Recently, blockchain has become one of the most widely discussed topics, not only with regards to bitcoin, but across multiple industries. There are plenty of cases where businesses can utilise the technology to their advantage.
Let’s have a look at 5 key applications of blockchain in the Business world.
Smart contracts automatically execute agreements between various parties when certain conditions are met. These agreements can include stock trades and real estate transactions. As smart contracts are carried out automatically within a blockchain, there is no need for a middleman to manage the transaction. Using blockchain in business requires automation, and smart contracts are the key to making that automation scalable and secure.
The encryption in blockchain makes it ideal for monetary transactions. This makes it useful for international transactions. It would allow payments to be made much faster, more accurately, and at a lower expense. In addition, banks would not be required to carry out the transactions.
Supply chain management
Businesses are now considering what blockchain can do regarding the improvement of transparency and efficiency for supply chains. From the origin of the product to the retail shelves, blockchain can provide a transparent and unchangeable history that the manufacturers can look back on. This level of transparency provides the opportunity to find any inefficiencies which could lead to a vast amount of improvement in the supply chain.
Retail loyalty programs
Blockchain is the perfect technology to make loyalty schemes more efficient. Nowadays, they often rely on coupons which makes it easy to lose. Blockchain could allow retailers to create or use a digital currency that can be awarded to customers with the purchases they make. Using blockchain for this would mean that there is no chance of fraud or waste.
Information secured in a contract using blockchain cannot be changed in any way. This could be extremely useful for business that have to deal with a large volume of contracts at any point. Some examples of this are retailers, and estate agents.
Nowadays, we think it’s beneficial to take advantage of the vast number of possibilities that blockchain offers. If you can think of any other applications of blockchain for businesses, comment below and tell us.
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