Although blockchain enthusiasts claim that this technology is revolutionary, the business community has yet to fully understand its implications. The following are four areas where blockchain technology is expected to change business.
Large organizations are beginning to use blockchain technology for identity verification. This ability is particularly applicable in projects involving several different parties. By using blockchain, large organizations can track the progress of projects more clearly. This feature is especially useful when it comes to highly variable processes. As a project management expert pointed out,
Blockchain technology can be used to automatically record information and provide a single source of truth. There is no doubt that team members and stakeholders can always be called effective sources of what happens. The tools or resources needed to facilitate verification, verification, or verification will no longer be needed. In addition, the technology is flexible because of its distributed replication.
Considering that the timestamp cannot be changed, blockchain technology releases the need for enterprises to rely on trusted third parties. Of course, this also brings the additional benefit of eliminating internal fraud.
Business cooperationBy eliminating third parties, blockchain technology also improves the ability to collaborate between organizations. Multiple companies can safely share information with each other without worrying about data integrity (companies can still control their data). As Adi Ben Ali suggested, this feature needs to be further explored.
Why not create an invoice coordination network on the blockchain? If you track invoices and payments on a shared private blockchain, you can automatically check invoices and track their payments. A reliable, immutable, shared invoice activity record can be recorded on a distributed ledger, and the distributed ledger will automatically share, propagate and reach agreements with other parties, thereby making the data immutable. Data will be entered into each company's internal accounting system from the blockchain, and vice versa, from each company's internal accounting system into the blockchain, and the blockchain will be the main source of invoice-related activities. Therefore, if any party later attempts to question the status of the invoice, the distributed ledger will serve as an unalterable reference for resolving any disputes.
In the same way, smart contracts can be established to verify whether individual entities have fully completed business processes (especially important in industries where compliance with regulatory regulations is a high priority). With smart contracts, all parties to the contract must sign the contract when the rules are completed. These capabilities ensure high-quality service and satisfaction with project results. In essence, provide real-time audits for the project.
supply chain managementClosely related to this is how blockchain will simplify supply chain management. Just as blockchain can be used to ensure the integrity of the company's internal workflow, it can also be used in the supply chain. As a result, business owners will be able to determine when and how each component supplier will help build the products it sells. For example, as revealed by Forbes magazine,
In the food industry, there must be reliable records to trace the origin of each product. Therefore, Wal-Mart uses blockchain to track the pork it imports from China, as well as blockchain records, where each piece of meat comes from, the date of processing, storage and sale. Unilever, Nestlé, Tyson and Dole also use blockchain for similar purposes.
Therefore, the company can use the blockchain to eliminate transaction disputes and ensure the consensus of the project. Since all supply chain participants view the same ledger, there is no misunderstanding about the ownership chain of tangible assets. For suppliers, the transparency obtained by blockchain far exceeds their usual expectations.
Payment of wagesA blockchain-based phenomenon, cryptocurrency is changing how companies compensate international employees. By using Bitcoin, employers can ensure timely payment and avoid paying international remittance fees. The latter is cumbersome and expensive, with wire transfer fees exceeding US$20 each. As Bitwage CEO John Lindsay said,
Previously, companies in the United States and Europe had to choose expensive international remittances, which took two weeks. This created a lot of friction, because if something went wrong, they would have to remit it again. Then those companies don't want to cooperate with these groups. But now due to encryption, it can arrive on the same day.
By the way, Bitwage is a third-party platform that enables workers to be compensated in almost any currency – and any percentage they choose. Among US companies that use Bitwage, 95% use the service to pay international workers. Considering that many of these workers are "unbanked," Bitwage provides valuable services to employers and employees.
in conclusionThe changes mentioned above are just the "tip of the iceberg." Once companies fully adopt blockchain technology, they may find that cost saving is a rule of the game.
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