Guest writer Andrea Laura tells Technology Magazine about some of the wider practical integrations of blockchain in the business world
Blockchain technology is a decentralised, irreversible, encrypted ledger that has the ability to centralise activities, processes, and organisations. This means that a person can cut out the middlemen and specialists, thereby transforming business.
Blockchain technology can provide value to a company in a variety of ways. For example, it can provide value to a business by reducing transaction times, facilitating legal contracts, and creating a network for your company, among other things. Let’s discuss the uses of blockchain development services…
Supply Chain Management
Blockchain can be used for monitoring, agreements, and safe payment because it is essentially a decentralised digital ledger. Since every supplier and producer can see the chain of ownership on the same ledger, blockchain helps to reduce supply chain disputes.
Blockchain technology enables collaborative businesses to reliably preserve and record shipping information across many supply chain entities. The blockchain can help improve logistics interoperability by allowing supply chains to run more efficiently and reliably.
For example, RecycleGO’s blockchain-based software can assist recycling companies in tracking and enhancing their recycling activities throughout their local supply chain.
Blockchain development facilitates decentralised cloud services, which improve connectivity, security, and computational capacity.
For example, Salesforce Blockchain, launched by Salesforce, is a company that provides cloud solutions for organisations. With smart contracts and blockchain-based data sharing, the product builds on Salesforce’s CRM platform.
Customers’ data is frequently stored on a centralised server by businesses that provide cloud storage, enhancing network vulnerability to hacker assaults. Decentralised storage is possible with blockchain cloud storage solutions, making them less vulnerable to attacks resulting in systemic damage and massive data loss.
HR experts might speed the vetting process and move hiring processes along more swiftly if employment and criminal histories were recorded in a blockchain ledger (and thus devoid of the danger of falsification).
Chronobank is a blockchain initiative that aims to disrupt the recruitment sector, emphasising enhancing short-term recruitment for on-demand positions (in cleaning, warehousing, e-commerce, and so on). The company wants to leverage blockchain to make it easier for people to find work on the move and get compensated for their efforts through a decentralised framework based on cryptocurrency without traditional financial institutions.
Employee engagement becomes a crucial element of people management once employed, and blockchain can help. To gamify and incentivise employees, eXo Rewards, for example, utilises cryptocurrencies and a blockchain wallet. Colleagues can send tokens of appreciation to one another, which can be spent on various goods and services in a company marketplace.
Accountants in the banking industry are beginning to adopt cryptocurrencies and blockchain technology.
Accountants work with various personal and corporate documents, ranging from tax forms to bank statements to spreadsheets. Adding blockchain technology could make it easier for accounting companies to keep this sensitive data processed.
Data tracking enabled by blockchain technology could also aid in the automation of specific accounting processes using artificial intelligence (AI), potentially reducing human mistakes and fraud. Big accounting firms have already started investing; KPMG has invested in blockchain research and initiatives and PwC has launched a cryptocurrency asset auditing service.
Managing many vendors in a horizontal supply chain system, each with its policy and design, is challenging for many industrial sectors. This problem creates a communication barrier between various industries. Even without a central authority, each industrial sector can follow, monitor, and validate the actions of other sectors using blockchain.
The entire process is available to industry stakeholders and other collaborators from raw materials until the end of the product life cycle. Blockchain provides vertical networking for an intelligent production system for each stakeholder in the product creation life cycle.
Smart IoT devices can use existing crypto-currency-related approaches as an incentive scheme to record and exchange transactional operations inside the network in the IIoT domain. The Ethereum Virtual Machine (EVM) platforms, for example, are widely utilised in IoT; these platforms include intelligent contract capabilities and a configurable consensus approach, with the defined smart contract providing down-compatibility to IIoT applications.
Hyundai Merchant Marine (HMM), a logistics company based in South Korea, conducted trial runs with a blockchain system developed with Samsung SDS and utilised IoT devices for real-time monitoring.
Blockchain technology is already being used in sectors other than cryptocurrency, and it can be very effective in enhancing cybersecurity. Any organisation can ensure that its data remains safe and out of the reach of hackers by installing stringent encryption and data distribution procedures on its network.
Data on the blockchain is safe because the network nodes immediately cross-reference each other and identify the node with incorrect data.
Blockchain can reduce business IT and labour expenses, speed up e-commerce and banking processes, and enable new lines of business because it eliminates mediators and automates activities that take time and effort. It also assists companies in growing their consumer base by effectively reaching them and expanding their suppliers and partners.
Blockchain applications are no longer the far-fetched fantasies of early adopters. This technology can disrupt practically every industry while also solving your company’s most pressing issues.
By Technology Magazine