TOP 5 areas of blockchain usage in real business

March 20, 2020   Ethereum

Many companies use blockchain technology to simplify tasks in their daily operation. Lower costs, higher revenues and smart customer service are some of the numerous advantages that blockchain technology provides to businesses. That is why it is not surprising that 95% of companies in various industries have invested in blockchain technology projects. According to experts, various blockchain platforms can be used for many purposes, from compliance with regulatory requirements to data management.

The real use of blockchain

As mentioned earlier, companies use blockchain technology in various sectors of their business:


1. Using Blockchain in Marketing

These days, marketing on digital platforms is facing serious challenges. Companies that collect, store and process user data are attacked by hackers to steal data. Generating revenue from fraudulent advertising with fake clicks is the biggest problem that the marketing industry is facing nowadays.

The blockchain-based identification system is developed using a distributed open transaction accounting system that offers a digital signature and verification system for identifying people. This blockchain-based system ensures that no fake clicks go through to generate revenue from fraudulent advertising.

Here are a several examples of major companies which use blockchain technology for marketing purposes:

  • Microsoft is building a decentralized user identification system developed on blockchain technology similar to Bitcoin, Ethereum and Litecoin, and supports it through the Authenticator application. Microsoft also offers blockchain storage for banks, healthcare facilities and startups.
  • Amazon, through a collaboration with Digital Currency Group (DCG) and their own Amazon Web Services, provides its BaaS for technology companies such as financial institutions and insurance agencies.
  • IBM also has a BaaS platform designed to streamline the operations of companies that make many e-commerce transactions.

2. Blockchain usage in assurance of quality

Blockchain-based technologies can track and record transactions to improve food management, safety and quality of food, and generaly improve operation in the food industry.

Global retailers and food manufacturers are working hard to track their products and improve transparency in the global supply chain. A number of brands have started to use blockchain technologies to emphasize the necessity for manufacturing and supply transparency that ensures safety and quality for end customers.

Supply Chain Care

Supply chains are experiencing an uptick in management and processing, offering detailed information about participants’ profiles to increase confidence in product safety and quality.

The usage blockchain-based applications also minimizes the time necessary to collect comprehensive information about suppliers and transfer it to customers. This gives consumers confidence, at the same time warning manufacturers and retailes about foods ascertained as unsafe.

Transparency in agriculture industry

Recently, food manufacturing companies are increasingly using the advantages of blockchain technology to create concepts that target the organic agriculture sector, designed for business and consumers.

The agricultural industry also uses blockchain to maximize its potential in transportation, logistics and reduce transaction costs. This is achieved by improving inventory tracking and delivery processes, and reducing related operational costs by removing the necessity for third parties to participate in transactions.

Brand transparency

The collection of information is a key element of ensuring the quality of products in the contemporary market. Buyers are actively looking for sources of food origin and food production techniques to comprehend the whole supply chain. The blockchain ensures that consumers can access labeling information on their mobile devices. It also gives major retailers the means to access the large amounts of data that go through the supply chain. The blockchain technology gives comprehensive tracking that guarantees product quality.

Companies that successfully use this solution to ensure product quality:

  • Auchan - A French retail group uses blockchain technology to improve supply chain tracking. As a brand campaigning for a healthy population, Auchan Retail launched this technology and subsequently introduced it in France, Italy, Spain, Portugal and Senegal.
  • Mozzarella is another company that has been influenced by blockchain technology. The Italian company Spinosa introduces the first Mozzarella di Bufala Campana PDO certified for the entire block chain. Each product is equipped with a “Blockchain Quality Certificate” label and a relevant QR code.

3. Blockchain usage in trading and payments

People who have problems using traditional payment methods can use the blockchain to receive money. Thanks to the function of processing payments through the blockchain, your business can directly and safely pay money to employees in any part of the world.

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

The ability of the blockchain to simplify the processing of complicated procedures

Confirmation of payment or stocks’ transfer, requiring a significant amount of mathematical data necessary for quantifying stock prices in real time, can be improved using the blockchain. In addition, as alternative cryptocurrencies become more and more popular, new opportunities for trading through numerous online blockchain-based trading platforms appear.

Blockchain usage in trading financial assets, both traditional and digital currencies, ensures transparent pricing, new  markets, faster transaction processing and ongoing payments accounting.

Companies using blockchain technology for transactions processing:

  • Decentralized cryptocurency exchanges using blockchain for safe, reliable and cheap real-time cryptocurrency exchange. Some of the most popular cryptocurency exchanges are Binance DEX, IDEX, Altcoin.io, Waves DEX, Openledger DEX, RuDEX
  • Paxos is the first blockchain regulated trust fund. Using accounting technology, a company can instantly settle transactions, automate payment processes and exclude third parties. In addition, the standard Paxos token (PAX) is equal to $1, which makes it stable for transactions with digital assets.

4. Blockchain usage in HR

Using blockchain in business is more than just a concept that HR professionals need to know for partnering. All data kept by the human resources department is at risk, and as more and more companies face data leaks, it is imperative that precautions be taken to prevent fraud and improve security. In the face of growing cyber security crime, blockchain technology is seen as a solution.

Improving recruitment, proficiency testing and curriculum vitae processes

Perhaps the biggest advantage that the blockchain can offer is trust in the reliability of its data. In modern hiring systems, it is difficult to determine the accuracy of the job history and education of a potential employee. Even the most experienced recruiters can be deceived by falsified candidate work experience and education.

Although the blockchain cannot guarantee that all inaccuracies or exaggerations will be discovered, it increases confidence in the information in the candidate’s resume.

Optimization of salaries, contractor payments and supplier tracking

One of the most frequent cases of using blockchain in the HR is associated with the largest expenses of the company and the process that employees value most - salary. Blockchain can replace many manual tasks and eliminate time delays in existing payroll systems. It also offers smart contract solutions. HR will not need to contact their company’s bank or make monthly payments. Instead, real-time, transparent blockchain registries help track accounts and facilitate distribution, billing, and transaction reporting. There is also no need to wait for normal pay processing times.

Companies using blockchain in HR:

  • ChronoBank is a blockchain-based HR solution designed to help companies recruit, hire and manage employees. Chronobank is also working on developing payment solutions that will help provide opportunities for the full-service HR industry.
  • PeaCounts is a blockchain payroll solution designed to automate the payroll management process. Using AI to verify performance and milestones, PeaCounts pays people with its PEA token using smart contract technology. PeaCounts encourages others to create services on top of its blockchain protocol.
  • HireMatch is a decentralized recruitment platform that collaborates with Recruiter.com. With its market-based HIRE cryptocurrency, HireMatch aims to reduce the costs associated with third-party intermediaries in the hiring process.

5. Using blockchain with smart contracts

Smart contracts are a computer set of rules designed to digitally verify, simplify, enforce or reconciliate a contract. It can be compared with the work of vending machines. In case of smart contracts third parties participation is not necessary in any part of the process.

Banking and financial sector

Transactions clearing and settlement of is one of the processes that can greatly benefit from the use of smart contracts. When conducting clearing and settlement operations, banks must register the obligation of several parties to participate in the exchange of funds and ensure that after fulfillment of obligations these funds are transferred to the relevant participants.

SETL is the company that introduced the financial blockchain, it’s a London based blockchain settlement platform which technology is already used by Citigroup, Credit Agricole, Computershare

Healthcare

The most obvious blockchain application is the management and access to patients’ data in healthcare industry. A patient’s medical history can be shared among several health care providers, making access to it a complicated task. The usage of smart contacts makes work more comfortable for healthcare providers and also helps ensure that patients are not left unattended due to fragmented accounting.

The real estate sector

Another financial area that has alwyas been crowded with third intermediaries and parties is the real estate industry.

In the case of real estate agreements, contracts can be checked and applied automatically without the necessity for human interaction, which reduces the need for agents, lenders, inspectors and property insurance providers. A good example of an organization that implements blockchain technology in real estate is Propy. The first step of the blockchain transition project is a platform where real estate sellers can list information about their property, and buyers and agents can search for real estate respectively. The next stage is a transaction platform where participants can send documents, records and payments using the blockchain.

Education

Due to the fact that digital recordings are getting the standard for educational establishments, the security of students' personal data is becoming more essential than ever. As cyber attacks continuously grow, these records become valuable assets. The field of record keeping in modern models go beyond security.

Another attractive opportunity is the ability to verify diplomas with the usage of blockchain technology. Blockchain can completely exclude diploma fraud, which is a serious problem in many parts of the world. As a rule, universities have administrators who fully or partially deal with employers' questions regarding the qualifications of future employees. When using the blockchain, these associates no longer have to spend time on these interactions, since each diploma is available in unchanged form on the relevant blockchain platform.


Conclusion

In addition to the hype, the blockchain is of strategic importance for business, as it allows to reduce costs without intermediaries, as well as create new business models in the perspective. The existing digital infrastructure and the growth of blockchain as a service (BaaS) offerings have reduced costs, and many businesses are already testing this technology.

Unfortunately, the more rapid and large-scale implementation of blockchain technology is hindered by its complexity and lack of competent specialists. However, fierce competition in the global market forces companies to use new technologies, which will inevitably lead to the massive spread of blockchain in all spheres of human life in the near future.

Author: Kate Solano for Š”rypto-Rating.com
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