When you think of Blockchain, what comes to your mind? Ethereum? Bitcoin? Bitcoin Gold? Well, it is not wrong to associate this amazingly decentralized technology with cryptocurrencies. Nevertheless, its applications know no boundaries, and it has the capacity to revolutionize the way we run our businesses. Take, for instance, a few years ago when the internet took the world by storm. Back then, some businesses and media outlets dismissed the idea of being online and even considered it to be comical. However, dynamics have changed. Today, almost every business has shifted online. In a similar manner, blockchain technology is prospected to cause a significant change in the way business is conducted. And from the look of things, this system of doing business is poised to become the next great invention of the 21st century. For this reason, several business moguls are leveraging this technology to find enterprise blockchain solutions that used to be either too expensive using conventional methods or all the same unavailable. Let’s see how!
The Best Enterprise Blockchain Solutions
1. Smart Contracts
Self-executing contracts have been around for a while, but the introduction of blockchain has expanded and highlighted their application. These contracts eliminate inherent challenges with typical business transactions, ensuring that the process is not only automated and effortless but also secure.
Using blockchain to execute contracts ensures that the process is smooth and reliable since it eliminates the risk of downtime. It is also a secure way to counter fraud and other forms of data corruption. When using blockchain, contracts are securely stowed, and delivered to recipients at the right time, depending on occurrence in the future.
One more reason to use blockchain is the low cost of transactions. You see, by using this technology, you bypass the lengthy and inherently bureaucratic processes associated with conventional financial transactions.
2. Management of the Supply Chain
Every piece of service or merchandise consumed or sold in a business is a product of several forces, both inanimate and living. I mean, the process is made possible by several parties either providing or procuring the service. The problem is, the usual inclusion of human labor not only makes the process slow but also intractable. On the contrary, blockchain allows your business to embrace a proactive approach instead of a reactive one. Consequently producing digital records that are undisputable and immune to forgery.
In other words, it allows you to eliminate human interference in your business transactions, reducing the tendency for errors and unethical actions like bribery from occurring.
3. Decentralized Cloud Storage
Individuals and businesses spend billions of dollars annually on storage. A major setback to this is, the data is stored in centralized databases and servers which are prone to cyber-attacks. In the event of this, your business risks losing valuable information and data which can be used to defraud the company or your clients.
The high cost you are required to pay for centralized storage is also very discouraging. However, by embracing blockchain, you not only get a more affordable way of storing company data but also 30,000 percent more storage space than what you had access to. The data is also encrypted, and access is granted only to authorized people. The blockchain option is not only a cheaper way to store data but also a more secure one.
4. Secure Instant Payments
Is your business a global sensation? Do you regularly make international transactions? Well, if so, you must be familiar with the hustle and bustle of receiving and sending funds. Many times, conventional transactions take days to reflect, and this can be a turnoff to your clients or customers. However, the most prominent application of blockchain – cryptocurrencies, has changed the way we knew international transactions. Today, there are several platforms which facilitate instant payments securely. With cryptocurrencies, staff and customers alike can get payments and wages in real-time, and this strengthens your brand’s authority and credibility.