By Nikhil Sonawane - March 17, 2023 5 Mins Read
Businesses can leverage Blockchain in their tech stack to build a shared, immutable ledger to increase efficiency between trusted partners. This technology has the potential to disrupt businesses across industries thoroughly.
According to a recent report published by Grand View Research, the global market size of Blockchain technology was valued at USD 10.02 billion in 2022. The report also predicts market size growth at 87.7% of CAGR between 2023 and 2030.
Blockchain is a distributed ledger technology that offers access to the same information for all businesses transacting simultaneously. This immutable ledger enables enterprises to improve efficiency, develop trust and ensure frictionless operations. Integrating this technology will allow companies to develop solutions that rapidly size and scale. Moreover, Blockchain can be utilized across multiple industries to accomplish various operational goals. Leveraging Blockchain for businesses will revolutionize their operations in the following ways:
Consensus is one of the most significant ways this technology revolutionizes businesses. These distributed ledgers will only get updated once the transaction is verified by all relevant participants involved.
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A decentralized network offers enterprises a network that any governing body or other third parties cannot access.
After all the users approve the transaction or event record, it will automatically create the ledgers for all participants in that channel. For all transactions, all the partners on the Blockchain can have a single source of truth.
Immutability is another significant feature of Blockchain that can revolutionize businesses in various ways. Enterprises can add as many blocks as possible but cannot remove or change them. These immutable records keep a permanent record of all the transactions to improve the trustworthiness among the stakeholders.
Enhanced security helps to revolutionize businesses from the core because only authorized users can create blocks and grant access to them.
Business leaders are exploring opportunities to leverage Blockchain to develop more efficient processes and create new financial models.
Read more to understand how Blockchain can transform businesses:
The best way Blockchain is helping transform business operations is through Smart Contracts. These are digital contracts agreed upon by all the users. Once all the parties meet the terms and conditions, they self-execute the set parameters.
Smart contracts are saved on a decentralized network and are immutable. Once the written codes are met, the relevant requirements are executed. If any parties do not meet written conditions, the products and services are returned to the other parties.
Leveraging smart contracts helps businesses to execute legal actions without involving legal professionals, government officials, or other intermediaries to solve disputes.
Blockchain for businesses will revolutionize the organization’s financial aspects. Integrating the application of Blockchain in the Tech stack helps enterprises to eliminate the third parties involved in managing documents such as billing statements and invoices. Moreover, organizations can streamline the cash flow by leveraging this distributed ledger technology.
One of the most significant transformations Blockchain technology can offer supply chain management. Integrating this technology will enable organizations to track their entire product journey, from procurement of raw materials to delivery to the end users. It is the best way to improve transparency throughout the process. The immutable nature of this decentralized network enables businesses to fight counterfeit products in the market and enhance security in the entire supply chain. Companies can even track the raw material supplier used in the product to make necessary procurement decisions.
Another vertical that enterprises can leverage Blockchain-based applications is in their human resources. Organizations will be able to transform their recruitment and onboarding process using Blockchain. This technology reduces the instances of document forgery. Leveraging these shared ledgers will reduce the time required to verify the documents while hiring a resource. Every resource can have a block with all their educational and professional experience. All organizations and educational institutions can approve the block of the user if the incident is actual. This way, it helps to improve transparency in the recruitment process and ensure that the company hires only skilled resources.
Blockchain for businesses has not explored opportunities in marketing operations. Embracing Blockchain in the presales operations helps companies to monitor client information and behavior in real-time, which helps to deliver effective marketing campaigns and generate a higher ROI. Moreover, this technology will enable the marketers to validate the actual traffic to improve the expenditure on these marketing activities.
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Blockchain for businesses will deliver enhanced security measures to improve overall enterprise security. The power of decentralization and transparency expects all parties to save and verify information stored on the Blockchain. The distributed ledger technology is complex and, with enhanced security, lowers the risk of cyber-attacks. Using Blockchain for digital identity helps users protect and maintain their identity.
Businesses can consider leveraging Blockchain to help them gather, verify, save, and auto-update customer information. It is the easiest way to improve customer engagement. Leveraging Blockchain for businesses for customer engagement generates new opportunities and benefits. The users get control over their personal information, which fosters transparency in the process. Moreover, this technology will enable businesses to determine their loyal customer base.
Blockchain technology enables enterprises to create distributed ledgers that help them to improve the supply chain and minimize copyright infringements through enhanced security, data analytics, and control. This immutable record helps businesses across industries, including healthcare, logistics, manufacturing, and information technology. Seamlessly integrating this distributed ledger technology, like AI, Big Data, and Cloud, can revolutionize various business operations. Businesses that want to incorporate Blockchain effectively in their tech stack need to start hiring skilled resources to ensure a seamless implementation.
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Nikhil Sonawane is a Tech Journalist with OnDot Media. He has 4+ years of technical expertise in drafting content strategies for Blockchain, Supply Chain Management, Digital Transformation, Artificial Intelligence, Big Data, SaaS, PaaS, cloud computing, Data analytics, Enterprise Resource Planning (ERP) solutions, and other emerging enterprise technologies and trends.With eclectic experience in working and writing about complex enterprise systems, he has an impressive track record of success. Through his specialized knowledge of thoughtful and compelling writing styles, he covers a wide range of topics that delve into organizational effectiveness, successful change, and innovation management.His Commitment to ongoing learning and improvement helps him to deliver thought-provoking insights and analysis on complex technologies and tools that are revolutionizing modern enterprises.He brings his eye for editorial detail and keen sense of language skills to every article he writes. If traveling was free, it would have been difficult to trace him.
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