Blockchain is an information transfer technology that uses digital ledgers for recording and storing information. The information recorded through blockchain cannot be altered or deleted without specific permission. However, the information is open to all and anyone can verify it. This is a decentralized network that can share the information with all the computers and networks. The information is stored in the form of blocks that are linked together through cryptography.

The blockchain technology has affected a vast majority of industries at a global level. The global blockchain technology market size is huge and it has its presence in almost every aspect of corporates in one form or the other. Healthcare sector seems to get the maximum benefit from the blockchain technology as approximately 57 percent of the global healthcare is expected to adopt the technology in the near future. Blockchain technology possesses the potential to eliminate 48 percent non-value generating processes and the potential to heighten the data security and integrity by 45 percent in the healthcare sector.  Apart from that, market research suggests that blockchain technology has the potential to save costs in sales and marketing by 25-30 percent, in operations and supply chain by 20-25 percent, and in IT and portfolio management by 15-20 percent.

How Blockchain Technology Can Aid Your Business?

Blockchain technology can be utilized for building a variety of applications that can offer a number of solutions to a business for achieving specific objectives. Here is a list of solutions offered by the technology.

  • Smart Contracts: Blockchain technology can write decentralized self-executing contracts that contain the terms and conditions of all the parties into the code. Smart contracts can ensure all the parties that they are doing only what they are supposed to. Smart contracts run like a program but without downtimes and external interference. Use of smart contracts can save a lot of money for a business by minimizing or eliminating the use of lawyers, government officials, or middlemen for settling disputes.
  • Better Hiring: Candidates often include false information in their CVs or resume to impress employers. However, companies can make better decisions if they can access the genuine information about their potential employees. Blockchain technology can use and store employee information such as academic records, extracurricular activities, employment records, and other information. This way, companies can access genuine information without wasting any time.
  • Better Execution of Marketing Campaigns: Blockchain technology can keep a track of client information and consumer behavior. Marketers can access the data for designing engaging marketing campaigns that can also deliver better ROI. In the case of any mistakes, managers or key-decision makers can identify it along with the person who committed it. Blockchain can also help marketers collect organic data that will in-turn back the marketing campaign.
  • Customer Engagement: Cryptography makes the blockchain quite safe as the information entered by the customers cannot be changed and the organizations get first-hand consumer data that does not need verification. Therefore, the data can be utilized for creating consumer-centric schemes and campaigns that will assure effective consumer engagement.

The shifts in current technological adoption by the industries suggest that the integration of blockchain technology in everyday processes is inevitable and it is also going to be a reliable option for a number of small and medium-sized businesses as well.