4 Strategic Ways To Use Blockchain To Promote Business Productivity In 201927th March 2019
The blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Blockchain can be programmed to record, not just financial transactions, but practically everything of value.
Constantly growing as completed blocks in chronological order, blockchain allows market participants to keep track of digital currency transactions without central recordkeeping.
When you follow the market updates too closely, it’s difficult to not be blinded by the obvious. Tonnes of transactions are carried out every minute, and trillions of dollars are moved around the outdated global financial system daily — and this process is still banked on paper works. This has increased the risk of economic and financial crime to a whopping 45 percent in the financial service sector of all industries, every year.
But with blockchain, transactions are being protected automatically from several security hurdles. This provides maximum reliability, traceability, transparency, faster transactions, and improved data quality.
Experts, however, predicts that 2019 will be a massive year for blockchain. With promises of smart contracts, global and secure payments, token-based communities and transparent record keeping, no doubt blockchain is a hit this year!
Several business sectors, companies in healthcare, financial services, even agriculture, are rushing to adopt the blockchain technology. Meanwhile, many of these businesses are doing so basically because of the fear of been left behind, without having crystal understanding of how it can be useful and when it should be applied to optimize their brand experience.
Below, therefore are four (4) tips on how to use blockchain to double business productivity this year:
1. Effectively manage your supply chain:
Supply chains are a fundamental series of transactions that ensures the mobility of brands from production point to the final deployment. Due to the transparency of blockchain, your supply chain processes can be made much more visible and effective.
Howbeit that supply chains are evolving to become interconnected networks of partners. The propensity to instantly see all operational asset movements, as well as products, within your network is a huge benefit to logistics providers and those using their services.
With blockchain, you can record brand rate, location, barcodes, quality, certification and other relevant information to explicitly manage your supply chain.
2. Boost direct customers’ target:
In the past, an advertisement was built on the function of the middleman — whereby brands depends on third-party personnel, agencies, websites, and platforms from disparate sources to distribute targeted messages to all customers, irrespective of their objectives and interest.
Howbeit that the blockchain technology serves greater ability to get across to customers — with a solid message and an intended branding. This allows the customer to set up a user profile directly with your brand, so, he gets ads that is only relevant to his needs.
On the other hand, with blockchain, businesses can mitigate the risk of wasting marketing resources on customers with entirely different interest and objectives. You thereby tend to focus on marketing to the customer’s needs — since you have the customer’s profile already.
3. Enhance transparency and traceability:
Blockchain works as an incorruptible digital ledger, that is recognized and validated in real time with each network participant. It authorizes equivalent visibility of activities and exposes where your business asset is, at any given point in time, in whose possession it is and in what condition it lies.
Besides, one of the biggest challenges in the logistics and transportation industry is the protection of its assets and cargoes. Moving freight with a lot of auto transport companies, led to collaboration between AOS and IBM, to upgrade the efficiency of the transportation industry, providing a new truck tracking solution that uses IoT and blockchain to manage effective transactions between transport agents and clients.
With blockchain, businesses can enhance transparency and traceability, thereby creating room for a more friendly business relationship with customers. Also, you can account for a secure and unchangeable log of your customers’ delivery — thereby boosting customers confidence in your brand.
4. Improve data quality:
In this era of privacy issues, you can use blockchain to maintain transaction data in a highly decentralized way.
With blockchain, both small and large scale businesses can develop a more effective brand that communicates directly with customers while improving data quality and protecting user privacy.
Also, you can entrust an effective way of recording and sharing information between multiple partners in an encrypted form.
Expert predicts that in 2018, business will experience more smart contract deployment and decentralized exchanges. However, with blockchain, you can ensure that none of your organizational data can be rewritten or erased by anybody who has access to it. So you can be sure of communicating your true brand value to customers.
Blockchain experts predict that 2019 will be a milestone year that we will see the adoption of the first set of blockchain solutions in enterprise applications — from securing the pharmaceutical supply chain to eliminating inefficiency in international logistics. Regardless of your business sector, blockchain can help optimize your brand experience in all areas.
It is therefore recommended that you begin to develop a blockchain prototype for your brand, to be at the competitive edge in your industry.
Thanks for reading…………
4 Strategic Ways To Use Blockchain To Promote Business Productivity In 2019 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.