A successful business involves well-operated functioning across different departments. However, if you are an entrepreneur or a business executive, you would know the hardships put to aligning everything to yield the desired throughput that results in the overall growth of your business.
Suppose, for the past year- you have catered to numerous clients, but the amount that ended up in your bank account after spending a hefty sum on resources is not adequate. Fret not- it happens with everyone. Traditional business models face numerous challenges like autonomy, time-taking processes, payment barriers, low security, and higher implementation costs.
Since the last decade, Blockchain applications have revolutionized every major business area, from accounting to marketing to operations. They are a robust alternative to traditional business models that make your business faster, efficient, and cost-effective by streamlining business processes.
Statista predicts that the global blockchain technology will experience massive growth, with the market expected to reach over USD 39 billion by 2025. One of the first verticals to invest in the blockchain is the banking sector, with over 30% of the overall technology market share.
5 Ways Blockchain Technology Can Improve Your Business
In this post, I will share the five ways blockchain technology can help your business grow:
1Smart Contracts
The term “Smart Contracts” was coined in 1993, but it recently gained popularity- thanks to Ethereum, a well-known decentralized platform that creates smart contracts for individuals and businesses.
A smart contract is a detailed self-executing contract with both parties’ terms coded into the application. It ensures all parties comply with the contract’s terms & conditions and execution runs without experiencing any downtime or interference from external parties.
Smart contracts allow businesses to settle any disputes efficiently. If any of the parties do not abide by the terms, the goods/services are returned to the other party, i.e., no external resources are used as a middleman. It is a fantastic tool that works best when you are working with unknown teams, businesses, or individuals you don’t trust.
2Human Resources
Businesses have been incorporating blockchain technology into their human resource management department for the last few years. Early adopters are experiencing fruitful results, especially in building an efficient team. Currently, the technology works behind the various aspects of HRM, such as hiring, retaining, evaluating, making payments, and even terminating unworthy employees.
Blockchain technology efficiently handles the recruitment systems by detecting any inaccurate or falsified historical data of the candidates. The transparency that blockchain offers is a win-win situation for both the organization and the candidate. Qualified job-seekers can apply to roles they are experts at, and organizations can ensure quality hiring, which ultimately benefits their business growth.
Also, blockchain easily handles the back-end work to simplify foreign currencies payrolls or even a business’s investment portfolio.
Here are a few benefits of incorporating blockchain technology into HR departments:
- Authentication and verification
- Managing employee life-cycle
- Highly secure transactions
3Advertising and marketing
Advertising and marketing your services is a must in the current digital landscape. However, you might get lost in the crowd with the ever-growing competition. Blockchain technology elevates your marketing efforts by delivering unparalleled results.
Blockchain assists you in gathering crucial data such as client information, users information, and customer behavior. With decisive data at hand, marketers can leverage it by analyzing and crafting result-driven marketing campaigns. Marketing experts can also track the real-time traffic and minimize the common so-called ”click frauds.”
Organizations can use blockchain development services for their business to ensure potential usage of the system by managing the budget, preventing frauds, and mitigating the underperformance metrics.
Here are a few benefits of blockchain applications in advertising and marketing:
- Verifiable engagement data
- Cheaper advertising
- Building trust with consumers
4Accounting
Businesses usually deal with many accounting challenges such as taxes, business inventories data, and everything that involves monetary transactions. Thankfully, blockchain addresses the issues efficiently and decreases the time involved in traditional accounting.
You can also use cryptocurrency to pay your employees, especially if you have international or remote team members. Associated users can easily track their transactions and create a cash flow as per their suitability. Also, tax management is highly manageable, and users don’t have to overpay on taxes.
Here are a few benefits of blockchain in Accounting:
- Reduces fraudulent activity
- Builds trust with double-entry transactions
- Opens doors to new customers
5Cybersecurity
Today, digital thefts are prevalent, even for large-scale organizations. Companies are focused on protecting the data, networks, programs, and hardware from unauthorized access.
Blockchain provides reliable identity management, so you get to know your customers and employees better. Identity management reduces the risk of identity theft, money laundering, and other cybersecurity threats.
As altering of data can’t be done, one is accountable for their data. You can also grow your customer base progressively by learning about your customer’s spending habits.
Here are a few benefits of blockchain in cybersecurity:
- Builds trust in the organization
- Reduces costs
- Improves security and privacy
- Controls data flow
Conclusion
With the uprising of blockchain technology, it is crystal clear that the technology is expediting progress toward the world’s economy by offering businesses to create efficient, faster, secure, and scalable processes. With the beneficial methods shared above, it’s no wonder that all organizations will adopt blockchain in the coming years and reap benefits from its broader applications across different business processes.
