4 Essential Benefits of Using Blockchain for your Business
Blockchain has been touted as an emerging technology that will revolutionise the way we do things, and thus it has many passionate supporters and sceptics.
Derick Fiebiger from 0chain explains its key benefits for your business.
Irrespective of what your opinion is, business executives have a duty to their organisations to assess relevant new technologies. Blockchain is an exciting new technology and companies the world over are evaluating whether blockchain offers a dependable, effective and valuable solution to their current challenges.
Seeing leading tech giants like IBM, AWS , Oracle and Accenture already on board and heavily invested in this new technology helps validate that blockchain is indeed more than hype and will transform many industries and systems in the years to come.
So what does this mean for me and my enterprise you may ask?
What are blockchain’s benefits for my business now and how will it help me innovate and stay ahead of the competition?
Blockchain’s advantages are many and as the underlying technology, applications and protocols evolve, more and more use cases emerge. At this stage though, the most important business benefits focus on increasing efficiency, agility, ROI, security, privacy and transparency.
The ability to easily access historical transactional data is particularly important for companies that have complex supply chains
- Transparency and Traceability
Lack of transparency leads to delayed transactions, financial losses and situations that could compromise important commercial relationships.
Blockchain plays a critical role in tracing transactions and operations. The ability to easily access historical transactional data is particularly important for companies that have complex supply chains. It also helps with confirming transaction authenticity and preventing fraud.
As each transaction is recorded sequentially and indefinitely, you can easily provide an indelible audit trail for each transaction, operation or asset.
This accelerates reporting dramatically and enables you to access data regarding any potential issues in real time so you can fix problems as soon as they arise.
Furthermore, the audit process becomes much more efficient, faster and non-disruptive for the business.
- Security and Privacy
Security has become a massive issue for all enterprises and senior tech leaders are investing significant resources to prevent malicious attacks, stop data leakage and increase auditability and accountability.
Despite this investment, many companies only install low level security measures and pray solutions hold against malicious attacks. But, considering how many reputable global corporations have been victims of malicious parties recently, it’s becoming very clear that IT security not only has to protect confidential, sensitive data but there needs to be immutable records showing who did what, when and where in case something does go wrong.
Independently verified complex cryptography, definitive unchangeable records and decentralisation unite to make it far more difficult for hackers to compromise data. All these factors could revolutionise how critical information is shared, preventing fraud and loss of data.
With blockchain you can reduce data storage costs, store data in a more cost effective way and also eliminate many third parties that are now used for various transactions and trading processes.
- Efficiency and Agility
In order to navigate an increasingly complex business environment and fully leverage blockchain’s benefits, businesses need services with ample transaction capacity, near-instant finality and the ability to scale, all without sacrificing blockchain’s core benefits.
Think how much data your company generates and what’s managed on a daily basis. Countless transactions and operations happen every day inside and outside the company. Data flows to and from different parties.
With blockchain and tokenisation, you can reduce costs by storing and verifying all this data in a more efficient, secure way but also - transactions and data queries can be validated and completed far faster than traditional methods.
Furthermore, many companies still use paper heavy processes which are time-consuming, prone to human errors and offer little transparency. Blockchain streamlines and automates all these processes, enabling organisations to become more efficient and agile.
- Lower Costs
Reducing costs is a critical priority for many enterprises. With blockchain you can reduce data storage costs, store data in a more cost effective way and also eliminate many third parties that are now used for various transactions and trading processes.
This is increasingly important for companies with large IoT networks or business functions generating huge volumes of data every day.
Taking Control of Your Destiny
Security, agility and efficiency are powerful blockchain benefits that businesses should be exploring. At the same time, there is an infinite number of tools, applications, and ideas that can be delivered through blockchains and it’s up to each enterprise to investigate how they can use the technology.
One thing to keep in mind if you’re considering implementing blockchain in your business is that this is not just an IT or R&D project. Blockchain, in many cases, is a fundamental business transformation operation which, if deployed and used properly, will significantly improve revenue and cost management. It will also cut across organisational silos and provide unique abilities for increased competitiveness and overall performance.
Regardless of whether you’re still on the fence regarding blockchain adoption or a passionate ambassador, one thing is clear - blockchain is here to stay and only the sky is the limit for the companies that are ready to take on board this new technology and leverage its full potential.
- Deep knowledge of cryptocurrencies, digital assets, intersection of business and DLT
- Extensive expertise of the technical aspects of blockchain
- Plugged into blockchain and crypto’s ecosystems
- Moderates 0chain’s Telegram groups including 40,000+ strong main channel
- Manages 0chain Medium content (here)
- Highly responsive, available for fast comment with extremely short deadlines