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In this article, we will explore the many applications of blockchain in the departments of a traditional business organization. If you don't yet know how blockchain works, read our brief here.
A recent IBM study of more than three thousand senior executives found that at least eighty percent of them are actively using, or planning to use, some aspect of blockchain technology in their workplaces. While the arrival of this technological breakthrough may not immediately be seen as good news by the majority of businesses that still often rely on a traditional central database to generate revenue, the bottom line is that many aspects of this technological phenomenon must be implemented massively and in several industries.
The companies that choose to accept his arrival and learn how the dawn of the blockchain will not only change, but also improve the way they operate, will be the ones that will reap the rewards as pioneers in their respective industries. . In this chapter, we'll look at how the blockchain will be used across your business departments to improve efficiency, secure processes, and reduce costs by eliminating unnecessary middlemen.
Blockchain and payment
For e-commerce or international transfers, cryptocurrencies can be used as an alternative to credit cards or PayPal. As one of the first examples of the technology in action, many block payment projects already have a well-developed ecosystem and a variety of wallets tested for secure storage. This popular example of cryptocurrency is not without its drawbacks, especially the long minimums for a single transaction to be confirmed on the network or the high fees.
However, in the near future, it can be expected that there will be more and more starter machines and ATMs facilitating microtransactions, which offer convenient payment solutions, significantly reducing costs and time. transactions in areas such as the consumption of online content à la carte or the sale of bricks and mortar. In the context of online media consumption, for example, future chain payment systems could allow Internet users to pay per article, rather than per month.
A recent study by Deloitte found that implementing the blockchain in banking transactions reduces their total amount by an average of 2-3%, while ensuring real-time payments even across international borders, thereby ensuring that payments are made in real time. which is a huge improvement over the traditional methods offered by current trust-based systems.
While current block payment projects already provide a convenient alternative to online transactions, upcoming startups will further disrupt the industry and provide services that can be applied to many aspects of a company's daily business. business. In the context of larger business applications, this innovative technology can be used to reduce costs, increase system confidence and streamline processes when there are multiple parties to a particular interaction.