What is blockchain? Many people have that question. In the past decade, we’ve seen so many emerging technologies significantly transform the business landscape. Finding success in the market has never been easier than now thanks to modern tools. These range from fintech products that make it easier to connect with the modern consumer, to AI chatbots that do so much more than just answer customers’ questions.
Another revolutionary piece of technology that has given businesses a competitive edge in today’s quickly evolving marketplace is blockchain. However, not a lot of people fully understand what blockchain tech is. While many are aware of what cryptocurrencies are — a popular blockchain product — not everyone knows how it works. Indeed, a survey by Kaspersky found that, while 29% of respondents have heard of cryptocurrency and blockchain, only 10% actually know how the technology works. As a business owner, you should be able to use emerging technologies such as blockchain to help your enterprise find success. With that said, we’ll discuss below how you can use blockchain tech to your advantage.
How Blockchain Tech Can Help Your Business Grow
To put it simply, smart contracts are self-automated computer programs that are designed with an ‘if X, then Y’ logic, which executes itself when certain conditions are met. Enterprises often rely on a lawyer or a third party when making sure that a contract is executed based on its provisions and the law, as well as to settle any disputes. With a smart contract, any agreement between you and an opposing party won’t be muddled with ambiguity or have room left for misinterpretation. Additionally, smart contracts eradicate the need for a lawyer or a third party executor, as the cryptographic code will enforce the contract terms automatically. Doing business with other enterprises using smart contracts is certainly more secure, cost-effective, and time-effective than other methods.
Due to the global health crisis, more people have started using contactless payments over legal tender. True enough, the global contactless payment market is expected to grow substantially, reaching at least $18 billion by 2025 with a CAGR of 11.7%.
To keep up with the times, your enterprise should be able to make and accept transactions using cryptocurrencies such as Bitcoin and Etherium. Cryptocurrencies use blockchain’s numerous encryption methods and security measures to make sure that your transactions are secure and free of fraud. It works on a distributed ledger system, where transactions are saved and updated in real-time. Now, transacting using crypto is easier than ever since it’s integrated on mobile payment apps and various IoT devices.
For many enterprises, it can be costly and time-consuming to confirm a potential candidate’s previous work experience, educational background, and the supplementary credentials found on their resume. Blockchain technology can help your HR department confirm the contents of an applicant’s resume on a blockchain database. Since data on decentralized blockchains are permanent, HR professionals can access the database for accurate information about a potential candidate — removing the need for a third party background checks and exhaustive employee verification.
The supply chain is a set of highly interconnected activities that includes sourcing raw materials from different locations, processing, storing, and delivering to different seller chains and consumers. As such, every enterprise relies on supply chains to remain efficient and ensure operations go smoothly.
Blockchain technology can improve the supply chain by promoting transparency at every step and allowing for real-time tracking. Visibility has always been a challenge in supply chains that involve complex transactions and processes. This is why accessible but immutable data stored in the blockchain can help improve the trust between supply chain parties. Plus, it will ensure that there are no delays in your business.
Bringing in the Right Professionals
It will benefit your enterprise to expand your IT department with computer experts who can help you leverage blockchain. In fact, about 23% of large enterprises have already ventured into developing blockchain apps and programs for businesses — and the demand for tech professionals who know how to develop blockchain ledgers continues to increase. To keep up with this growing need for talent, top universities are offering a much more accessible range of courses through online degrees in computer science. The courses, which can be completed remotely and undertaken at any pace, allow students to take a deep dive into the world of blockchain and related concentrations — like data science, cybersecurity, and software development. Other than that, these programs even teach state-of-the-art technology such as IBM Watson, CA Technologies Secure, Microsoft Azure, and Amazon Web Services. As such, computer science students of today are incredibly well-rounded and get to collaborate with experienced educators and other learners. All of this makes these IT and computer professionals more than qualified to be blockchain consultants and help your enterprise achieve success.
All in all, if you want your enterprise to do well in today’s competitive landscape, you should know how to leverage emerging technologies such as blockchain. Additionally, you should also look into other tech that can help your business grow such as SaaS providers and AI automation. For more information on the different growth strategies that can help you enhance your operational performance, increase your revenue, and update your product marketing schemes, be sure to send us a message and check out what we offer here at Red Beach Advisors.
Article specially produced for redbeachadvisors.com
Produced by: JBrandenburg