How Can Blockchain Technology Benefit Businesses?
Although the business world is advancing daily, it seems to not be progressing as fast as it should. Various sectors of the business world, just like any other industry, are trying their best to keep up with current trends. But despite these efforts, there are difficulties restricting growth in several areas. Some examples of this are:
Personnel: Businesses require the services of highly qualified and trained staff to succeed.
However, recruiting and training the right people isn’t enough. You need to encourage your staff to work as a team as success is enhanced by teamwork.
Finance: It can be difficult to acquire enough money to establish a new business or enlarge an existing one.
Securing a bank loan requires great effort to provide the necessary information to try and get approval and isn’t always successful.
Information: Information has currently grown into one of the most vital and essential resources for a company.
With the evolution of the internet, information can easily be quickly transferred from one place to another. However, despite this excellent transfer medium, a lot of people and resources are involved in the transfer chain which sometimes creates delays in communication.
How can Blockchain be utilized?
Current advancing Blockchain technology has the ability to solve the above listed difficulties in the following ways:
–Personnel: The distributed ledger which is associated with blockchain technology streamlines and improves the process of recruiting a suitable employer. The ledger makes it easier for employers to verify the educational qualifications, skills, work experience, and much more of potential employees. Additionally, the process provides for excellent communication between the various departments of the business and the managerial section, thereby improving personnel management.
–Finance: Instead of opting for a loan which in most cases is complicated and not always successful, you could launch your own ICO to acquire the funds needed to establish or expand your business. If you can present an outstanding idea, it could reward you with the desired amount of money.
–Information: The blockchain decentralized management system makes it easy for information to be shared promptly without limitations. All information is concurrently distributed across all the modes with access granted to all approved users. This allows management and employees to simultaneously have information of the various business processes.
Blockchain Technology in E-Commerce
In the e-commerce sector, transactions are made without the parties involved meeting one another. This creates a significant risk for fraud. By adopting blockchain technology in the e-commerce industry, credibility, stability, transparency and low transaction rates will be achieved. Blockchain also eliminates the need for third-party involvement and ensures that all the processes involved in trading are visible to both parties.
Blockchain Technology in Car Industry
Over the past couple of years, the car industry has boomed tremendously with over 78 million cars sold globally in 2016. This industry is dependent on other industries such as car and part manufacturers, drivers, banks, repair stations and plenty more, with each organization being in possession of vital information useful to other members of the enterprise. However, inadequate communication between these industries makes it difficult for them to maximize their their potential with one another. With the use of the decentralized blockchain technology such as Uservice, these parties can easily share information amongst themselves. This technology ensures that a unified database consisting of all the information about cars is created, with access granted to all parties. This will facilitate effective and efficient diagnosing and repairing of vehicles when necessary.
Blockchain Technology in the Hospitality Sector
Incorporating the use of blockchain technology will assist hotels in obtaining necessary information about guests and facilitate check-ins. This technology then stores all the information about a guest. For example, when a tourist checked into a particular hotel during a vacation these records would be available for subsequent stays along with the guest’s history. It also tracks the number of bookings, available rooms and much more vital information. It will publicly make available any attempt to violate or alter the information stored. Blockchain technology also encourages low payment charges and is responsive irrespective of the users’ location across the globe.
Blockchain Technology in Catering Business
By adopting the use of blockchain technology in the catering industry, caterers can readily manage vital information critical to their operations. Catering business need to communicate effectively with other companies about supplies, logistics, schedules and many other things everyday. This requires a lot of procedures such as transactions, confirmations, documentation etc. consuming a huge amount of time and resources. With blockchain decentralized technology, managing these many tasks can easily be achieved. Blockchain automatically creates ledgers for various tasks such as delivery time, storage conditions, expiration dates and all other required information.
Blockchain Technology in Insurance
One of the most significant benefits of using blockchain technology in the insurance industry is that its decentralized system can promote increased trust between clients and insurance companies with the benefit of eliminating fraudulent activities. Insurance companies are aware of the trust issues that concern their potential clients as well as their existing clients. Many clients also are discouraged by the perception of high prices and low efficiency in their calculation. Using the blockchain decentralized register, customers, manufacturers, insurance companies, and others can have access to product details streamlining the process of purchasing insurance.