Blockchain is no longer just for crypto enthusiasts. As of a 2019 Deloitte report, blockchain has been identified as being a critical priority for businesses. Blockchain has finally come of age, and you better believe the hype.
By incorporating blockchain into your companies’ everyday business practices, you save time and save money as blockchain does away with human error and procedural delays. There’s so much more to it! Check out these five ways that blockchain can help improve your company.
A smart contract is a self-executing contract where the terms of all parties are written directly into the code. The code and the terms of the agreement exist on a decentralized blockchain network. Smart contracts guarantee that all the parties in the agreement do what they should. These self-automated programs run with zero downtime and without any interference from external parties.
I’m sure you’re wondering how a smart contract will help your company make more money than it already is. Well, the answer is simple, it guarantees you only get paid once you follow through on your part of the deal. Furthermore, if the other party pulls out of the agreement on short notice, your services or goods are returned to you. Due to this, you never need to use legal advisors, government authorities, or other expense mediators to resolve disputes.
A smart contract is an incredible and innovative tool to use in your company when you are forced to work with unreliable people, people you don’t trust, or even people you don’t know or have previous business relationships with.
Faster And Cheaper Payments
Blockchain began with Bitcoin. So it shouldn’t be much of a surprise that Bitcoin and other cryptocurrencies can be used as a form of payment for your employees. Making crypto payments on the blockchain is particularly useful when you have international employees as well as telecommuters. Blockchain allows you to pay your employees in under an hour without the high transaction fees that are often associated with traditional banking systems. The best exchanges make it fast and easy!
Paying your employees using cryptocurrency might even allow your company to save some money. Having records of all your transactions on the blockchain makes it easier to monitor your income and track every one of your payments. So you’ll never overpay or underpay on your taxes, and you’ll have nothing to fear if your tax authority comes knocking.
Know Your Customers Better
Blockchain allows for dependable identity management. Your clients and your employees have digital IDs that make it easier to check and verify their identities. On the off chance that this data is stored on a blockchain network, it limits the risk of indignity fraud, money laundering, tax evasion, fraud, and any other cybersecurity issues.
As the data on the blockchain can’t be changed, it allows people to take responsibility for their personal information. That said, clear transaction records will also help you and your clients see how your relationship has advanced over time. With blockchain innovation, you can recognize loyal clients, study their spending patterns, and consistently build your client base.
Improving Marketing Campaigns
Great marketing techniques are crucial to any business. Yet, with the high number of companies competing today, it might be more challenging to get your company to stand out to potential clients. Most companies are well-versed in using social media posts, TV ads, billboards in high traffic areas, direct mailing, and newspaper ads as strategies for promoting their goods or services. However, blockchain will make your marketing efforts significantly more effective.
Blockchain can be used by advertisers to monitor client data and also consumer behavior. With this information, skilled advertisers can create clever campaigns that bring a more significant return on your marketing investment (ROI). Blockchain can likewise identify any progressions made to your campaigns or different media releases during development easily and quickly. On the off chance that you experience an error, you can use the blockchain to who caused the error and when it occurred. Plus, blockchain allows advertisers to verify that the traffic they draw in is from real people. When your marketing stats are not inflated by bot action, you get a greater return for all the money you spend on marketing.
Recruiting Better People
As the saying goes, a team is only as strong as its weakest link. The same seems to be valid for your business. It’s crucial that you pick the best people to work with you so your business can develop. Recruiting the right employees requires much time, research, and effort. Be that as it may, blockchain technology can make the work a lot simpler.
If you have ever changed or tweaked your CV to make it more appealing and impressive to your potential employers, the chances are that your potential employees have done the same thing to you. Job candidates frequently use Photoshop to forge essential documents, or they might profess to be the former captain of their high school football team regardless of whether they don’t have a single athletic bone in their body. The fundamental explanation for why they do this is that they realize you probably will not have the resources or the time to double-check and confirm their qualifications.
However, envision having access to verifiable records of a potential employee at the click of a button. Academic records, previous work records, extracurricular activities, and references are stored for you on an unmodifiable digital ledger that is at your disposal. If you experience an impressive candidate, you can immediately confirm their qualifications and recruit the person on the spot. Having dependable information that is promptly accessible decreases the length of the recruiting process and allows you to employ the perfect individuals to work for your company.
Blockchain innovation will before long take over a significant amount of the everyday processes that companies go through. Why not stay a step ahead of your competition and give blockchain a chance. It is currently a dependable choice for various traditional companies in the banking and also insurance fields. Regardless of whether you’re a new entrepreneur, by tackling the power of the blockchain, you can get an immediate advantage over your competition.