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February 9th, 2023
Blockchain is crucial for the future of business. Almost everyone in the tech industry has an opinion on it and are seeing the way it is disrupting the online world, particularly when cryptocurrencies, like Bitcoin, are involved.
I am relatively new to the idea of blockchain but when I dug deeper into how it works I became fascinated by the affect it could have on multiple industries and businesses.
Any business that uses digital platforms to create and store contracts and contacts could see the potential of blockchain. Through encryption Blockchain helps to keep documents secure and improve efficiency by streamlining transactions.
As Blockchain helps to streamline efficiency it can have a major affect on supply chain management. Currently, Walmart are using Blockchain technology in Asia to “track farm origination details, batch numbers, factory and processing data, expiration dates, storage temperature and shipping details for pork.” By using the Blockchain, Walmart is able to increase visibility of their supply chain, allow real-time updates and improve security.
With Blockchain keeping everything centralised and updating records in real-time marketers can really utilise the technology when advertising. One of the problems many marketers find when advertising is click fraud by bots. One survey found that 58% of internet traffic is being driven by bots, Blockchain could have the potential to validate this traffic. As the Blockchain is real-time it can display any data far quicker the Google AdWords, allowing the marketers to see where their ad has been placed and how it is performing based on the cost, ensuring transparency with any interaction made.
Blockchain is being increasingly used in the music industry, not just for the storage and security of contracts and documents but also for ticketing. As the blockchain is secure and can allow anonymity, organisers of events can distribute tickets to those they trust while keeping their privacy. While the use of this is still quite small, and generally exclusive to raves, this could have a major impact on the music and gig scene.
Blockchain has the potential to affect many aspects of business management, and these are a just a few of them. As the technology continues to develop and more businesses continue to use it, I’m sure we will see plenty of use cases of how Blockchain can have a positive impact.
How do you think Blockchain could benefit your business? Are you already using Blockchain?
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This blog was originally published on LinkedIn. To read the original article click here