How Blockchain Technology can Empower Organizations

Blockchain has been the topic of discussion whether it comes to cryptocurrencies or technological developments. Though Blockchain cannot replace the existing processes in an organization, it can empower the organizations technically thus improving efficiency and quality.

Blockchain and the ERP

The success of an organization depends on how it manages its resources and business processes. Most of the organizations have adopted the ERP systems to attain efficiency and optimization. An ERP is used to collect, store, manage and analyze data for businesses. ERP creates a centralized access point for business data which allows management to make informed decisions by taking full control and information of the internal operations or processes.

Commonly known as a public ledger, blockchain can serve as an efficient data management system. When integrated with ERP it can work as supplementary application filling the gaps in a traditional ERP. Blockchain can add value to an ERP system by pulling up the existing data from the companies database and controlling access to the data. Blockchain being transparent and not easily mutable provides robust security.

Simplified and quick background check

Blockchain can speed up the verification process for hiring candidates in companies. Instead of calling the previous companies and verifying the candidate’s employment history, they can use blockchain to verify details like employment start and end dates, title, and job responsibilities. This can save time and cut down the hiring cost tremendously.

Blockchain can also help verify the true identity of an individual. It’s possible to manipulate documents and even Id cards, but with blockchain, one can ensure the genuineness of the data. The technology can be used to check a person’s credit history or criminal records if any.

Automated agreements

Blockchain can empower legal agreements to operate automatically. A blockchain is a smart contract that can enable auto-completion of a legal agreement. Automation will eliminate any kind of human intervention and human error thus speeding up the process with utmost accuracy.

Track and identify hurdles in the supply chain

Blockchain can help verify the source, avoid counterfeited products, prevent events that cause delay by inducing complete transparency in the supply chain. It helps track each and every event in the supply process thus making it easy to identify the source of the hindrance.

Easy access to funding

Raising capital to finance a project is a major barrier, and many do not even have access to fundraising instruments. Moreover, the huge costs related to traditional funding obstructs the growth of budding companies. Blockchain can provide entrepreneurs with an equal opportunity to fundraising irrespective of their project idea. Digital currency is an easy and simple form of funding and is available at a much lesser cost.

Here are some examples of successful ICOs this year:

  1. Olympus Labs (CEO — Kai Chen) which creates decentralized cryptocurrency based financial products raised $60 million from the token sale. The pre-ICO was so successful that they had to cancel the public crowdsale.
  2. Zeepin (CEO — Zhu Fei), a blockchain based decentralized creative economy, successfully raised $62 million from funding. Zeepin launched NEO with an intention to create a smart economy for creatives.
  3. BINEX.TRADE (CEO — Vishal Gupta), a crypto trading exchange, with its native token BEX raised $21 Million from its crowdfunding. It has a trade revenue sharing of 70% to BEX holders, and 30% is retained for maintenance and development costs.