The use of blockchain technology in businesses

The use of blockchain technology in businesses

Many companies are using blockchain technology to make things easier for their firms. Lower costs, increased revenue, and smart customer service is among the many benefits that blockchain technology provides. That being said, it’s no surprise that 95% of companies in various industries have invested in blockchain technology projects. According to experts, Blockchain can be used for many purposes, from regulatory compliance to data management.

Use of Blockchain in Marketing

Marketing on digital platforms faces huge challenges these days. Hackers attack companies collecting user data to steal data, and generating ad revenue with click fraud is the biggest challenge the marketing industry is currently facing.

Here are just a few examples of companies currently using blockchain technology:

  • Microsoft is building a decentralized identity system based on blockchain technology similar to Bitcoin, Ethereum and Litecoin, and supports it through the Authenticator app. 
  • Through a collaboration between the Digital Currency Group (DCG) and their own Amazon Web Services, Amazon is providing its BaaS to insurance agencies and financial institutions.
  • IBM has a BaaS platform designed to optimize the operations of companies with many e-commerce transactions.

Use of Blockchain in quality assurance

Blockchain can track and record transactions to improve food management, safety, and quality in the food industry.

International retailers and food manufacturers are working hard to track products and optimize supply chain transparency. Several brands have activated blockchain technology to emphasize the need for product and supply transparency that ensures safety and quality.

Companies that successfully use this quality assurance solution:

  • Auchan Retail is a French retail group using blockchain technology to improve supply chain tracking. As a brand campaigning for a healthy population, Auchan Retail launched the technology and subsequently implemented it in France, Italy, Spain, Portugal, and Senegal.
  • Mozzarella is another company that has seen the impact of blockchain technology. The Italian company Spinosa launches the first Mozzarella di Bufala Campana PDO certified for the entire Blockchain. Each product is equipped with a «Blockchain – Quality Certificate» label and a QR code.

The use of Blockchain in payments

People who have problems using traditional payment methods can use Blockchain to receive money. With the blockchain payment processing feature, your business can directly and securely pay cash out to employees anywhere in the world.

A special study by Deloitte has shown that the implementation of Blockchain technology in reverse transactions minimizes costs by an average of 2-3% of the total. It also enables instant payments across international borders, which is already a great improvement over the traditional payment system.

Use of Blockchain in HR

Blockchain in business is more than just a concept that HR professionals need to know for partner purposes.

Companies using Blockchain in HR:

  • ChronoBank is a blockchain HR solution designed to help organizations hire and manage employees. Chronobank is striving to provide payment solutions that will help empower the full-service HR industry.
  • PeaCounts is a blockchain payroll solution designed to automate the payroll management process. Using AI to validate performance metrics and milestones, PeaCounts pays people with its PEA token using smart contract technology. PeaCounts encourages others to build services on top of their blockchain protocol.

Overall, blockchain technology has great potential for business to run in a more smooth manner, while cutting costs and increasing efficiency. 

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