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How to Use Blockchain for Business Transformation

By Rohan A T

Blockchain technology has been in vogue in the industry for some time now and still many business owners as well as individuals aren’t familiar with the ins and outs of blockchain. Many business owners are missing out on the various business development opportunities that they can have by incorporating blockchain into their business. With the competition in the industry increasing on a consistent basis, incorporating blockchain into your business operations might help you to gain a competitive advantage in the industry. Now, let’s look at some of the ways in which businesses can use blockchain for their transform themselves.

1. Using Smart Contracts: Like the name suggests, smart contracts are self-executing contracts that under which all the various terms and conditions from both the parties are all written in the form of codes. Using a blockchain network, these codes can be then stored on a decentralized blockchain network which makes them immutable. After that, whenever the codes that are written are fulfilled the conditions that are associated with are executed. Another big advantage of this is the fact that, if the parties overrule the conditions, then the products or services are returned backed to the party. 

2. Bringing in Ease of Payments: By collaborating digital payments with blockchain, businesses will be able to avoid unwanted third-parties which will help the organization to deal with their payments in a much more efficient manner. This also eases up the cash flows in start-ups and other establishments.

3. Better Supply Chain Management: Integrating blockchain into your supply chain operations will allow the company to track their products or services right from manufacturing all the way to the delivery of that product or service. This brings in transparency into their operations which can help businesses to operate in a much more efficient and effective manner.

These are some of the ways through which businesses can use blockchain to transform their business operations and take their business to the next level

4. Improving the Hiring Process: Hiring is a crucial aspect of modern-day business and incorporating blockchain into this process can help businesses to deal with their hiring processes in a much better way. Blockchain will not only help businesses to verify all the documents submitted by the candidate in a much more efficient manner but it will also help businesses to identify candidates that have tampered with their submitted documents to gain an edge over the rest. So, by cutting unwanted slack, blockchain allow businesses to streamline their hiring processes.

5. Running Effective Marketing Campaigns: Another important way in which blockchain can help your business to operate in a much more efficient manner is to help you in having much more effective marketing campaigns. Blockchain will allow business leaders to track their marketing campaigns and its performances in real-time which is a big advantage owing to the fact that this will allow businesses to take corrective measures and take necessary actions according to the performance of their marketing campaigns.

These are some of the ways through which businesses can use blockchain to transform their business operations and take their business to the next level. So, plan accordingly and incorporate blockchain into your organization that can help you to improve the operations of your business.

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