Blockchain To Reshape Businesses: Is It Time To Implement This Technology In Your Company?
Blockchain technology is one of the most important technologies of recent years. In fact, many experts believe it will completely change business in the next two decades.
Gartner predicts that, by 2025, the business value added by blockchain will grow to more than $176 billion, and to more than $3.1 trillion by 2030.
This is why corporations, organizations, or companies from all sectors are implementing this technology that goes far beyond cryptocurrencies. If you want to find out how to get the most out of Blockchain for your business, keep reading!
Blockchain Business Opportunities
Like the typical adoption of other disruptive technologies, blockchain began to expand in one industry (FinTech) and then spread to the rest. With the introduction of Bitcoin in 2009, the technology took a giant leap forward in the way we do business, leading to the tremendous growth we are currently witnessing.
To visualize the idea of blockchain, we have to think of a ledger where all the inflows and outflows of money are recorded. This ledger is made up of a chain of linked blocks that are recorded as immutable elements. We explain it in more detail in this guide about blockchain.
So, why is it so important for a business to introduce blockchain technology? The quick answer is that it speeds up the transaction verification process; prevents fraud and cyber-attacks, and is highly efficient, reliable, and secure.
The long answer includes endless options in which businesses can take advantage of this technology. We tell you much more in the following section.
However, what must be considered before implementing blockchain in our company is that we must be very clear about the strategy and how it will affect the operation of the company.
Therefore, it is essential to have an expert partner to guide you through the whole process.
How The Blockchain is Changing Money and Business
This technology is improving payment processing systems, supply chain, and data governance. Many companies in the retail sector are also using it to drive loyalty rewards programs or to have digital IDs and immutable data backups.
As a result, blockchain is creating new business ideas, as well as models that companies are increasingly leveraging to launch new products, improve the efficiency of existing ones or put a spin on their services. Some of the most important examples include:
- Walmart: The retail giant is leveraging this technology to improve the data tracking and management process in its daily operations. In fact, they have implemented a system capable of tracking information directly from the farmer to the entire supply chain.
- British Airways: One of Europe’s largest airlines has implemented this technology to manage flight information, and is testing a new check-in system that will be able to verify the identity of people traveling by comparing the validity of documents without sharing personal information with third parties.
- FedEx: The logistics giant has implemented blockchain to improve the customer dispute resolution process. In addition, they are also now using blockchain to store records of future referrals.
- Alibaba: The company hosts the largest number of blockchain patents in the world, making this technology the cornerstone for improving its operations. One of the applications is the optimization of cross-border supply chains or the tracking of luxury goods sold.
- Facebook (Meta): The implementation of blockchain has been crucial in order to manage the problems they had with the protection of its users’ data. They are also working on the Libra cryptocurrency project, which would make them the first platform to introduce the digital dollar.
- Walt Disney: The entertainment giant is exploring the use of this technology in its theme park operations, inventory tracking, and sales.
- Ford: The multinational automotive company is implementing blockchain to support its Smart Mobility solutions. This technology is going to facilitate communication between its cars, with the aim of alleviating traffic congestion through the coordination of vehicle speed.
- UnitedHealthcare: They are using blockchain to protect healthcare data and distribute it securely. This will allow them to improve the quality of the data they deliver to insurers while reducing administrative costs.
These are just a few examples, but there are many more in different sectors and companies of very different sizes.
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How Blockchain Can Be Used In Companies
The applications of blockchain technology are varied, ranging from Cloud storage, digital identification, or remote voting to production chains, digital contracts, or automated security.
At Plain Concepts, we develop disruptive solutions with our clients, and applying blockchain wasn’t a challenge for us. We have successfully delivered numerous projects; these are just a few of them:
Digital Quality Certification
We have deployed a new security process using blockchain technology and state-of-the-art inventory management techniques. Our system makes it possible to determine if a product is authentic or of dubious origin. Thus, customers can be sure that the product purchased has been produced by the company they want and not another.
Moreover, the company can have an account record where transactions related to the issuance of certificates on the products it manufactures are stored. Because it is based on blockchain, the stored data is a reliable source that allows users to verify the data that the company issued for a given certificate, without it being altered or manipulated.
Consequently, the results obtained are:
- Tracking the history of a product
- Increased customer confidence
- Transparency and simplification of processes
Online Voting System
We find ourselves at a time when digital transactions have become embedded in our daily lives, and online voting is a fundamental part of that.
For this reason, we developed an application to enable committee members to answer a questionnaire and vote on key decisions from anywhere. The app ensures maximum security and facilitates transactions in a decentralized work.
Streamlining and Securing Commercial Transactions
We have built Hélix, a platform deployed in the Cloud that performs all the processes that SMEs have to go through to get immediate financing.
Hélix gives companies the opportunity to execute the whole process from start the finish with the guarantee of operating in a secure environment. Therefore, the platform democratizes the access of small and medium-sized companies to financing and risk management tools, in addition to boosting the real economy and security of B2B business transactions.
Carbon Footprint Reduction
We are witnessing a very critical ecological situation, where carbon dioxide emissions are the main cause of global warming and climate change. To fight this, it is crucial to calculate and record the carbon footprint of each company and organization.
This is where blockchain technology comes in, which can measure this footprint through IoT-compatible smart sensors. The union of the two measures energy consumption and generates data that can be analyzed, cleaned, and aggregated on the blockchain.
These are just some of the applications that blockchain could have for your business, but there are thousands more. Would you like to know the best way to introduce this technology to your company? Our experts can help you!