In recent years, it has become evident that businesses should go digital. People increasingly use the Internet for many purposes, and if an organization isn’t online, it’s missing out on great opportunities. To better meet customers’ needs and succeed online, companies have adopted different technologies, including blockchain, whose potential has been recognized by many business owners. Although it’s been a while since its development, many industries have only recently started implementing blockchain technology to improve their operations – and your business should do the same.

 

Blockchain is one of the most innovative solutions ever created, standing out through its impressive features, such as decentralization, enhanced security, and immutable records. Its applications go beyond crypto projects like Bitcoin, benefiting businesses in surprising ways.

 

Enterprise blockchain: an invention catered towards organizations

Blockchain technology was designed as a network for crypto transactions, so it’s hard to think of it as a solution for businesses. Fortunately, even if the digital ledger was mainly used for crypto projects, it has evolved into an impressive technology that can now fit an organization’s needs. More specifically, enterprise blockchain was developed as an alternative to public blockchain. This type of blockchain is private, meaning it is not open to all Internet users but only to companies and their employees.

 

They are offered several access levels to ensure an outstanding level of security. The difference between a private and a public blockchain is that when it comes to the former, a single figure has a more significant responsibility than the others, verifying whether the operations are legitimate and approving or disapproving of their execution. Decentralization is one of the most valued features of the blockchain, but it seems to be taken away in private blockchains.

And yet, its primary advantages remain, including stability, encryption and traceability. Since putting all an organization’s data online is tricky – and pretty much impossible-it makes sense for businesses to take advantage of blockchain enterprise.

A look into blockchain applications for companies

Companies that decide to implement enterprise blockchain can benefit from different blockchain applications, which we will discuss in detail below.

Smart contracts

Smart contracts are designed to automate a specific process based on the terms of an agreement or contract. This can range from documentation or control over the actions to the complete execution of the mentioned events. Smart contracts benefit enterprises by eliminating the need for mediators, arbitration expenses, and the risk of malicious faults.

Without a doubt, many businesses have become aware of the protocols’ potential, according to statistics regarding the global market size of smart contracts. The technology is expected to be increasingly used in the next seven years, accounting for $1460.3 million, a significant growth from $397.8 million in 2022.

IoT

The Internet of Things, also known as IoT, has been around for a while, and it stands out as one of the top blockchain applications for companies due to its decentralized nature that can boost its adoption.

Simply put, IoT includes physical objects based on software connected to the Internet and, by default, to other devices. While IoT is an impressive technology, it poses some security issues. Although it may seem convenient to have a smart assistant carry out simple tasks, hackers can easily access and steal your data. The good news is that blockchain is an efficient solution for these safety concerns, ensuring the devices’ effectiveness while offering enhanced security.

Money transfer

Considering the initial purpose of blockchain, money transfer is one of the most prominent applications of the technology. Enterprise blockchains rival traditional banking as they provide a faster and cheaper way of sending and receiving money.

 

This application of the technology benefits both customers and companies by reducing costs. Moreover, it facilitates the process of handling cross-border transactions by eliminating third parties and working globally without any limitations.

Personal data storage

This is one of the most valuable applications of the blockchain, not only for purposes inside the organization but also for customer data. Despite the tech improvements in companies, many use a centralized database to store their data, like clients’ information or employee records. However, as time has proven, this isn’t a good decision because it leaves businesses vulnerable to malicious attacks and stealing of data.

Enterprise blockchain is an obvious solution regarding the safety of information. It ensures records are encrypted and difficult to alter, while its transparency enables employees to see the processes that occurred with recorded data. And there’s more – enterprise blockchain is also very accessible, so companies no longer have to worry about losing paper documentation.

Supply chain management

Supply chain management is another area where blockchain offers an excellent use case. By implementing enterprise blockchain, businesses in the industry can boost the quality of their services, making the internal work process easier and more efficient.

Blockchain can be a reliable record throughout the entire supply chain process, enabling the detection of potential issues and ensuring there are no delays. The network’s transparency helps automate many essential functions in the supply chain, making a tremendous difference in business operations.

Voting

Blockchain can also be used for seamless voting, and it can be used not only within companies and communities but also on a local and governmental level. No matter the field your business operates in, there likely comes a time when voting is required.

But especially with shareholder votes, blockchain proves even more efficient, ensuring they are issued securely by identifying and keeping track of the individual’s unique identification metadata. This system is handy because it helps reflect the existing financial and geographic restraints.

Blockchain helps maintain the results of the votes, thus ensuring all parties can see the conclusion reached after the process. This can apply to any decision within an organization, whether voting on the CEO’s salary or what direction the business should take, with blockchain being a promising technology for democratic voting systems.

The bottom line

Blockchain indeed has great potential, and many industries are taking advantage of the technology to receive payments, track the supply chain process, and ensure data security. As the blockchain grows in popularity, ventures worldwide are more likely to interact with it in the future.

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