4 Use Cases of Blockchain In Your Business
Cryptocurrencies have had their share of ups and downs ever since Satoshi Nakamoto invented Bitcoin in 2009. However, lately, people have begun to look beyond Bitcoin as a medium that facilitates black market activities. People now realize the endless possibilities that cryptocurrencies present and the public ledger, known as the blockchain, is at its forefront. It has emerged as an exciting alternative to centralized banking and transaction methods. Blockchain maintains a consistently growing list of transactions across networks distributed over hundreds and thousands of computers. As it is impossible to hack, the use cases of blockchain are endless. In this blog, we shall discuss five applications of blockchain in your business.
1. Smart Contracts
The term ‘smart contract’ has been around since 1993. But it was only after the release of the Ethereum Project in 2013 that the name assumed greater significance and became a buzzword. Smart contracts are self-functioning computer applications that execute the terms of an agreement. Essentially, it refers to the financial security held by a network in escrow, that is directed to the recipients according to future events. Businesses can leverage smart contracts to bypass laws and regulations. Also, these contracts can’t be broken.
2. Cloud Storage
Cloud storage is another blockchain application form which your business can benefit. Blockchain-backed file storage will have more security and make data loss rare. Many blockchain advisors claim that decentralized blockchain-based data storage will be much cheaper than anything seen before. It could motivate organizations like Google and Apple to use blockchain-based data storage as the backend operation for storage to reduce expenses and provide their clients with more consistent and reliable uptime.
Blockchain technology can disrupt the entire cloud computing industry in a few years. It would benefit everyone from blockchain companies to industry leaders and clients. This could also make centralized cloud providers more expensive and even turn them obsolete.
3. Paying Employees
Blockchain has not only led to the emergence of cryptocurrencies but also digital wallets to store the cryptocurrencies. You can use blockchain-backed digital wallets to not only make payments into them but also build an immersive organizational experience by offering loyalty programs to your employees. Also, you can provide them with savings & investment options apart from financial guidance during the bonus time. For any forward-looking organization, mobile wallets are amongst the best use cases of blockchain. They are well placed to provide you with the digital technology that you need to create meaningful relationships with your employees by ensuring your financial wellness.
Cryptocurrency wallet and exchange is empowering as it comes with both, adaptability as well as functionality. Thus, it guarantees long-term success. It would also allow you to customize your wallet so that it remains top of mind and manages to forge with your employees the connection that you seek. Also, you can use it to pay employees living in remote locations.
4. Voting through Blockchain
Blockchain’s fundamental features like accountability, immutability, and transparency, highlight that one characteristic that is crucial for elections, i.e. security. Blockchain could make the entire process more secure and boost voter participation. As it is a decentralized network, it won’t be easy to hack. Moreover, they can significantly reduce the cases of fake voters by making the voter identification process more secure. Blockchain elections would require an array of identity information such as IDs issued by the government and biometric data. By leveraging these details, authorities can make elections much more secure.
Blockchain has got hundreds of applications currently. Some of the use cases of blockchain continue to be in the testing period. Most blockchain projects are in the pipeline. However, it has a long road to cover in future. However, if you incorporate it into your business, you can benefit from it.