Did you know that you can use blockchain to boost and support your business? If you haven't started exploring all the options for blockchain in business, it's time you did. Since there are multiple ways to use this technology, your main goal should be finding the ways that provide you with the best value for your time and effort.
Then you can help your business grow by using the right options without focusing on anything that will not provide you with value. Here are 15 of the best ways to use blockchain in business, so you and your company can get more done.
1. You Can Use Blockchain to Perform Audits
Because blockchain provides a permanent record of all transactions, it makes a paper trail for audits that are very easy to follow. Whether those audits are internal or something a governing body has requested, you want to ensure you have all the information you need.
By guaranteeing accuracy, a blockchain helps protect your business. It also solves the issue of pulling in records from other sources because you already have everything required in one place.
2. You'll Reduce the Amount of Loss in Your Costs
If you incur some losses with the costs of operating your business, you can reduce those losses using a blockchain. With a complete and accurate record of every expense and transaction, you can see where any losses are occurring and make changes accordingly. If something looks suspicious, for example, it's easier to investigate it when you have all the information and proof.
3. Use Blockchain in Business to Make Payments Easy Across Different Currencies
Your company's expansion is essential to keep it strong and growing. One way to expand your company is to make sure it can take in different currencies across multiple countries. If you use blockchain in business, you can work with all those foreign currencies quickly and conveniently.
There won't be any more concerns with conversion rates, and you won't have to address issues with someone who thought they were paying one amount but didn't consider the conversion rates between your currency and theirs. Those issues can be frustrating for your company and its customers, but blockchain technology helps you avoid it all.
4. Easily Track Products with Supply Chain Management
Managing your supply chain is one of the most critical concerns for your business. You need to ensure supplies are coming in on time and products are going out on schedule. Using a blockchain, you can track all your products and supplies to know where everything is and when it's arriving. That means a better scheduling system and increased peace of mind.
5. You'll Have High Complexity for Your Security Setup
Security matters to any business, and it's also crucial to that company's customers. You want your customers to feel comfortable with what you're offering them, and they should feel safe doing business with you. If they can't trust you with their personal information, they will choose a competitor instead. Using blockchain keeps customers safe.
6. Improve Your Media and Advertising Options
Advertising your business is a great way to bring in more customers. But you want to use suitable media options and send the right message. By focusing on blockchain, you can show customers that you're committed to their security and that your company understands the value of solid technology. Sending that message helps customers see the value in working with you, and you can build on that to increase your customer base for the future.
7. Allow Customers to Choose Their Personal Security Options
One of the best ways to help customers feel like your company cares about them is to give them choices on the things that matter most. One of those things is security. When customers can use blockchain to set their security options and level, they know that you're focused on meeting their needs and trying to protect them.
That's good news for every customer of your business and will help you build a reputation for caring about your customers’ safety and security. When customers feel valued and protected, they're more likely to recommend your services to others.
8. You Can Solve Supply Issues in Seconds with Blockchain
Solving supply issues is extremely important for good customer service. You want all your customers to feel confident when you tell them their shipments are on the way, and you need to know what's coming in from your vendors. If something gets lost in transit, you also want a good record of where it was last seen. If you're using blockchain in business, you'll know where everything is all the time so you can track it and solve supply issues right away.
9. Easily Trade Capital Among Investors
Having people invest in your company is an excellent way to grow. If you want to make it easier for people to invest in what you're offering, you can use blockchain to help investors trade capital. When you do that, you also open up opportunities for yourself and the investors. When it's easier for people to support your company, they'll be more likely to do so, which can help your business grow.
10. Assure the Highest Quality Products
Blockchain also helps you provide quality products that get to your customers on time. If you're tracking everything correctly, you know you're receiving the right supplies from your vendors. You can implement robust quality control with end-to-end encryption that will help you discover any problems and fix them quickly and efficiently.
11. Work with an Honest Voting Process
If you have directors or others who vote on anything to do with your company, blockchain technology can help ensure the voting process is honest and secure. You can also use it for surveys and other customer-based questioning, so you can get good information that you know is accurate and comes from the right sources. Having a chain of information to follow is the best way to verify accuracy.
12. Use Real-Time Tracking for Your Marketing Campaigns
Tracking your marketing campaigns matters. After all, you need to know what works and what doesn't. That way, you can keep using the marketing tactics that are getting results and stop using the ones that seem to be going nowhere. Blockchain technology can make tracking all your marketing options and opportunities easier, giving you essential information about which campaigns you want to pursue.
13. Use Blockchain for Creating Smart Contracts
A contract is a binding agreement, and with blockchain in business, it's even more binding. Why? Because you have a transparent, complete, and verifiable record of everything involving that contract. There are fewer loopholes to worry about when you have a chain that can be followed from the very beginning.
14. Blockchain Is Changing Food and Agriculture Business Options
Food and agriculture businesses must be careful with vendor and customer concerns because of health and safety risks. With that in mind, a blockchain makes tracking products from vendors and seeing where they ended up much easier. That can allow for faster product recalls and help pull products from shelves before customers can be put at risk.
15. You'll Find More Candidates to Choose from When Hiring
When looking for great candidates to hire, use a blockchain in business dealings. That will give you more insight and information on your candidates and help you focus on the value each one provides. You can find out more about people before choosing them and look for a broader candidate pool of people who would be a good fit for your company.
Ready to use blockchain for business and take your company to the next level? You can learn more and be prepared when you earn an online Master's in Global Business with Blockchain Technology. The proper education prepares you to propel your company forward. It helps you focus on meeting customers’ needs, handling vendors and suppliers, and working with investors for a secure, long-term future.