6 Blockchain Uses in Business That You Can Start Applying Today

by | Aug 1, 2022 | Blockchain, Blog

There are many possible blockchain uses in business. The most popular ones include the development and employment of cryptocurrencies, decentralized financial platforms, and non-fungible digital tokens. 

All of these methods of blockchain implementation are leading to the emergence of new blockchain business models that are effectively changing the way in which companies are run.

The benefits of blockchain do not just include allowing financial operations to be carried out decentrally and automatically, but also the ability to create ledgers for any transactions that take place within its systems and can employ smart contracts to automate various types of processes.

Whether it’s a small startup business or a large and consolidated organization, blockchain technologies can help by providing organizational solutions to make business more efficient, reduce bureaucracy and create incentives for employees.

As such, many new blockchain business opportunities also emerge, as innovative business models are created based on the possibilities of blockchain technology.

Here, we will share some of the most notable benefits of blockchain technology in business, and the technologies that are already being implemented.

  1. Digital Security Solutions

In the last few years, it has become increasingly important for companies, no matter how small, to exist in the digital world. Even traditional brick-and-mortar retail businesses need to keep a lot of their information digital and participate in social media and digital advertisement to stay in the game.

Many smaller companies don’t believe that they could be subject to digital attacks, but the reality is that nobody is exempt from them, hence the importance of digital security solutions for all types of businesses.

Blockchain can provide secure data structures to enable companies to organize their digital assets and data in a secure manner, enabling access to select parties to those assets, but without allowing anyone to alter the data ledgers.

In decentralized security structures, there is no single point of failure when it comes to recording transactions and data surrounding digital assets, which ensures transparency and safety while making the security protocols more efficient.

  1. Increased Supply Chain Efficiency

By providing DLT software with end-to-end visibility, blockchain systems can create environments of higher mutual trust for supply chains, leading to overall stronger and more transparent supply chains and reducing the possibilities of fraud and irregularities.

Likewise, blockchain systems can streamline supply chains, increasing their efficiency, with amazing potential benefits such as ensuring higher freshness while reducing waste in the food industry.

  1. Regulatory Abidance 

One of the problems many companies face when they start to grow is facing complex regulatory frameworks that they’re not always properly equipped to deal with. As a result, they’re forced to hire lawyer teams and create whole divisions to face these regulations.

In the long term, as they’re more widely employed by governments and other judicial organizations, blockchains will allow companies abide to by regulations much easier through automated processes, allowing them to significantly reduce operational costs.

Through smart contracts, regulations can be automatically enacted, not only making their exercises clearer and more transparent but also allowing businesses to be less worried about whether or not their operations are fully compliant because regulatory smart contracts will do the work for them. 

  1. Fundraising

Fundraising is a large and interesting topic in and of itself. For businesses, it represents a new world of equity trading and capital beyond anything that has ever been seen in the traditional financial system. 

When companies reach the point where they need to raise capital through private equity, this usually requires them to get in personal contact with wealthy investors willing to take a high risk. 

Blockchain can create new decentralized ways to raise private equity capital from small investors in different locations, with smart contracts that automatically enact any required regulations.

It can also provide new decentralized alternatives to the public market exchanges that don’t require brokers or IPOs, connecting small businesses with global markets and putting forth new forms of blockchain business development.

  1. Money Transfers and Remittances

In today’s globalized world, it’s becoming increasingly important for companies to be able to send money abroad. Many retailers sell their products over the internet and, particularly after the COVID-19 pandemic, various organizations are hiring foreign employees to work from their homes in different countries.

Blockchain technologies eliminate the need for intermediaries and central processors in transfers, potentially making remittances much faster and less costly without compromising security.

Today, there are companies that pay their employees abroad using crypto and other blockchain platforms, and new blockchain-based solutions are emerging every day to provide better options for both money senders and receivers.

  1. Organizational Management

Blockchain-based solutions can be used by organizations to improve their organizational structures and systemic processes in various ways, the most common of which is using smart contracts to create automated incentive systems.

These incentive systems can include things such as rewarding employees for reaching thresholds in productivity. 

Although it isn’t an uncommon practice in organizations, blockchain can make these reward systems automatic, more efficient, and more transparent, reducing the need for bureaucracy

Likewise, companies may use the innovations of decentralized autonomous organization systems to make all of their organizational processes more efficient, reducing internal intermediation and allowing decision-making processes to become faster and less costly. 

Blockchain is Revolutionizing Businesses

When people think about blockchain technology, the first things that usually come to mind are cryptocurrencies and decentralized finances.

However, as we’ve seen, there are many other potential uses for this technology that are being employed with increasing frequency, and new blockchain business ideas are emerging every day.

In the world of businesses, blockchain can improve the efficiency of companies at multiple levels. The financial applications of blockchain are rather self-evident when it comes to making transactions faster, more secure, and more transparent.

Software platforms and systems, coupled with the use of smart contracts can be employed in amazingly creative ways to improve the experience of owners, managers, and base employees through better organizational structures and automated reward systems.

As developers and entrepreneurs find new ways to apply blockchain into the business space, these technologies could represent a revolution in the way in which we think about businesses and finances. 

Therefore, all new and consolidated business owners should think and learn bout how blockchain can change business operations and how to implement blockchain in business, in order to stay ahead of the competition and benefit from the multiple advantages that these technologies provide.

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