6 ways blockchain technology can help businesses grow
By taking advantage of the blockchain, businesses can improve the relationship with their customers, streamline tedious processes, such as recruiting, as well as improve the safety of sensitive data.
Blockchain technology seems to be on everyone’s lips and it seems to have everything it takes to transform businesses for the better. To put it simply, blockchain technology aims to change the way businesses and individuals make transactions, by providing a digital space where transactions can be recorded.
The main advantage of blockchain is that, once those records or transactions are up, they can not be altered and changed, making this a much safer environment for delicate business processes. But how can blockchain offer solutions to help companies better and grow their business?
Smart contracts are self-executing contracts, which means that by using them you can eliminate the need for an intermediary, such as a notary or a lawyer. All contract parties can have their terms and conditions written directly into the code of the contract, thus making sure each party respects the agreement. If one of the parties does not respect their part of the contract it can not be closed, this helps ensure everybody gets what they signed up for.
How do smart contracts help businesses? First of all, it ensures that once they deliver the end product or service, they will get paid down to the last cent. This means no more postponed payments and no more having to call every week to make sure someone from accounts remembers to make a full payment to you. On top of that, if the other party backs out, you get a full refund.
Blockchain uses cryptocurrencies, which means you can start paying your employees in Bitcoin, Litecoin and Ethereum. This can turn out to be extremely helpful, especially if you have to outsource part of your company’s work. On top of that, you can eliminate transaction fees, especially when having to make deposits in foreign currencies. This can help both your company and the employee, as you no longer waste money on banking systems or remittance services.
Payment records are stored on the blockchain and available for verification at any time. This means you can easily keep track of all your payments are eliminate the risk to overpay taxes or have an employee accuse you of not paying them. Again, transparency seems to be the core value of blockchain technology.
Improve Customer Relationship
A blockchain development company can help you implement digital IDs for all your employees, as well as customers, to eliminate frauds, identity theft situations or any other cybersecurity issue you may be open to, otherwise.
The information available on the blockchain can not be altered, which means every person is in charge of their personal data. You can use these records to keep track of your customers and how your relationship has evolved over time, by checking transactions, payments and so on. This can help you develop a reliable customer base and keep track of loyal customers and their habits. This way, you will be able to adjust your behavior when communicating with each and every one of them.
Refine Hiring Processes
Unfortunately, the phrase “Everybody lies in their resume” has become a general truth, making it harder and harder for employers to hire genuinely qualified people for their company. Verifying each and every statement in a resume is time-consuming and nerve-wracking and can drive every HR employee to the edge.
Blockchain technology helps the HR department verify the identity of a potential employee, as well as their academic records and past experience in the field, all with just a few clicks. References can also be stored on their profile and you can be sure that they are 100% real. This way, when a potential employee seems too qualified to be true, you can easily verify their claims and be certain that no altered information found its way into their resume.
Better Loyalty Programs
As mentioned above, blockchain technology can help businesses keep track of their relationship with their customers. This way, they can identify loyal customers and set up various loyalty programs to repay them. This will result in a better business-client relationship and make sure that only clients who deserve it are being rewarded.
Better yet, gift cards and loyalty programs can be directly implemented on the blockchain as there are multiple companies who have developed digital gift cards which can be traded on the blockchain’s ledger.
These loyalty programs are far less expensive than traditional ones, as well as more secure, as they do not involve any third party and can be verified through the blockchain. This means no more broken gift codes that don’t work when clients attempt to redeem them and no more forged vouchers that companies need to verify.
Make Use of The Cloud
Cloud storage can be another tremendous benefit for businesses. There are multiple blockchain startups that offer secure cloud storage solutions for businesses in need of a place to store their sensitive data. Data on the blockchain is secure and can not be altered, which makes it even more of an advantage for companies who need to protect their business from cybersecurity breaches or attacks.
On top of that, stored data can be accessed from any device and by anyone who is authorized, at any time. The cost would be much lower than that of a central hub and all connected devices can communicate autonomously. On top of that, with IoT integration, businesses can have access to powerful, accurate and secure reports, as well as big data analytics.
The business world is changing for the better, both for businesses and their clients. By taking advantage of the blockchain, businesses can improve the relationship with their customers, streamline tedious processes, such as recruiting, as well as improve the safety of sensitive data. On top of that, companies who choose to implement blockchain can make secure payments and eliminate the need for a third party when it comes to contracts.
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