Blockchain and B2B: Disruption in the Making
An overwhelming amount of cryptocurrencies have emerged throughout the last 12 months, posing as superheroes of the digital age and trying to push themselves to the very forefront of pretty much every discussion on modern currency and monetary policy.
Yet, the technology that underpins them, simply known as blockchain, is already surpassing the hype thanks to effective, methodical approaches towards multi-industry disruption.
In one particular space, blockchain technology has the capacity to reinvent the entire business-to-business (B2B) model by solidifying information and putting it directly back into the hands of those who actually want to own it — the user. This can assist businesses in streamlining their operations, deliver faster services, and massively reduce their costs by applying this disruptive technology. Here are just a few of the perks that come with it.
Improved Sales Processes
In the B2B world, the sales process is mainly based on responsibility and solid relationships. Business-to-business relationships are continuous and, compared to B2C ones, have a much longer lifespan. As such, they require a longer sales cycle.
Hence, trust is absolutely critical when it comes to the B2B sales success, and this is blockchain’s party-piece, the place where it steps into the picture just as it does in P2P or fintech applications. Blockchain is a tool that creates complete and utter transparency and immutability beyond what current technologies or systems can deliver.
Speed and Convenience
One of the essential value propositions of distributed ledger technologies is that they manage to successfully take the intermediary out of the transaction. This enables engagements which are more autonomous, efficient, and cost-effective.
By doing so, the technology eases and escalates the overall speed of transactions and it manages to completely and successfully replace banks, credit card processors, and, for example, checking. This reduces the cost to both B2B vendors and customers, and remember successful B2B relationships are all about saving money.
Safety and Security
Codes have been cracked and hacked before; there’s no denying that. However, it’s easier to hack one computer than one million computers simultaneously. One of blockchain’s main benefits is that it puts wrongdoers against a wide range of entry points, hence making it theoretically impossible to breach the distributed system’s security.
If we circle back to the first point we’ve made about trust — blockchain handles this with flying colors. In fact, blockchain brings a completely new architecture of trust — a seamless system where users don’t have to deal with questionable authorities, institutions, or intermediaries, and where they have total network transparency.
B2B merchants need the cost savings provided by blockchain technologies. Right off the bat, it will speed up the purchase process by moving the customer payment immediately to the vendor. It also enhances the supply chain efficiency, improves the overall user experience, and of course, their satisfaction.
Furthermore, this technology is capable of facilitating and improving distribution, as well as logistics, which increases overall efficiency down the entire B2B line. Last but not least, the price of the service itself will be discounted because of the lack of intermediaries and third parties.
AERUM: Making All of This Possible
It’s safe to say that there are quite a lot of solutions aiming to bring the above benefits to businesses. However, the majority of them, including the industry’s forerunner Ethereum, are dealing with issues that prevent them from being widely adopted — namely, scalability, speed, and cost.
Most of the existing solutions are simply unable to scale up to the challenge and the demand that actual, real-world, enterprise-grade applications demand. Furthermore, there are no current solutions which provide on-demand scalability tailored to the actual needs of businesses, because, as you know, no two businesses are the same.
AERUM’s network solves all of this.
First of all, it’s blazing fast. But speed aside, AERUM delivers something that differentiates it from the rest of the herd — on-demand scalability. In other words, businesses will be able to adjust the throughput of the network depending on their current needs — something which guarantees fully fledged efficiency. AERUM’s network can handle 500 to 100,000+ transactions per second and it is completely compatible with Ethereum, making it particularly easy to implement.
This end-to-end Ethereum integration is also what guarantees secure and easy transfers thanks to cross-chain atomic swaps.
What do you think of blockchain disrupting the B2B field? Do you agree with these benefits? Don’t hesitate to let us know in the comments below!