Businesses are going through digital transformation and so is the global economy. While other technologies are mainly focused on improving the process and making it more efficient, Blockchain technology stands out from the crowd by replacing those processes with new ones that deliver exceptional results.
According to the IDC report, Blockchain spending will surpass $12 billion by 2022. Businesses have also realized the true potential of this technology and has admitted that it could be a game changer for businesses. What is more, it is seeing new applications in different industries such as marketing, and human resource and is no longer restricted to the financial sector that most people believe it to be.
Despite all this, most businesses are still not able to take full advantage of blockchain technology and take their businesses to their next level. If you are a business owner facing similar problems, then you are at the right place. In this article, you will learn about six ways in which blockchain technology can accelerate business growth.
1. Deliver Easy Payment Options
Many people are still reluctant to share their credit card information online to make purchases due to security and privacy concerns. Even though online stores have taken steps to secure online transactions, there is still a degree of risk involved in those transactions. Thanks to its decentralized nature, blockchain technology can make online payments more transparent and secure.
Its decentralized nature means that there is no single point of failure or attack. This minimizes the security risk, errors and makes your data tamper proof. People who are involved in the transaction can only view the transaction detail, which is a bonus as far as security and privacy is concerned.
Additionally, it also enables online businesses and customers to verify and protect their sensitive information without needing any help from third party vendors. This means that you do not have to rely on a payment processor such as a bank, credit card company or online payment solution providers. As a result, this also makes the process more efficient and cost effective as you do not have to worry about middlemen and complicated steps or pay third parties to manage your financial transactions.
2. Avoid Spammy Ads
According to a research conducted by Juniper, online advertisers will lose a whopping $44 billion by 2022. Digital agency are looking for ways to prevent digital fraud and make online ads as less intrusive as possible. Blockchain technology can go a long way minimizing click fraud and help digital marketers reach their target audience without wasting their digital marketing budgets.
By removing intermediaries and managing digital spending efficiently, your digital marketing campaigns will cost less and deliver much better results as your ads are seen by the right audience. By showing your ads to the right people, you are more likely to achieve your marketing goals. One of the best examples in this regard is IndaHash.
IndaHash is an online platform that enables brands to reach digital influencers. It works by connecting brands with influencers. This online platform helps in deployment of branded campaigns in a swift and scalable manner. By connecting to the right influencers in your niche, you can get your message to more people which will increase brand awareness and help you gain the trust of your target audience especially if they follow or know the influencer.
3. Open Doors for Direct Selling
Blockchain technology will create an even playing field by breaking the monopoly of established players and offer opportunities to new players who want to enter the retail sector. Since the technology is open source, the cost of entry is lower, which would encourage small and medium size businesses to use blockchain technology for direct selling purposes. New social selling platforms are already cropping up and we might see more of them soon. What is interesting to note is that these blockchain powered social selling platforms are gaining popularity and we might see them challenge some established players in the retail sector very soon.
4. Enhances Security
One of the biggest advantages of blockchain technology is security and privacy of your data. It uses encryption and validation to protect sensitive transaction details from getting altered. It’s distributed nature also helps in making sure that your data is not tempered. Whether it is securing your IoT infrastructure, using safer DNS or encrypting private messages blockchain will play an important role in cybersecurity. Yes, we might not see its real benefits soon but blockchain will make online transactions and data secure in the long run. In today’s world where we constantly hear the news of data breaches and cybersecurity, blockchain can be the technology we all have been waiting for to secure our data and online transactions.
5. Better Auditing
Another big plus with blockchain technology is that you can easily assess the reliability, relevancy and accuracy of any financial transaction. Blockchain uses an open distributed ledger to record all the transactions taking place between two parties. As a result, every transaction is verifiable. This minimizes the risk of suspicious or malicious transactions. Even if it does, it cannot get the approval and you can easily get notified when a suspicious transaction is taking place. This is great news for businesses who are struggling with maintaining the record for financial transactions and find it tough to justify the transactions when they have to go through an audit.
6. Build Trust
Many businesses shy away from implementing blockchain technology because they think that it will impact their clients and employees in a negative way. They resist change and want to stick with tried and tested systems. As a result, they lag far behind companies who have already adopted blockchain technology and are reaping the real rewards in terms of increased customer trust thanks to improved security. As customers start to trust your brand, they will come back to you for more, which would help brands convert more prospects into loyal customers.
Do you use blockchain technology to grow your business? Let us know in the comments section below.