Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
Recent years have witnessed rapid changes in business. Businesses constantly search for cutting-edge technologies to stay afloat in this digital era.
Strategic decisions and process streamlining are all possible through disruptive technologies, with blockchain becoming a primary driver of transformation in business. At the same time, its rise to prominence may have confused some; many still conflate Bitcoin with blockchain terminology and use both terms interchangeably.
As most people associate blockchain with cryptocurrency, they often assume it means cryptocurrency when they consider its potential benefits for business.
However, business blockchain uses permissioned distributed-ledger technology that increases the transparency of transactions, data resilience and security while decreasing costs - an incredible technology with tremendous business possibilities often missed out on due to living under a rock! In this article, we'll examine how Blockchain technology can enhance your operations.
Let's first review the challenges posed by traditional business models. Several companies have quickly adopted blockchain as an innovative solution to enhance existing operations and streamline processes in multiple industries such as IT, healthcare, telecom and supply chain management.
What Is Blockchain And Its Mechanics
Blockchain ranks fifth globally and has revolutionized financial, healthcare, banking, accounting and other areas regardless of size, nature and location.
A blockchain is a growing list of records connected by cryptography used to safeguard database management; each block links back to the previous one; data is encrypted between parties to prevent modification; peers manage the entire chain through peer networks that ensure data remains unaltered over time; finally, this makes for a safer blockchain experience!
According to global experts, blockchain will improve global businesses' industry standards and structures using digital currencies.
They claim that the lack of international standards impedes the global adoption of Blockchain technology. Industries are taking steps towards adopting this standard within their businesses of various sizes - small, medium and large alike.
We evaluated and researched several industries before deploying new technology that optimizes operations and enhances performance significantly in these companies.
Blockchain Reinvents Financial Sectors
Blockchain has revolutionized the financial sector. Financial companies can now make transactions faster thanks to the blockchain's ability for untrusted users to verify transactions without going through an intermediary, making transactions quicker and more secure for consumers and businesses alike.
Payment networks, stock markets, and money transfer companies use it regularly to reduce transaction fees while making payments faster and more reliable for themselves and their clients.
Accounting Sectors
Accounting is often a complicated endeavour for any company. Blockchain accounting software solutions like Rubix provide businesses with accurate solutions for handling tax codes, bills, invoices and income tax documents that need accurate management.
Accounting professionals can now quickly audit and validate transactions, saving time and effort with time-saving audit tools such as Rubix.
Human Resource Sectors
Blockchain can be utilized to enhance HR and resource management. Hiring professionals can quickly utilize the blockchain to verify credentials provided by employees or candidates; furthermore, its technology can quickly process inaccurate data while protecting third-party companies from third-party interference.
Payroll systems are an essential element of MNCs, large companies and organizations with thousands of employees spread throughout the world. Blockchain-based tools and systems such as WorkChain or Aworker offer payment and payroll transactions in multiple currencies efficiently and simply - while providing employees with timely compensation when their work is complete; both platforms use peer-to-peer data processing platforms with multichain validation.
Asset Management - Tracking, Shipping and Tracking
Proper asset management is essential for any logistics firm. Inventory tracking must be accurate; third parties cannot alter assets.
Several large shipping companies are developing Blockchain systems to track shipping containers around the globe, while IBM and Digital Asset are creating more comprehensive asset-tracking tools using Blockchain technology.
Businesses storing, transporting and managing valuable assets have begun adopting Blockchain records and security standards in response to increased business volume, making traditional software incapable of handling multiple edits or upgrades to manage records efficiently.
Blockchain will revolutionize this industry.
Top Management & Operations
Top Management & Operations Organizations depend on top management and operations departments for successful operations, and Blockchain helps streamline internal processes by eliminating unnecessary friction when sharing business-critical data.
Blockchain allows management employees to collaborate on creating shared ledgers with historical versions to maintain authenticity and transparency.
Businesses can implement trust levels to reach their goals. Blockchain provides a secure environment allowing management to share confidential data across departments or offices within their company or internationally.
Digital Contracting
Blockchain will soon become the backbone of contract management. Digital contracts are an intermediary between organizations while providing a new infrastructure for streamlined business.
The company has developed a solution allowing businesses to utilize smart contracts enabled by blockchain and sign smart contracts-enabled solutions; changes or revisions to contracts are recorded in an audit trail, while notifications for every change or revision generated are shared openly with transparency between all parties involved and stored together with previous versions in an effort to maintain transparency of proceedings.
Contracts can be invaluable tools when two parties agree on similar conditions and rules, and smart contracting with blockchain is revolutionizing how businesses process contracts.
Contracts require terms, supporting documents, proofs and revisions - which all come under this category of contracts. Blockchain offers several benefits to organizations and businesses when signing complex ones.
The Traditional Business Model Faces
Traditional business models no longer stand up to global competition; existing and expanding businesses face different problems that necessitate different solutions; thus, traditional models may present some unique difficulties in this competitive environment.
Autonomy: The traditional business model relies on silos where each process operates independently, meaning people belonging to one process don't know about information being collected, analyzed and utilized by others - leading to decreased transparency and trust across the board.
Time-Consuming Processes: Each business process varies, and teams often search, gather and analyse the same information to make decisions.
Furthermore, teams often rely on third-party mediators for smooth business operations - making the entire process time-consuming - an issue for which technology has provided solutions.
Payment Barriers: A key advantage of the Blockchain business model is its ability to address payment barriers.
Payment transfer between currencies often becomes complicated, costly and time-consuming due to the multiple parties involved and the availability of currencies across borders.
Lack of Security: Unfortunately, traditional business ecosystems, data and stakeholders are ill-prepared for today's complex and intelligent hacking landscape; information can easily be compromised through hacks or leaks within minutes.
High Cost: Under traditional business models, all processes are completed manually by individuals, with third parties often involved in each process - adding both time and money expenditure, along with costs to complete tasks that remain steady over time.
We shall explore what advantages arise when blockchain is utilized within business processes.
How Blockchain Enhances The Existing Business Model
Businesses using blockchain technology have numerous advantages over their competition. It enables them to retool existing business models while cutting costs and decreasing time spent by intermediaries - ultimately building trust within an ecosystem.
Here are ten ways blockchain can aid businesses on their digital transformation journeys.
#1. Smart Contracts
Smart Contracts Blockchain can play an essential part in business transformation through smart contracts. In these self-executing contracts, both parties' terms and conditions are written using code that will eventually become immutable on a decentralized blockchain network.
Conditions associated with codes are then implemented. Should one party override these terms, products/services are returned to them immediately.
Smart contracts allow businesses to resolve disputes without needing middlemen such as lawyers, government officials or any other fee-charging intermediary to arbitrate matters on their behalf.
#2. Easy Payment
Easy Payment Decentralized blockchain networks offer many obvious applications. One of these uses involves their collaboration with digital payment.
Blockchain has assisted startups and businesses by simplifying cash flow by eliminating third-party involvement, such as invoices and billing statements, which has streamlined cash management operations.
As an example, imagine you are the head of a medical organization. By utilizing both parties on the same blockchain network, you could submit claims on behalf of patients directly to their insurers.
In turn, their insurance company would know the number and frequency of visits and payment details so your claim could be processed quickly and transparently - while patients would also receive detailed information about any copayment costs before leaving your office.
#3. Supply Chain Management
Blockchain's role in Supply Chain Management is to enable SMEs to track products and services from production to transport and delivery - providing transparency and immutability that allows companies to combat counterfeiting and delays in product deliveries and enhance security measures.
A retail giant, Walmart recently adopted blockchain technology to increase transparency and decentralize its food supply system.
By adopting blockchain, Walmart can now monitor the condition and provenance of pork imported from China and any batch-related issues in batches that arrive from different locations.
#4. Hire Better
Blockchain's role in business recruitment processes has also become more evident. This technology prevents candidates from creating false documents using Photoshop and similar applications; additionally, it saves organizations time by cutting down on paperwork required when hiring candidates - leading many organizations to connect with Private Blockchain development companies and search for blockchain applications suitable for use within their company.
#5. Effective Marketing Campaigns
One of the many impacts of blockchain on business is improved marketing campaigns. Blockchain business models enable marketers to track customer information in real-time, which helps create more targeted, effective campaigns with higher return on investment (ROI).
Furthermore, using blockchain for business allows teams to authenticate traffic in the real world, which results in even higher returns for every penny spent.
#6. Robust Security:
Blockchain can also be utilized to implement robust security measures. Decentralization and transparency are powerful features of this technology that encourage users to verify and store some or all their information within its network.
One key difference between Blockchain and traditional databases is decentralization - meaning less chance for cyber-attacks! When applied to digital identities in business settings, Blockchain allows users to preserve their identity while accessing and using their information for whatever purposes.
#7. Customer Engagement:
Blockchain can play an instrumental role in engaging a wider audience. Integrating it with customer engagement provides many advantages and advantages - this can be accomplished by selecting an excellent Blockchain-as-a-Service provider; these benefits may include giving users control over their personal data, increasing transparency within business models, speeding transactions and aiding marketers and entrepreneurs in identifying loyal clients while building trust; Walimai is one such app powered by blockchain that deals with counterfeit goods as an example.
#8. Increased Speed And High Efficiency
Blockchain technology's automation features allow it to automate processes, increasing efficiency while eliminating human errors.
Transactions may sometimes take only seconds with this technology being deployed by Walmart for tracing mangoes which previously took seven days!
#9. Financial Management
Businesses invest a great deal of money managing and improving their existing system, looking for investments that reduce costs or enhance current processes.
Blockchain's implementation in the industry can help organizations cut the cost associated with third-party vendors as there is no central authority involved in paying vendor costs; there's also less interaction required when validating payments reducing time or money costs significantly - an invaluable benefit that makes blockchain integral for any successful business operation.
#10. Capital Raising
Entrepreneurs now have another option for acquiring funds thanks to the development of blockchain in business: initial token offerings (ITOs).
ITOs are exchange-traded tokens similar to equity or revenue shares of a company - investors purchase them and receive them as gifts from that business - this may provide useful tokens that provide access to products or services or simply stakes of ownership of that particular token holder's product/service offering or even just stakes of ownership of an entire token chain holder's product/service offerings or just as an investment stakeholder stake!
As their popularity continues to expand exponentially, ITOs offer business owners another viable means of raising capital regardless of size! As part of an effective blockchain implementation strategy, it is vitally important to comprehend its future implications.
Let's take a look at where Blockchain could go next.
Read More: Blockchain Is The Future For Every Industry
What Is The Future Of Blockchain In The Business World?
Blockchain technology holds immense promise to bring forth innovative concepts while untangling complex market trends.
Real estate transactions have seen huge improvements thanks to Blockchain, by providing all parties involved with a secure way of conducting transactions without intermediaries facilitating these deals on blockchain platforms.
Like Silicon Valley, blockchain technology holds great promise but is ultimately determined by entrepreneurs and blockchain developers who use or enter this field.
Therefore, its use in both small businesses applications as well as larger enterprise ones ultimately depends on our use of its potential - many predictions have been made about this subject so far, examples being:
Experts predict that in 2023, global blockchain data spending will reach approximately $11.7 billion and that by 2030 blockchain technology will have reached USD 3 trillion, with 10-20% being controlled by blockchain technologies.
Statista projects that the revenues generated by blockchain will expand exponentially over the coming years and reach USD 39 billion dollars by 2025. Meanwhile, IoT should become part of this digital revolution, creating a market worth USD 3.021 Mn by 2024.
By 2025, 55% of commercially available healthcare apps will utilize blockchain technology. Furthermore, blockchain seems like the ideal solution to combat Coronavirus as it provides real-time data tracking, immutability, transparency and distributed ledgers that facilitate real-time tracking transparency in distributed ledgers.
Future blockchain expenditure will primarily go toward business and IT services. 2023 will see over 81 million blockchain wallet users. Now that we've discussed blockchain's potential impact on business let's dive in and discuss how your brand can integrate it into its processes.
How Can You Prepare For A World Powered By Blockchain?
When upgrading an existing business or starting up a startup using blockchain technology, consulting a leading blockchain application development company for advice and development services is advisable.
As this relatively new technology poses many potential obstacles and hurdles that require expert assistance to overcome, understanding its significance for business processes alone without support could prove elusive without help - don't ignore this fact!
Utilize blockchain technology for business growth and strategy by engaging a reputable blockchain development company with experienced app developers who will demonstrate its uses within your organization.
They'll show how blockchain can help advance business for Blockchain development services.
What Can CISIN Do For You In Terms Of Business Transformation?
CISIN is an enterprise software company with a proven track record of offering businesses innovative solutions backed by disruptive technologies like blockchain.
Their expert team has assisted clients in designing custom blockchain apps tailored to meet present and future business stakeholder requirements. Adidas, IKEA, and Empire Hotels are among the global brands collaborating with CISIN's innovative team to develop custom applications to meet present and future business stakeholder needs.
CISIN employs a strategic approach to assist businesses as they enter the decentralized, secure applications world.
Asian Bank, an internationally acclaimed core banking solution, collaborated on a complete overhaul with CISIN to assist with app design, development and deployment; now, with over 250K downloads and 50K cryptocurrency transactions completed via this app! Many hotels in the hospitality industry have seen their revenues increase after CISIN transformed their hotel booking eco-system by creating full transparency - meaning no extra costs were forced upon anyone unjustifiably.
Blockchain: How It Is Transforming The Industry
Blockchain is an encrypted database shared across multiple computers that provide secure transactions. Due to its ability to reduce security breaches by operators, blockchain has proven itself an extremely exciting technology.
Innovative entrepreneurs are exploring how blockchain can disrupt and transform business models across various industries.
Financial services, supply chains, healthcare and many others are exploring how they can apply this technology with great results such as increased transparency, enhanced traceability, greater security and efficiency seen from its use.
Financial services have taken the lead in exploring blockchain technology's use in cryptocurrency transactions. The blockchain records transactions without human error and protects against data tampering.
Blockchain can also strengthen data security across other industries and simplify data transfers between entities.
5 Industries That Blockchain Will Transform
Banking
Blockchain technology is fast, easy and capable of doing much more than cryptocurrency. Already it has revolutionized payments.
Many banking services have demonstrated their trust by testing decentralized asset technology like blockchain in their business processes. Blockchain technology enables untrusted parties to reach an agreement about the current state of a database without recourse to middlemen.
As seen with the massive success of ICOs and cryptocurrency investments, large financial institutions no longer question its potential.
Supply Chain Management
Supply chain industries present great potential for transformation due to their lack of transparency and complexity, with multiple challenges, including keeping complex records and tracking products.
Data interoperability can be one of the key advantages of blockchain technology for companies. Companies could quickly share their information and data with suppliers, manufacturers and vendors. Blockchain's transparency reduces delays while products stay out of supply chains altogether.
Health Care
Medical Error Medical error is the third leading cause of death worldwide due to hospitals not communicating or sharing information safely and efficiently between themselves.
Blockchain technology offers one way of safely exchanging patient records across health systems nationally and across borders - aiding coordination while decreasing transaction costs and risks. Patients can also reap the rewards of supplying data stored on the blockchain. Real-time updates about every drug from its production until its arrival at pharmacies provide insight and security benefits in diagnosis and treatment decisions and safeguard against inadvertent access by companies or individuals that could compromise data integrity inadvertently.
Real Estate
Real Estate has many challenges that make it unsuitable as an investment opportunity, including low liquidity and an inefficient ecosystem that could have been more efficient.
Blockchain technology holds promise as an opportunity to transform this blockchain industry by eliminating fraud and paper waste while decreasing mistakes while increasing transparency. Due to their complexity and lack of transparency, real estate transactions often require using a middleman. Blockchain has undergone an incredible transformation, with smart contracts designed to remove this need for intermediaries from faster transactions.
Digital Ads
Advertising is worth billions and has become an essential element of every type of business, not to mention being instrumental to data market expansion.
A recent study discovered up to 7.6 % of display ads in 2017 were fraudulent - nearly half the traffic generated today is bot-generated; some brands invest a substantial sum into reaching their target customers; however, that doesn't guarantee sales are made.
Blockchain's immediate effect will be felt most prominently within digital display ads, which comprise a substantial part of online marketing.
Brave and BAT are using blockchain technology to disrupt the current state of digital ads; it may alter how people interact with ads over time. Many people recognize its use with Bitcoin or other cryptocurrencies; its future remains unknown, but endless potential awaits it as its usage gains popularity.
Final Words
Blockchain technology can revolutionize global industries. Adopted by international industries, it will radically improve data management, security and records storage - innovations are at the core of business success - blockchain and digital currency will speed up, secure and improve the efficiency of business processes to foster economic strength.
Blockchain is a distributed ledger that can improve media supply chains and reduce copyright violations through data analysis and control.
Blockchain As A Service has become more prevalent as industries such as healthcare, logistics and manufacturing leverage this disruptive technology to address real-time issues in their operations and predict potential problems before they arise. With AI, Big Data, and Cloud technologies, blockchain is revolutionizing multiple business sectors.
