Practical Ways To Use Blockchain For Your Business

Blockchain Technology
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There are many more uses for blockchain technology than just cryptocurrencies and Bitcoin. The technology’s capacity to provide more disclosure and accountability while also saving firms time and money affects a wide range of areas, from contract enforcement to government efficiency.

All of these contributed to the success of leading blockchain companies in India.

Blockchain technology records transactions in a digital ledger that cannot be modified or manipulated. Using cryptography, these records or blocks of data are connected. In a blockchain, all of the information is available to anyone who wants to check it out for themselves.

Because they are decentralized, the data on a blockchain is accessible to every computer connected to the internet. By 2025, Gartner predicts that blockchain’s corporate value will reach $178 billion and $3.3 trillion by 2030.

Is Blockchain Technology a Secure Medium of Exchange?

Every “block” in a blockchain is permanent and consecutive regarding data access. So we can’t make any changes to the records we’ve already entered since each preceding “block” has to be altered as well.

Because no centralized body manages the information, it is handled by a collection of people who store and change the data. Furthermore, only those supposed to receive information will be granted access to it. In addition to participating in blockchain management, they have access to the whole transaction history.

To put it another way, every transaction must be validated by the network before it can be added to the blockchain.

Practical Ways To Use Blockchain For Your Business

1. Use Smart Contracts

A smart contract is a self-executing agreement in which all parties’ terms are put directly into the script. The contract’s code and clauses may be found on a decentralized blockchain network, where they are accessible to anybody.

Smart contracts guarantee that all parties to the agreement follow through on their promises. These self-automated programs are always up and running, with no need for human intervention. As of November 15, 2021, a program meant to support smart contracts had a TVL of 21.41 billion dollars.

So, how can a smart contract assist you in earning more money? It’s a guarantee that you’ll get paid if you meet your part of the bargain. You also get your money back if the other party cancels on you at the last minute.

Disputes can be resolved without the involvement of attorneys, government officials, or other fee-based intermediaries. As a whole, smart contracts are a great way to deal with scammers, individuals you don’t trust, or people you don’t know while doing business.

2. Hire a Better Team

To ensure that your business grows, you must select the ideal individuals to work with you. It takes a lot of work and investigation to find the best personnel. On the other hand, Blockchain technology can make things a lot easier.

Many job applicants utilize Photoshop to create convincing papers or pretend to have been a high school basketball captain even though they don’t have such athletic muscle in their bodies. This practice is common. Because they know you’re unlikely to have the resources or time to verify their credentials, they do this.

Nonetheless, imagine having access to verifiable records of a potential employee at your disposal. A computerized ledger keeps track of their academic achievements, extracurricular activities, previous jobs, and references. An attractive prospect might be hired right away if you can rapidly verify their credentials and decide on the spot.

3. Faster, Cheaper Payments Become Possible

Bitcoin was the genesis of blockchain technology. As a result, it should come as no surprise that you may pay your staff with Bitcoin and other cryptocurrencies.

Using the blockchain to make crypto payments is very advantageous when you have foreign or remote employees. You can pay your employees in less than an hour without incurring the high processing fees related to traditional payment systems or remittance providers.

Using cryptocurrencies to pay your staff may save you money in other ways. On the blockchain, it’s simple to watch your financial flow and retain a record of every payment. So you won’t have to worry about overpaying your taxes, and the IRS won’t come knocking on your door.

4. Make your Marketing efforts more effective

Every business relies on effective marketing to succeed. However, with so many businesses vying for customers’ attention these days, it may be tough to make yours stand out. However, there is a chance that blockchain technology can enhance your marketing efforts.

Customer’s personal information and purchasing habits may be tracked using blockchain technology. Marketers that have access to this data may use it to create innovative campaigns with higher returns on investment. You’ll be able to see any alterations made to your campaigns or media releases at any time during the creation process.

In the future, if you make a mistake, you could use the blockchain to track down the person who made it and when. Finally, marketers may use blockchain to validate that the traffic they attract is coming from genuine people rather than bots. When bots aren’t inflating your marketing figures, you’re getting a lot more bangs for your marketing budget.

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Paschal Okafor is NaijaTechGuide Team Lead. The article Practical Ways To Use Blockchain For Your Business was written by NaijaTechGuide Team. The article was last modified: February 26th, 2022
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