Although it may not seem so, the application rating of blockchain has increased a lot since the year of 2009. At first, it was only used to create a tradeable platform for Cryptocurrency.
However, the use cases of the same have branched into the business sector as well. One report by statists says that the spending on blockchain technology by businesses will touchdown 19 billion US dollars in 2024 from 4.5 billion US dollars in 2020. Let’s keep reading the article till the end to know more about this context.
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How Is Blockchain Being Used In The Business Sector?
As a tech-savvy part of the world, the business sector has embraced blockchain effectively. It is using the same to transact Crypto by using a platform, improving the security of its system, and much more. Here’s how else it’s being used in this sector.
Use Case – 1: To Create Smart Contracts.
A smart contract, in essence, is an automated computer program, which can carry out almost each and every term of an agreement. Thanks to its nature, it can avoid any kind of issue, like censorship, third-party interference, downtime, fraudulence, etc.
Besides, the overall security of a smart contract is quite impenetrable as well. Therefore, you won’t have to worry about getting hacked or anything at all.
Use Case – 2: Supply Chain Communication.
The prospect of supply chain communication is quite difficult to grasp if we’re being honest. It can be quite precarious in the security department. And, in some cases, the communication can break depending on the platform you’re using as well.
However, with the coveted blockchain technology in place, you won’t have to worry at all. To begin with, it can help you with security to some extent.
Also, it can ensure that no one is intercepting your message with the other trader. It can lower the risk of supply chain hacking even more and offer a better environment for you.
Use Case – 3: Cloud Storage.
Integrating blockchain technology into your cloud storage can help you expand the system a lot more than usual. Hence, it might be easier for you to keep more stuff in there than you can do right now. However, that’s not where the usability of the same ends, though.
With blockchain, cloud storage will be much more flexible and stable too. Therefore, you won’t have to worry too much about it getting crashed at all.
Use Case – 4: Paying Your Employees.
Well, it’s quite self-explanatory, but let us explain a little here.
When it comes to Cryptocurrency, it is now being used as a form of payment. So, if needed, it can be used to pay the monthly wage of your employees.
However, there’s a hitch to this strategy.
While most people won’t retaliate against Crypto payments, they might also not have any idea about how to use them. Besides, in some areas in the UK, Crypto isn’t considered as a sort of reimbursement option for everyone.
Use Case – 5: Capital markets
If you are working in the capital markets sector, you can also improve your prospects to some extent with the application of blockchain. According to a report, the benefits of it includes –
- Consolidated audit trail.
- Faster settlement and clearing, and
- Operational improvement.
A startup, known as Axoni (founded in 2013), creates blockchain-based solutions to improve the capital market. It has recently announced the release of a distributed ledger network. It’ll be able to manage equity swap transactions and enable both of the sides to stay synchronised.
It can also help you make changes to the communications in real time!
Fraudulent Activity Prevention
To have a temper-proof transaction, a business needs a transparent and secure digital ledger. having this privilege would help in identifying any fraudulent activity in real-time, and will help take immediate actions. Blockchain has Encrypted validation technology which is the most modern and secure technology a business can acquire to secure its financial transactions.
Concluding It All!
Let’s be honest.
Blockchain is growing quite massively. And, to be honest, it’ll grow even more in the future. Hence, you can expect more and more innovations to come forward with the same.
Apart from the financial sector, the growth of the same can be seen in other segments. But, in our opinion, the highest eminence of blockchain will be seen in the healthcare industry. After all, the security aspects of the same are sorely needed there.
In any case, now, we’ll be concluding our article. Hopefully, it has helped you enough about our titular topic. But, if you still have a question or two, don’t forget to comment below.
Have a great day ahead!
