2. Blockchain Uses in Business
In this chapter, we will explore the many applications of blockchain in the departments of a traditional business organization.
A recent IBM study surveying over three thousand executives has shown that at least eighty percent are actively using, or planning to implement, some aspect of the blockchain technology into their everyday business. While the arrival of this technological breakthrough might not be immediately considered as good news by the majority of enterprises which still often rely on a traditional, central databases to generate revenue, the bottom line is that many aspects of this technological phenomenon are due for mass, multi-industry implementation. Businesses which choose to accept its arrival and learn how the dawn of blockchain will not only change, but also improve their way of operating, will be the ones to reap the rewards as early pioneers within their respective industries. In this chapter, we will explore how blockchain will be utilised in the departments of your business in order to improve efficiency, secure processes and cut costs by removing unnecessary middlemen.
Blockchain and Payment
Within the context of e-commerce or international transfers, cryptocurrencies can be used as an alternative to credit cards or PayPal. As one of the early examples of the technology in action, many blockchain payment projects already have a well fleshed-out ecosystem and a variety of tested wallets for secure storage. This popular example of cryptocurrencies is not without its downsides, especially lengthy minimums for a single transaction to be confirmed on the network or hefty fees. However, in the near future we can expect more microtransaction-friendly startups and forks, which provide handy payment alternatives, drastically lowering costs and transaction time in areas such as pay-per-view online content consumption or brick-and-mortar retail. Within the context of online media consumption for example, future blockchain payment systems could allow news browsers to pay per article, rather than per month.
A recent Deloitte study uncovered that implementation of blockchain into bank transactions reduces on average 2-3% of their total sum, at the same time ensuring real-time payments even across international borders, a huge improvement on traditional methods offered by current trust-based systems.
While current blockchain payment projects are already offering a practical alternative to online transactions, upcoming startups are set to disrupt the industry even more and provide services that can be applied to many aspects of a businesses’ everyday activity. Within the context of broader blockchain business applications, this innovative technology can be used to cut costs, increase trust in the system and streamline processes where there are multiple parties to a particular interaction.
Marketing and Advertising
Marketing is expected to undergo a significant blockchain disruption, by revolutionising martech and especially advertising.Read more
Blockchain in Supply Chain
Blockchain can help modern supply chains achieve a new level of transparency, by easily tracking the entire life journey of a product's lifecycle.Read more
Blockchain in HR
From recruitment to payroll, blockchain can help improve modern human resources departments.Read more
Blockchain and Accounting
Blockchain usher an industry-wide accounting accuracy revolution not experienced since a group of 14th century Genoan treasurers introduced double-entry bookkeeping into their financial archives.Read more
Blockchain in Business Intelligence
Within the context of data and business intelligence storage, blockchain can be used to drastically improve security and decrease dependency on central entities.Read more
Marketing and Advertising
Marketing is expected to undergo a significant blockchain disruption, by revolutionising martech and especially advertising.