Blockchain: what does it mean for your business?

High Score Labs News   •   Feb 15, 2021

Blockchain is rapidly transforming how we do things in the commerce industry. However, its applications have long escaped the exclusive confines of the financial sector. Now, blockchain is changing how we manage cyber-security, supply chain management, healthcare, etc. Here’s how blockchain can be instrumental to your business regardless of your industry.

  • Smart Contracts

Smart contracts have become renowned thanks to the Ethereum Project. Smart contracts are programs that carry out the terms of any agreement without the possibility of censorship, fraud, or third-party interference. It’s essentially a form of financial security held in escrow by a blockchain of which the parties concerned are members. The program is executed based on future events and computer code written for those events.

To help you understand better, you can think of companies like Slock, an Ethereum-enabled IoT platform. Slock uses smart contracts to allow customers to unlock intelligent locks on rented bikes after they agree on the terms of the agreement.

  • Payroll Management

If you have many international workers, remote workers, or contractors, you know that paying their wages through conventional means extracts a considerable cost. However, blockchain can help circumvent these costs and boycott the time it would take for money to move between banks. And since blockchain has origins in cryptocurrency, this can be a significant way to save cost on paying employee’s wages.

Bitwage boasts of being the world’s first Bitcoin-based payroll service. It implements blockchain technology, thereby saving costs for both employers and workers alike. This public ledger system containing all transactions in chronological order allows you to track your money easily throughout the process.

  • Better Transparency in Supply Chain Management

A bakery prides itself on its use of 100% organic ingredients to produce its pastry. Although the bakery owner knows who their organic ingredients supplier is, they may not know who the supplier’s supplier is. This and many similar scenarios present a problem in transparency and accountability for businesses. However, blockchain technology can help solve the problem. 

Stemming from the complete transparency it offers, blockchain records contain information on every company that had a hand in getting the ingredients to the bakery; from the supplier down to the farm on which they were grown. This improved supply chain management also helps companies in the case of product recalls and identifying ethical sourcing. 

SkuChain and Provenance are just two companies utilizing blockchain technology to improve transparency in their supply chain and other business aspects.

  • Cloud Storage

Blockchain can help companies and smaller businesses reduce the cost of storing data by allowing firms to rent out excess hard drive space, much like renting out a room in your home. This way, average users can keep the traditional cloud storage some three hundred times over, and maybe even generate revenue.

Storj is one such company offering secure cloud storage capabilities while reducing the need for dependency. 

Blockchain is helping many businesses worldwide streamline their operations, and save time and money as they carry out their activities. Join the millions of visionaries now implementing blockchain and begin exploring ways to incorporate blockchain technology in your business.

Contact us today!