With ever evolving sectors and mushrooming markets, doing business is getting challenging day by day. Businesses today can suffer losses due to multiple reasons such as procedural delays, human misses or errors and fees paid to middlemen for any kind of issue resolution. Reasons could be any, but have you ever thought if you could speed your business, eliminate human errors and eradicate middlemen to save more? Well, with blockchain, these ideas can be practically done.
Blockchain consists of several applications. These applications provide a wide variety of solutions which can be incorporated to improve the business. So, how can one use blockchain technology & increase the earnings? Check below:
1. Using of Smart Contracts
It is seen that to establish any business association, comprising of any contract is a tedious task. With blockchain, we can create a smart contract instead of following a traditional one. A smart contract is a self-executing contract which consists of all the terms of all parties scripted directly into the code. All these codes and the smart contract exist on a decentralized blockchain network, ensuring that all the parties are in the agreement.
Additionally, a smart contract also helps in safeguarding & helps one get their payments as soon as the work is delivered at the end of the deal. There are instances wherein the other party backs out over a short notice, your goods/services are returned etc, causing loss to the business. In such instances, these smart contracts come handy, and payments can be closed without involving any fee-charging middlemen to settle disputes.
2. Hiring Better Candidates
For any business to grow, it is important to onboard the right people to work. Hiring the right candidate is a crucial task requiring a lot of time, effort, research & background checks. However, with blockchain technology the job can be done in a whole lot easier and simpler manner. With Blockchain, we can get access to the easily verifiable records of a potential candidate. Information related to their academic records, extracurricular activities, past employers, and references can be easily saved in an unmodifiable digital ledger.
Hence, verifying the authenticity of an impressive candidate and deep diving into their career background enables the interviewer to quickly onboard the candidate. With the help of blockchain, storing of trustworthy data and making it readily available, reduces the length of the hiring process and facilitates one to hire the right candidate.
3. Make Faster & Cheaper Payments
Blockchain first had its beginning in Bitcoin. Hence, this opens ways to pay your employees with Bitcoin and other cryptocurrencies. Making crypto payments on the blockchain is especially beneficial when the firm has international or remote workers. It allows the firm to compensate the employees in less than an hour without incurring the high remittance charges or the transaction fees associated with the banking systems.
4. Get to Know Your Customers Better
Blockchain is known to facilitate reliable identity management. The customers and employees have dedicated digital ID cards which make it possible to verify their identity. In a similar fashion, if this information is stored on a blockchain network, it allows an easy access to verified users, reduces the risk of theft of identity, money laundering, cyber fraud, and various other cybersecurity concerns making it a much more protected account.
Additionally, as the information on the blockchain network cannot be edited, it allows people to have complete control of their personal data. Transparent transaction records also help the business owners, and their customers see how the transactions have progressed over time. With blockchain technology one can find the loyal customers and understand more about their shelling patterns and gradually build the customer base.
5. Improve Your Marketing Approach
Good marketing is essential to every business. However, with the growing number of businesses competing for attention in today’s time, it gets difficult to get attention & stand out towards the potential consumers. With emerging times, blockchain has become an essential tool to leverage the marketing efforts in a more effective manner. It is used by marketers to keep a track of the client information and consumer behaviour.
With the help of data driven information, cleverly craft campaigns can be planned and executed which lead to higher ROI. If any mistake is encountered while in the process, blockchain can help identify the source and timings as well. Thus, it helps in increasing the conversion ratio of the matrix and leads to a higher outcome of the planned objectives.
How Chapter247 can help you incorporate Blockchain in your daily business operations
With the above pointers, it is quite clear that blockchain technology will soon take over many of the everyday processes that businesses undertake. Hence, if you are planning to take a step up in the game, we are here for your assistance. No matter if you’re a grown-up organisation or an early-stage start-up, give your business the most essential push of block chain and harness your business. Get in touch with Chapter247 now for more details!