How Blockchain Technology Can Help You to Solve Your Business Problems
As a business owner, you know that solving business problems is an integral function you have to undertake to ensure that your business activities run smoothly. In your business, such issues could involve something sort of expenses going through the roof, lack of leads, staff stealing, and others.
And there are cases where problems like a disjointed brand, or inefficient process/systems are not easy to spot and could be highly damaging to your business. And solving these problems is crucial to your business.
But you do know that blockchain is an important technology you can use to address problems facing your business? Here is how blockchain technology can enable you to solve your business problems.
Delayed, Expensive, And Insecure Money Transfer
Delays and security issues are some of the challenges you might experience when it comes to money transfer. And most banks limit money transfer within 3–5 business days, a phenomenon that might limit your business activities.
Blockchain, which is founded on cryptocurrency, is a great technology that can ensure you transfer money securely and fast without inconveniences.
The invention of the blockchain has brought freedom where you don’t have to rely on the banking systems as an intermediary you don’t trust and charging exorbitantly for their services.
With blockchain transaction, you are assured of enhanced security of real-time seamless money operations and with minimal fees. And your transactions activities are not restricted by country borders, therefore enhancing opportunities for your business to grow.
Failure to Honor Business Contract
As a businessperson, making a deal with another partner is an imperative function you have to do to survive in business. You both agree to adhere to the guidelines reached and finalize the deal.
But even after preparing the paperwork in place, you encounter problems with your business partner who fails to comply with the contract. In such a situation, there is no much you can do rather than negotiate with your partner to stick to the deal or cancel the contract.
Smart contracts are blockchain applications (self-executed coded agreements) which can guarantee both you and your business vendor to fulfil all agreements, provided all conditions are met. You can use smart contracts to create an electrical code which helps you to develop a contract in a conflict-free manner and regulate and manage relationships with subcontractors and vendors.
Smart contracts can help you to decrease the need for lawyers and save your business the expense and bureaucracy of legal proceedings because of a party’s bad faith. So long as your predetermined conditions are met, value transfer occurs come what may. Your agreements are securely stored in blockchain technology, decreasing to nothing the odds of contracts being deleted or altered by either party.
Theft of Information
Information is regarded as one of the most vital assets that your business holds. Your business contains plenty of data at its disposal, which requires maintenance. Such information is crucial for your business in managing the ordinary flow of operations and increasing sales.
Even after on relying on your business information, a single drawback within the central network’s security system can give leeway to a hacker to gain access to the information which can cause a devastating blow to your business.
Due to its cryptography feature, blockchain network can safely store your business information. As the blocks and ledgers are secured with private cryptographic keys, hacking your business information on a blockchain network is enormously difficult.
Hackers cannot gain unauthorized access to the network as hacking every system connected to the blockchain network is immensely difficult to achieve.
Bot Viewing Internet Advertisements
In the age where technology is ubiquitous, you try to enable your business to reach a wider audience base to increase sales. You post ads on many social media platforms and websites for consumers to views and interact with your business.
Ads are important because they display brief information about your business. But even after trying to reach a global audience, your business may face the problem of its advertisements subjected to fraud bot traffic and therefore not being viewed by its target audience.
Such lack of transparency may cause a loss of trust between your business and digital advertising platforms, and consequently reducing the sales of your business.
Blockchain technology is important because it focuses on increasing transparency. When it comes to posting online ads, your business can significantly benefit from this technology. When using blockchain, you can view visitors who have clicked on your ads and access all information about the viewers from their clicks.
Disjointed Business Environment
Fragmented work climate can detract product and bottom-line profit of your business, making it critical for you to streamline operations and identify wastes. You need efficient lean work environment with well-designed procedures and processes that enable your business to execute its activities as accurately and quickly as possible.
Today in your business environment, blockchain can connect devices to form one autonomous network for efficient device-to-device decision-making, operations, and communication. With the blockchain network, all devices in your work environment can be able to auto-manage, fix bugs, self-manage, and even pay and schedule for their own maintenance.
Final Thought
Besides the above solutions, blockchain technology can work for small business in many ways as it functions for huge organizations. Now you can go ahead and use the new technology to leverage your business.
