Public opinion equates the concept of blockchain with crypto-currencies and Initial Coin Offering (ICO). Yet, the blockchain brings as many benefits to its users as to businesses.
New quality perspectives for business development
Blockchain eliminates routine procedures while improving overall business strategy. The profits are increased at the same time. Blockchain solutions offer many features and although they do not work miracles, it is a system that would improve business opportunities on many points. It would be interesting to know who these tools benefit from and how.
Blockchains solutions are implemented in three ways in companies. The first is intended for large conventional companies, they redraw, among other things, their structures by setting up blockchain instruments. We can mention FedEx testing a new blockchain tracking system and Walmart and IBM, which has launched a Food Safety Alliance blockchain for the Chinese market.
FedEx and Walmart are both centralized entities. However, they provide much more secure, more transparent and faster services compared to traditional solutions. Blockchain instruments operate on intelligent contract mechanisms and are thus decentralized. Traceability and timely execution is a key feature enabling companies to significantly reduce their operating costs and update their data in real time.
On the other hand, a company using blockchain technology is free to create decentralized and personalized services from scratch. It can choose as FedEx – which uses the blockchain in its services – or use a dApp (a decentralized application). The dApp has a higher level of security and transparency compared to the traditional application. It is based on smart contracts, which can not be altered.
Services involving smart contracts are evaluated on the blockchain – it’s an open and fraud-proof option.
Finally, some conservative companies are simply using ready-made blockchain instruments without implementing them into their basic structures.
We will undoubtedly see the emergence of the following types of businesses:
– Traditional businesses leveraging out-of-the-box blockchains solutions (although they do not incorporate them directly into the business structure / model): ExistingApps / blockchain businesses will be used as service providers.
– Centralized companies using blockchain instruments developed internally / co-developed: they modify their business plan and management while remaining centralized in the structure, implementing blockchains solutions designed for the needs of society.
– Fully decentralized business platforms: anyone can become a service provider.
Blockchains solutions are inexpensive, secure and easily accessible. It is not surprising that small and medium-sized businesses are starting to adopt it.
What do you think of the emergence of Blockchain technology in global companies? Comment in the comments section below to send us your opinion.