BLOCKCHAIN AND EVERYDAY BUSINESS
There are thousands of articles that are focused on industry-specific use cases for blockchain. But what about the basics that every business needs? Is blockchain a good technology for everyday business or is it only here to help save the whales? This article will feature real-life use cases for blockchain and everyday business activities. But, before we start let’s make sure we understand what blockchain is. Blockchain is a new programming technology that uses encrypted blocks to move data. Each block is fully encrypted and directly connected to the one before and after. These encrypted blocks are much more secure than anything we have had before and hosted on a decentralized database. Blockchain is the technology that brought us bitcoin and all other cryptocurrencies. The benefits are that blockchain is more transparent, secure, efficient, and faster than current centralized programs. In simple terms this often means eliminated multiple 3rd party systems for one program saving a lot of capital. So now that we understand what blockchain is, let’s explore how it is benefiting your business!
- Customer acquisition and retention.
With close to 100% of consumers reporting that they prefer a company with a good loyalty program, there is no doubt that the best customer acquisition and retention is to have a good loyalty program. The problem is there are many aspects to a customer loyalty plan. A good loyalty plan includes coupons, freebies, points, memberships, customization and other parts. Most 3rd party programs do not include all of these, but they do include many costly fees. Velmie is a software development firm that has worked with Ford and EBANQ. In an effort to show the world how powerful blockchain is, Velmie’s blockchain department has created the most powerful loyalty program on the market. Not only is this program an all-in-one solution; it’s also about ⅕ the cost of current programs. With blockchain, AI, and smart contracts, Velmie was able to create a program that you actually own and is easily customized per individual needs. Certain companies can even qualify to receive their loyalty program for free.
2. Transactions and data storage.
The problem of a room full of filing cabinets is gone. Now the problem of data storage, security, and transactions haunt business owners. With new threats evolving daily it can be difficult and costly to keep up. Cloud platforms like AWS are making this digital data headache much less painful. Now with only a few lines of blockchain, you are able to make your life even easier. Smart contracts are making data and other transactions more secure, transparent, and easier. Smart contracts are even able to keep track of terms and conditions for you and automatically act upon a breach or completion. Data that is moved is fully encrypted and locked in with blocks. This is helping companies eliminate human error and save them money. IBM is already working with Walmart to create a comprehensive tracking platform for meats coming from China. The goal is to create transparency on where consumers food is coming from. It will also save Walmart the trouble of storing all of this data in different places that might be at risk. Most businesses today have online data and online transactions. Blockchain is perfect for large companies and small businesses.
4. Eliminating 3rd party platforms.
Perhaps one of the greatest benefits is blockchain’s ability to help businesses eliminate 3rd party platforms. Many companies have many different 3rd party solutions. Security software, accounting software, cloud software, CRM software, and many more all make up the average company’s technical solutions. The problem is many of these softwares come at a high cost and do not work together well. Blockchain and AI are making it easier for companies to create customized solutions that fit their needs and not break the bank. A perfect example is Velmie’s solution that I mentioned earlier. Velmie’s loyalty program combines all aspect that previously would have been separate softwares. With the use of mobile wallets, tokens, blockchain, smart contracts, and powerful AI, Velmie is able to provide a custom solution at an incredibly low cost. The same is for other types of systems. It is now easier than ever to have a custom solution created for one or all of your departments that is secure and cost-efficient.
5. Transparency and trust.
Transparency is the best trust. Companies are using blockchain to allow consumers to track their product’s journey. Blockchain is also tracking all aspects of the supply chain for businesses and creating a more honest business environment. Smart contracts are protecting investors, bankers, and partners in business. Blockchain is perfect because the blocks are secure and unable to be adjusted once they are created. This means that in order to hack blockchain you would have to somehow change every single block.
6. Blockchain is incredibly versatile.
Many people thought that the internet would be a fad. People assumed that the internet would become a place for entertainment and industry-specific use cases. Now we know that the internet touches all businesses. We are seeing the same thing happen with blockchain. We are also going to see the companies that embrace it make more and save more money. Technology should not be something a business owner should be afraid of, technology is here to save us time, money, and overall make our lives easier. If you do not understand how blockchain can help you or have questions about the technology call us today. We are the top in our field and are more than happy to help you.