Transformative Power of Blockchain Development on Businesses

Pradeep Kumar 16 December 2019

Blockchain is a simple yet complex process of storing and recording transactional data in a digital library. The digital library stores all the unalterable data and instead, it links with the newly added block. The most significant reason why so many businesses are searching for Blockchain development company is its transparency of data. So, if there is an attempt to alter any content in the previous blocks, it would make all the blocks invalid. Plus, decentralization of data enables the data-sharing only across the participants in a network that is easily verifiable and publically accessible.

Blockchain has become a vital part of a business’s arsenal for bringing innovation in processes like supply chains, revenue generation, and app development. It’s rather quite interesting how cryptography secures these distinct structures and blocks under a Blockchain. It is managed by a P2P network while maintaining a similar protocol for validating the blocks of digital assets.

Bringing a Paradigm Shift Across Businesses

Earlier, businesses lacked a consolidated process of securing and validating the ownership of a digital asset. Ownership and licensing of digital assets required much paperwork. Digital files are highly vulnerable to the risk of getting copied and distributed among many others. Blockchain introduces the concept of a trustless network by eliminating the control of a central user over the ownership. So new data can only be added if every participant agrees and recorded events are verified accurately.

The demand for Blockchain solutions has increased almost tenfold in the last few years. And it is only going to grow nearly 42.8% per year till 2022 due to its widespread involvement in cross-border transactions and exchanges. The technology has excellent potential for improving many business operations in the following ways:

Utilizing Smart Contracts

Smart Contract is a term given to an official document containing the terms of all the parties involved. Since these terms embedded in the code itself, they exist on the decentralized network too. These contracts are a great way to carry out only those events with which everyone agrees. These processes have no downtime, and no external party can interfere. Once a party performed their end of the deal, these contracts ensure definite payment.

Enhancing Marketing Prowess

Marketing campaigns are in a constant competition of attracting maximum customers. A combination of Blockchain and AI services, provided by a machine learning development company can help marketers in many ways. The marketers can keep a close track of customer behavioural data to build better campaigns and increase ROI. Artificial Intelligence helps in assessing, understanding and making decisions while Blockchain verifies authenticity, accuracy and execution. Blockchain can make it easier to identify any changes or mistakes made during the development process. Marketers can also detect when and where the error was. Moreover, it can be of great use in verifying that the traffic is coming from real people and not any bots. Many businesses, right from manufacturing, aerospace, healthcare; can hugely benefit from Blockchain.

Better Recruitment

Hiring candidates for a job is a long and time-consuming process. Plus, the resumes and CVs contain many tweaks from the potential prospects to make them impressive. The reason behind tweaking is the assumption on their part that recruiters won’t have time to verify the qualifications. However, businesses can also get mobile app development service from 9series for blockchain development, so that they can easily access academic skills, work experience, and references. These stores in a decentralized and unchangeable digital library, where recruiters can easily verify them. It will ensure the authenticity of records, decrease the time taken, and assist in hiring better employees.

Secure and Fast Transactions

Financial transactions are the most vulnerable to the risks of hacking and frauds. Blockchain can enhance security while transferring payments from a sender to a receiver. Small and medium businesses, apart from emerging startups, can hugely benefit by using Blockchain for transacting. Venture capitals are already investing heavily in Blockchain specific startups that rounded up to $1 Billion in 2017. Blockchain solves the biggest hurdle in the transactional process – removing intermediaries between banks and clients. High transaction fee gets eliminated, and payment processes incur minimal charges. Businesses in remote areas dealing with a global industry can reap huge benefits by implementing Blockchain.

Cloud Storage and Digital Identity

Blockchain technology allows businesses to take full ownership of their assets by recording them in a digital ledger. This digital ledger works as cloud storage, where they can securely store and access all the data. App development companies can find Blockchain extremely beneficial in protecting the identities of their customers. Another crucial concern is the digital identities of those who own an asset or a form of art. Reports suggest that every year, frauds wipe out almost $19 billion of data. Blockchain conceptualizes a system of verifying digital identities by signatures that provides an additional layer of security. Emerging brands can find it very useful in protecting their valuable data in their domains, online profiles, passports and addresses.

How Scalable is Blockchain?

According to McKinsey’s research, it will still take approximately five years for Blockchain to be adopted globally, depending on the industry. For global adoption, Blockchain needs standardization first. Open-source platforms like Corda and International Organization for Standardization (ISO) are primarily working towards establishing global standards and guidelines for Blockchain technology. Currently, financial, logistics, and health industries have higher potential to deploy Blockchain in their processes. Adopting Blockchain can help the healthcare industry in saving $150 billion every year in breaches, frauds and costs, by 2025. Another vital concern is interoperability that enables streamlining the networks so that they can communicate consistently. Physical items also need to take digital forms, and IoT sensors are a great way to do that.

On a Final Note

Blockchain is still in its initial stages, and it’s only going to disrupt the way businesses carry out their daily processes. Hence, brands need to prepare themselves accordingly by evaluating and determining their boundaries. Blockchain technology can help in creating a shared and secured ecosystem of businesses. Enhanced security and elimination of intermediaries will encourage entities to sell their products and services quickly. Developing a mobile app has become necessary for every business. Usually, the talent resource for emerging technology is scarce initially. However, 9series consists of a vast pool of experienced Blockchain developers. The deployment methods of Blockchain technology can be of great assistance in enhancing the security and performance of an app.