10 May, 2019

How to Leverage Blockchain Technology for your Business Growth

by Sodiq Ajala

What do you do when your business fails to bring in the returns you envisaged before you began? Do you hang your boots and say “Goodbye!” to the playing field, or do you take a closer look to figure out what’s fishing?

Yes, “Goodbye” is for quitters, so the good news is that you’re taking a closer look at the situation. You did that and it finally revealed that everything seems right but you didn’t leverage technology enough.

Social media? Check. Productivity tools? Check. Customer Service? Check. Blockchain Technology? Hmnn… Don’t think too far.

But first, what is Blockchain Technology or “chained blocks” technology? (also sensible regarding the manner with which it stores data.)

According to Lisk Academy, Blockchain is a public ledger of information collected through a network that sits on the internet. These public ledgers have three key attributes that make it extremely useful in every business areas:

  1. Record: it stores information with a time stamp.
  2. Transparency: the transaction ledgers are available to the stakeholders.
  3. Decentralized: the ledger exists in multiple computers which makes it super secured.

Data documentation using blockchain technology is useful on storage platforms, prediction markets, exchange, social networks, online stores and loads of other specifics. Ultimately for your business growth, and before the “how” here are some reasons you should leverage blockchain technology.

Transact using cryptocurrency

Originally, blockchain technology was developed for cryptocurrencies. When you transact using it, (cryptocurrencies like Bitcoin and Ethereum), you sideline financial institutions such as Banks. This makes you perform global transactions faster, saves you the waiting stress and costly currency exchange rate. Also, you can convert your cryptocurrency to your local currency immediately. It gives you the clearance to sell your products to any part of the world and get paid the crypto way. Cryptocurrencies are everywhere, that’s why some people dubbed it as “The Internet 3.0".

The best thing about cryptocurrencies is that the transaction is permanently recorded and could be revisited anytime should the need arise.

Secure your contracts

Hardly is there a business deal today without a contract between parties. Blockchain technology helps you build a smart contract. Smart contracts are inerasable records which are totally understood by the contracting parties, it contains the “who”, “ what”, “why” and “when” of the needed fulfilment and payment. Once this contract becomes a block in the blockchain, the terms and responsibility can only be altered or revised with both parties full knowledge and registered into another block.

Reach your target audience

As much as the internet has made advertising and marketing easy, it has made it difficult too. Online ads traffic are managed and generated by bots who served as intermediaries. While companies invest millions of dollars to get their ads to their right audience at the right time, how much do we trust a bot?

Blockchain technology could help create an advertising platform where all relevant performance and audience information is processed by a decentralized ledger. This erases the confusing ads delivery specifics and the risks of fraudulent traffic reports. So, when a company requests for the advertisement ledger for a specific message, it can confirm from the immutable record of ads delivery time, duration and performance once the request has been fulfilled.

Visualize your product safety

So, Jennifer, your customer wants to know everything about how her purchase was made. She wants to feel the journey from natural resources, manufacturing, and retail.

Blockchain technology can permanently record all the steps in the birth of a product. This steps, such as sourcing for natural resources, shipping and delivery process can be recorded on an unalterable tracking and delivery position for all stakeholders to see

For instance, a medical science space could utilise the blockchain supply chain to ensure that the products they use come from a reputable source and meet the necessary storage criterium.

Secure your business secrets

Blockchain technology has improved the intellectual security and decrease total reliance on central entities. Organizations employ remote databases for their daily operational functions. There comes an unethical agent who steals the companies business intelligence because the business secrets were stored in a centralized ledger.

With blockchain, companies can benefit from decentralized and reliable databases with encryption and non editable ledgers. In cloud computing, blockchain technology will help the enterprise maintain a competitive advantage by protecting valuable information.

How to leverage Blockchain technology

There are basically two ways to key into the blockchain journey.

Firstly, is the DIY style: contract with an individual or firm to develop a blockchain technology for your business, while the second way is to patronize one of those new enterprises that have developed and sell generic blockchain technologies as a business.

Does it seem like I throw you in the dark with those above?

Coreto is a tokenised reputation based platform, you will have the chance to learn from the crowd wisdom of blockchain influencers and traders, earn form their knowledge and experience they have, and then just repeat the process.

The blockchain technology might not yet be a fully utilized system. But it is tested prospects in the future of business. Joining a million users enjoying the benefits now will put you years ahead for your competitors.

"Detachment is not that you own nothing. Detachment is that nothing owns you."