Cryptocurrency and Beyond – How Blockchain Solutions Can be Used in Your Business
For the majority of people, Bitcoin is the first word that comes to their minds the moment they think of Blockchain. As cryptocurrency continues to grow in popularity, several businesses across the globe have started to accept Bitcoin payments in a bid to facilitate users and reap the benefits of this innovation. However, this is not the only way that Blockchain solutions can serve your business.
Here are five practical applications of this technology to help you meet your corporate objectives.
1. Blockchain Business Intelligence
Data is the foundation of today’s organizations. Entities rely on centralized databases to store valuable information which raises a question mark with reference to security. By signing a contract with mainstream cloud services, businesses essentially have to trust a third-party with key information and compromise their privacy. However, there is no guarantee that these service providers are completely safe from external threats. Integrating Blockchain for supporting data storage safeguards is advantageous because it allows businesses to store information on decentralized databases which are non-editable and encrypted.
2. Blockchain and Digital Marketing
The marketing landscape changed forever with the advent of social media platforms. However, the digitalization of this business segment led to an influx of shady middlemen and fraudulent practices which severely impact the transparency of marketing efforts. Introducing decentralization in advertising platforms can enhance the accuracy of advertising metrics such as performance and traffic which can be easily distorted otherwise.
3. Blockchain and Human Resource Management
The effective management of an organization’s human assets is responsible for driving productivity, profitability and overall growth. From recruiting, payroll management and training and development to promoting employee motivation, human resource professionals are expected to execute several duties successfully. Incorporating Blockchain solutions in this area can support recruitment initiatives by allowing the storage of employee data on a public ledger which cannot be changed or manipulated by third-parties. As more professionals and employers store this information on the Blockchain, researchers will be able to generate industry reports and insights to highlight and address issues as wage gap and gender discrepancies.
4. Blockchain and Smart Contracts
Before entering into a partnership, it is critical for a business to develop a contract which highlights the terms and conditions that both parties must abide by until the completion of a project. Blockchain supports the creation of ‘smart contracts’ which are computer programs that are self-automated to perform the terms of the document. This is a revolutionary feature which can be used in diverse settings with the business, from setting up supplier contracts to handling payroll. The presence of a decentralized system in this case not only enhances transparency but is also cost-effective as it reduces administrative issues.
5. Revolutionize Your Business with Blockchain
The application of Blockchain across traditional business departments can drive overall efficiency, enhance the productivity level of employees and save time and costs in the long-run.
By integrating these solutions within your business you can gain a competitive advantage and add value to the experience of your customers.