When it comes to blockchain technology, most people are introduced to it as the technology that major cryptocurrencies like Bitcoin and Ethereum are built on. However, there is far more to this innovative creation than just Bitcoin. In fact, it has the ability to revolutionize multiple aspects of daily life.
To sum up, the blockchain can be described as an enormous, decentralised ledger of multiple global transactions that are managed and maintained by a network of varied decentralized sources.
The foundation of blockchain technology means that there is no requirement for any centralised authority like a bank to confirm the authenticity of transactions on the blockchain. Instead, the network does it all for us in an inherently unbiased way. All transactions recorded and confirmed on the blockchain are very secure and irreversible.
The blockchain can utilize its technology to track transactions in a decentralised, unbiased, and high-speed manner. Even though it’s still a relatively new innovation, it has already permeated major industries such as healthcare, hospitality and tourism, and aviation. In the future, its portfolio of successful use cases in various industries is only expected to grow higher.
“There is no end to the list of applications blockchain can be used for. Blockchain will change everything we know over the next five to 10 years. Blockchain technology can make many aspects of our life easier on a mathematically provable platform.” – Mike Almeida, president of Empire ATM Group.
Initially, blockchain was largely confined to cryptocurrencies like Bitcoin. But it didn’t take long for blockchain enthusiasts to see the true potential of this technology. Over the years, it has seen itself being successfully deployed into major industries to transform outdated and inhibiting aspects that make them struggle to achieve scalability.
But one particular area that many people are excited to see blockchain technology excel in is the business sector. By the end of this article, you’ll no doubt share their excitement.
Because today, we will reveal seven mind-blowing ways that blockchain technology can completely revolutionise the business sector in the coming years. Trust us; it’s a wild read!
But before we begin, we just want to remind you that despite the benefits of blockchain technology, the decentralised currencies hosted on it, such as Bitcoin and Ethereum, can be game-changers, but they’re also volatile. This volatility can lead to serious profits, but it can equally lead to losses.
So if you plan to buy cryptocurrency, make sure you do your research first. And, of course, it goes without saying; always utilize the services of a prominent, popular platform such as Kraken or Bitcoin Up.
Blockchain Can Be Used For Successful Business Audits
One of the most promising ways blockchain can be used in the business sphere is by enabling the deployment of successful business audits. On the blockchain, we’re granted a permanent record of all transactions that take place.
Regarding audits, the blockchain is essentially a digital paper trail that is accurate and seamlessly kept together. Whether for private businesses or government agencies, the ability of the blockchain to seamlessly overhaul the auditing process cannot be ignored. In conventional audits, it’s often required to obtain financial records from a wide range of sources. This is time-consuming and detrimental to the entire process.
Quality Assurance And The Blockchain
In any business, quality assurance is a crucial aspect of success. However, successfully running a quality assurance operation is no easy task, but it can be with blockchain. In the event that an incident takes place that leaves a business in a bad light, it’s crucial to find out where things went wrong in order to know how to fix it and how to prevent it next time.
Conventionally, a company will need to go back through various processes and often different firms to find the root of the problem. But with the blockchain, companies will have access to a decentralized ledger of each stage of the process which will ideally allow them to identify what went wrong almost immediately.
Take, for example, a food company that is at the center of a salmonella scare. To control the situation and save their reputation, they need to track down the source of the salmonella and remove every product that may have been exposed and destroy it. Rather than relying on slow processes like email to notify clients of the issue, companies can use blockchain to communicate the issue much faster.
The Trading of Securities And Commodities
The trading of securities and commodities plays a huge role in global business. But it’s no secret that current trading processes are often slow and, sometimes, cumbersome. However, there is a growing number of people who are keen to see blockchain technology introduced into the trading process in order to better it in the future.
The main reason is that blockchain has the ability to speed up the trading process on stock exchanges. Conventionally, the trading process can be a matter of days. But thanks to the distributed characteristics of blockchain technology, trades of securities and commodities could be confirmed and finalized in a matter of a few minutes, leading to a far more efficient and streamlined trading process overall.
Smart Contracts Can Revolutionize The Business Sector
The next way that blockchain can be used in business is through the use of smart contracts. These are a main factor of blockchain technology and they give businesses the ability to manage significant numbers of transactions automatically.
In addition, they can be tactically used to incorporate different services across a range of varied businesses without the need to reveal any forms of sensitive information.
The Successful Management of Supply Chains
The key to any successful business is the efficient management of a solid and well-oiled supply chain. This is yet another area where blockchain technology could excel.
Through the use of blockchain technology, a business can have the ability to monitor and track their products, goods, and materials within the company. For example, when a manufactured item is sent from a factory to a supplier, the blockchain can seamlessly document and record its departure, arrival and subsequent journey onwards.
Overall, using blockchain to manage successful supply chains provides business owners and managers with a better insight into the various processes that make their organization run.
Transactions And Reimbursements
When it comes to some of the most well-known applications of blockchain technology in recent years, transactions and reimbursements are certainly amongst the most popular.
It’s no surprise, really. After all, the blockchain’s most famous application is being the technological powerhouse that powers cryptocurrencies like Bitcoin, not to mention the likes of Ethereum too which is also powered by the blockchain.
In recent years, the value of Bitcoin, Ethereum and many other cryptocurrencies has skyrocketed in value. Due to its scarce asset nature, Bitcoin is now commonly referred to as digital gold.
Thus, the blockchain can have serious potential in transactions and reimbursements in the world of global business. In fact, the banks of major countries like Japan are even launching their own blockchain-based currencies with a prime example being the Japanese-founded J-Coin.
Blockchain Used In Voting Systems To Prevent Voter Fraud
And last but not least, is the successful application of blockchain in voting mechanisms. In the same way that we can make transactions with digital currency on a blockchain, we’re also able to move votes along it in a unique method that is unbiased, secure, and accurate.
For any election to be successful, transparency, security and reliability are all key. These three things are something blockchain can guarantee. If you have trust in the blockchain and the unique way that it works, you can rest easy on the voting records.
Just like currency, votes can be moved along a blockchain in a neutral, accurate and secure way. When it comes to countries plagued by instability and corruption, blockchain has the ability to strengthen democracy and ensure elections are transparent, valid and trustworthy.
So, How Will a Blockchain Business World Look Like?
And so, to sum up this guide to the various ways that blockchain can transform the global business sector, it’s clear to see that this revolutionary technology can overhaul the conventional business world that we live in and take it forward into the future. But the question is, when?
It’s impossible to come up with an accurate time frame of major blockchain adoption in the business sector, but based on the promising ways that blockchain can ensure accurate and unbiased record keeping as well as changing how we make transactions, many experts are predicting it isn’t that far ahead in the future.
The biggest barrier is that blockchain is still in its infant stages despite the advances it has made in its short history. For many people, it’s still a concept that is difficult to understand and accept, which is required in order for people to get to grips with it and implement it in their lives.
However, when this does happen, we can expect the prices of blockchain-based digital currencies like Bitcoin and Ethereum to potentially rise in value. In the event that you wish to get on board in preparation for the future and invest in this promising sphere, ensure you do it the right way.
Most experts will advise that you do your research and speak to a financial advisor prior to investing for the first time. After all, blockchain-based currencies are inherently volatile.