When a new technology hits the business world, businesses are usually pretty eager to incorporate it into their own operations. However, for that to happen, they must first be aware of how that new technology will enhance their business; in other words, they have to know what’s good about it. Businesses can use blockchain technology to help with growth.
Blockchain technology has slowly been surely growing a foothold in the business world in recent years. Yet despite that, it’s still a largely misunderstood — or just plain old not understood at all — technology. While blockchain and its uses are still very much in their infancy, businesses of all sizes are currently embracing the organizational benefits that it offers, and that’s only going to increase in the coming years. In this post, we’ll take a look at some of the ways in which businesses can benefit from this transformative technology.
Enhancing Security
The most obvious business advantage of blockchain is that it’s highly secure. In fact, it’s so secure that it’s essentially impossible to hack. In an era when cybercrime is becoming more and more prevalent, and also more costly for businesses, blockchain offers a viable way for businesses to keep their data secure. Businesses that utilize blockchain technology for the transference of data can have peace of mind that it’s extremely unlikely (effectively impossible, but there’s always a 0.1% chance) that it’ll fall into the wrong hands. If any data breach does occur, identifying exactly who’s responsible is a breeze.
Accepting Payments
Some people haven’t heard of blockchain; everyone has heard of cryptocurrencies, which are built using blockchain technologies. There are many, many cryptocurrencies out there, with a small handful actually in use. Forward-thinking businesses are beginning to offer customers the option to pay with crypto, most commonly Ethereum and Bitcoin. Getting started with crypto payments is more difficult than accepting credit cards, but it’s not impossible — and once you have, you might find that you’ve made your business more appealing to certain types of consumers. Online businesses that accept crypto are advised to use an EVM block explorer to validate payment before sending products/performing services. While the number of customers using crypto as a payment method is currently small, this figure is expected to rise considerably in the next ten years.
It Can Appeal to Investors
Are you looking to raise money from investors? Then blockchain technology can be used to give your business an advantage over your competitors. Investors are drawn to businesses that utilize blockchain technology in new and innovative ways since the potential for returns is significantly higher than when investing in businesses that use traditional methods. It’s particularly popular with investors with a particular interest in businesses that find dynamic, future-oriented solutions to age-old problems. While the use of blockchain won’t be the only thing an investor pays attention to, it can certainly be an influential factor.
Improved Hiring
Businesses need to trust that any employee they bring on board is exactly who they say they are. It’s all too easy for a candidate to make big claims on their resume, create a document, and then pass themselves off as being more impressive than they actually are. Blockchain technology can be used to develop trust between the employer and the employee; rather than simply taking the candidate at their word, or looking at paper documents, employers can ask for tokenized versions of the employee’s key information, such as their school records.
While this might seem like a small advantage, it can make a big difference to organizations, for whom one bad hire can be extremely costly. With some 70% of workers saying that they lie on their resume, blockchain verification can ensure that the only candidates that make it to the later rounds of the interview process are the trustworthy ones.
Improve the Customer’s Experience
The benefits of blockchain technology aren’t limited to in-house advantages. There can be real benefits to your customers, too. For example, blockchain has been utilized by some companies to lower their operational costs, which allows them to make savings that they can then pass on to their customers. Brands can also elevate the trust that their customers have in their data protection, as well as offering speedy, low-cost transactions, especially to international customers.
Into the Future
As we said earlier, blockchain technology is really only just getting started. We’re already beginning to see the ways businesses can use blockchain technology and the impact that it can have on the business world. We can expect that there’ll be significantly more applications in the years to come. In any case, it’s recommended to begin exploring the possibilities today!
