Three Blockchain Uses That Will Become Common In Business
In the past, the blockchain was synonymous with Bitcoin in the public eye. Ever crashing and fluctuating, this did not paint the finest picture of the technology. Luckily, we dared to dig a little deeper and what we discovered was that this underlying technology, this blockchain was a pretty remarkable thing on its own.
Across the media and across industries, the blockchain became a revolution in disruption. Soon, we learned that not only could the technology cut down on costs, remove intermediaries, and improve efficiencies, it could help companies to become more honest and transparent at the core.
While some companies may prefer to stay in their comfort zones and take a pass on the blockchain, they ultimately risk getting surpassed by the competition. In fact, according to a recent study by IBM, at least 80% of business executives are currently using or making plans to implement the blockchain in some capacity in the future.
One area in which businesses have already begun to embrace blockchain growth is with payments. As an alternative form of payment, cryptocurrency has become more and more popular in online transactions, offered alongside traditional payments like credit cards, PayPal and the like. But according to blockchain education platform, Lisk, the technology will extend much further in everyday disruption. From pay-per-view online content consumption to brick-and-mortar retail, the blockchain presents the right kind of ecosystem to streamline multi-party transactions. And as blockchain technology startups continue to crop up, we will begin to see even more specialized versions of that potential with applications that speak to a business’ daily functions and overall workflow.
Here at BlockCerts, for example, we build personalized use cases that help businesses transcend their business challenges. In the real estate space, we’ve enabled billions of dollars worth of transactions and helped to streamline and secure sensitive property data. In the growing cannabis market, we’ve helped to secure seed to sale tracking as well. All of these solutions are powered by just one coin on the blockchain, which pays itself forward every day.
In many businesses today, human resources is lacking the kind of resources it truly needs. From recruiting new talent to ensuring the wellbeing of its current team, HR is meant to build upon the relationships within a company. Although, the missing piece within this department is the greatest relationship builder of all, trust.
In the process of recruitment, both recruiters and job seekers often fail to provide transparent insights in order to leverage their own position. Although, according to Lisk, the blockchain could solve misrepresentation and enhance transparency in this process.
“By opting for storing professional information on a public ledger in the new era of blockchain recruitment, an employee can be provided with a digital ID which will then store all valuable data about career trajectory, essential certificates, or even salary progression, easily accessible to potential employers,” the platform explains. Not only will this help your company, but it will also empower better business decisions and address such issues as the gender wage gap and diversity right in the open.
Speaking of diversity, a blockchain-based payroll system could be a major leap forward for international businesses. By bypassing third parties, a blockchain-based system allows companies to fulfill cross-border invoices without all of the extra fees so they can continue to build connections across the world. Because with greater diversity and greater trust, our relationships become that much stronger.
Since the Internet first emerged, marketing has inched closer and closer into the digital space. As a result, Adtech has become incredibly sophisticated, getting down to every view, click, and share online. Now, with the emergence of the blockchain (a movement experts often compare to the emergence of the internet), we can be sure to expect a whole new batch of changes ahead.
The marketing landscape is ripe for change now more than ever as fraudulent bots inflict the industry will billion of dollars in losses. Thanks to the traceability of the blockchain, we can begin to unravel the complicated and frustrating process of advertising delivery and pinpoint the date, time, duration, and performance of an ad with a much clearer lens. At the same time, we can begin to restore the sense of trust that has been immediately lost from the digital world. For Lisk, it’s easy to envision a blockchain-based search engine in the future. Here, users will have the power to choose which data they’d like to share and have the opportunity to sell that data directly to the advertiser. In the next era of the internet, it’s all about giving power back to the user.
From marketing to HR, the blockchain is here to take your business to the next level. Because in reality, the blockchain is so much more than digital currency, it’s the currency of trust in our digital world. How will you make your business more valuable?