blockchain

Top 5 uses for Blockchain in your business

Published on 04-Aug-2020

If you’re wondering what’s the fuss about blockchain for business, then this article will introduce you to the top five ways with which blockchain technology and project management can facilitate your business’s operations. Read below to find more!

Introduction

Blockchain is a shared digital ledger that is almost impossible to corrupt, hack or invade, and where transactions are recorded in a public and chronological fashion.

As it is the case with all new technologies, companies have been trying to find ways to incorporate blockchain in project management.

In order to keep you up to date with new ways to improve your business, and maintain control of its operations, we have compiled the top five uses of blockchain for business.

Chris DeRose has described smart contracts as “self-automated computer programs that can carry out the terms of any contract”.

Cryptocurrency

Bitcoin

Out of all the ways with which companies have been implementing the use of blockchain, the most prevalent one has to be cryptocurrency, as this is considered to be a fundamental part of blockchain projects for beginners.

More specifically, companies have been using blockchain to keep track of all cryptocurrency transactions, in real-time, and in a more secure and dependable manner.

Any website or application that sells products, services, or paid memberships, and has a cryptocurrency payment option, would greatly benefit by implementing the use of blockchain.

There are many advantages to utilizing cryptocurrency transactions in your business, which include, but are not limited to, ease of use; facilitation of international payments; identity protection via anonymous transactions; zero bank interference, and investment opportunities by securing capital in the form of valuable cryptocurrency, such as bitcoin.

The Internet of Things

Welcome to 2018.

Mining Rig

Many industries have also begun to employ “the internet of things” (or IoT) with blockchain technology to facilitate various operations.

Among these is fighting the counterfeiting of valuable products by using a combination of blockchain and IoT to track the movement and provenance of products.

For example, if you run a winery, you can check the background of the grapes you are about to buy, as well as their movement through the supply chain, through using blockchain.

A whopping 11 billion devices, excluding computers and phones, are already set up with IoT, and it’s easy to understand why. 

IoT for business can:

  1. Be a source of new revenue from existing products or services;
  2. Generate a treasure trove of new data that will help making business decisions and coming up with new business strategies easier;
  3. Reduce infrastructure maintenance cost;
  4. Improve customer service and customer support-related operations;
  5. Reform and improve logistics;
  6. Allow for a smoother user experience and
  7. Heighten business security through real-time monitoring of any potential attacks.

Security and Compliance

Computer Code

A common concern across all businesses with an online presence is security and maintaining tight control over financial transactions.

This is further enforced by laws such as HIPPA and Sarbanes-Oxley, which mandate businesses to maintain detailed records and safeguard the data their patients and customers. And this is exactly why blockchain can be such a useful tool. As explained in this highly informative article on the matter, “Blockchain is naturally being tapped to improve compliance with privacy mandates. This is possible because distributed ledgers can be used to document and track complex regulatory processes.”

Just imagine you deposit £5 slots in an online casino, and, like any other business, the casino has to keep records in order to comply with the law.

Can you imagine how useful it would be for them to protect your data, and, of course, maintain their credibility, by implementing blockchain analysis?

Insurance

Lock Screen

When it comes to insurance claims, blockchain has the potential to help both customers and companies to avoid fraud. In fact, blockchain can be used as a “single source of truth” that would make it easier for everyone involved in the insurance industry to carry out transactions of any kind.

This would be achieved largely due to the greater transparency of information that this technology allows. Consider these two examples:

Insurance companies receiving new clients who transition from another provider will have no trouble finding out whether clients’ have been possibly concealing some of their data and/or insurance history. This way, they will have a clear picture of the services they may or may not provide them with.

On the other hand, clients would have full access to the complete list of claims that their insurance company has received, and be completely informed with regards to their insurance status.

Smart Contracts 

Bitcoin Stats

Chris DeRose has described smart contracts as “self-automated computer programs that can carry out the terms of any contract”.

They are special lines of code that can be incorporated into the blockchain to carry out these terms automatically without the fear of censorship, third party interference, or fraud.

Using smart contracts in your business will help rule out many of the unpleasant surprises that might come with fulfilling a business contract on both sides.

Adopting the use of smart contracts will help automate business transactions; reduce friction between the parties involved in said transactions, and add an extra layer of security through opting for a multi-signature contract.

Conclusion

Meeting

As technology evolves, so should business models, in order to make use of all the advantages these new advancements provide.

Blockchain is one of such technologies that has arrived to disrupt the way business has been conducted so far, and it promises to make things safer, faster and much simpler for all.

How familiar are you with blockchain technology and project management? Would you be interested in using a blockchain platform and learning blockchain analysis? Let us know in the comments!

Author Bio:

Ellen Royce is an entrepreneur and a financial advisor with a passion for helping people develop successful side hustles. She knows the importance of smart money management firsthand, as the Coronavirus epidemic has had a devastating effect on several of her friend’s businesses.