New trends and technology development have hit the business space from all sides in the past decades. In the era of widespread digital transformation, businesses will survive only if they understand how the business processes are arranged and can be integrated into functioning operational models. Some have already recognized the innovation potential that digital technologies have for their own business.
Blockchain is one of the main pioneer technologies in this era. This technology treats the database as a network that anyone can join from anywhere in the world. So experts from the world call this a “decentralization,” which means the promise of friction-free interaction between members of complex networks without central intermediaries.
With blockchain technology, you can create a world in which daily transactions are embedded into an immutable code and securely stored in a shared database, where they are highly protected from tampering and deletion.
So now, with all these advantages, the question remains how one can determine whether blockchain is the right solution for your business.
Let me scrutinize it for you, and blockchain technology will be the right solution for your business if
Your business operates a Marketplace:
If your business operates a marketplace, then a blockchain-based platform will offer a high degree of trust on both the merchant and customer end.
The cryptographic algorithm that serves as the foundation for blockchain transactions will provide a field free from direct manipulation.
You Reply On Supply Chain
When the product enters each phase in the blockchain-based supply chain, it will be viewed by many eyes. It can be either human or machine.
The digital supply chain will allow all the participants to maintain an accurate record of inventory and track real-time movement from manufacturing to customer. Accurate transparency engenders accountability and ultimately trust between creators, distributors, and consumers
Your business is bound by some legislation and regulatory compliance
Suppose your business operates in finance, real estate, insurance, or another regulated industry. Then you will be aware of the legal complexities which might sometimes create risks such as hacking, manipulation, or any honest mistakes.
Blockchain technology promises a high level of transparency and level of promise by eliminating risk. This technology is an effective audit tool for larger or layered organizations.
Top 3 challenges that blockchain can solve for your organization
Now various sectors have realized the potential of blockchain besides providing secure financial operation. Take a look at the top three challenges that blockchain could solve for your business
Provide information security:
If your business deals with a lot of sensitive information and wants to transfer data between different parties, then adopting a blockchain solution improves privacy within your organization.
Enable supply chain traceability:
In the supply chain process, if there is no transparency or visibility, the business will face a lot of challenges associated with it. With blockchain, every product has its own digital identity, which is recorded in the distributed ledger.
Prevent counterfeit goods
Generally, companies suffer from counterfeit goods, which may lead to losing your customer trust. With blockchain-enabled solutions, you can relieve yourself from worrying about fraudulent activity. You have the ability to check the product’s authenticity and trace the source it came from.
Still, if you have an oscillation of adopting blockchain into your business, then this is for you. I have prepared a checklist of 5 questions. If there are at least 1 or 2 matches, then you should definitely think about its integration into the business.
- Will your businesses benefit from using a shared database?
- Does your business need to face strict regulations on information security?
- Does your business need to make transactions without the need of a third party?
- Does your business deal with a lot of sensitive information that needs to be highly protected?
- Does your business have brand assets that should be protected?
If you deal with any of these, blockchain is something you cannot avoid deploying. This technology is the future, from creating the internal process smoothly to strengthening the overall transaction across the touch points.