When it comes to transparency and accuracy of records, there are few methods as overdue for an upgrade as the paper-based contracts on which modern society still precariously runs. Smart Contracts – which establish a relationship through cryptographic code, without a reliance on any third parties – are currently the most-utilized application of blockchain technology, and major players like IBM and Microsoft have already made it fairly easy for businesses to start using them. Regardless of your industry, there are typically many possible applications for Smart Contracts in everyday business activities; from banking to tax records to vendor payments to identity management and much more.
A recent survey found that 85 percent of HR professionals have discovered lies or exaggerations on résumés. False educational credentials and phony references have been a common problem in hiring for decades, but distributed ledger technology is beginning to change the game. Aside from the clear benefits of accuracy, speed, and transparency in the vetting process – businesses can now verify qualifications immediately and with absolute certainty – there are other positive effects from embedding blockchain technology in this space. Perhaps most of interest to leaders and decision-makers: the cost and time spent on recruitment can be significantly reduced, because businesses can now eliminate their dependency on third party firms for slower traditional background checks.
If you know next to nothing about blockchain technology, you probably know at least one thing: it has drastically reshaped the financial landscape in terms of payment speed. Instantaneous international payments are one big reason to consider solutions like Ripple or IBM’s Blockchain Platform, and there are other notable perks too, including much lower costs than traditional services, no foreign exchange fees, and on-demand liquidity. If it seems hasty to adopt such a new and seemingly uncharted system, the data surrounding such payments should quell your concerns; the number of confirmed Bitcoin transactions per day grew roughly 6X between 2014 and 2018. In addition, 90% of members of the European Payments Council believe blockchain technology will fundamentally change the industry by 2025.