Technology is continuously evolving and also changing business trends. Updating the approaches with changing technological concepts has become necessary. As blockchain has introduced a new and better way of securing the payments and transactions done online, the revolution in every industry working with online approaches is confirmed. This helps in securing payments across different businesses and clients and also ensures optimum security needs are fulfilled.
Blockchain works on the principle of storing the transaction details in small chunks that are connected through a chain of “hash”. It primarily stores the transaction details in a digital ledger that is distributed but the information can not be altered or deleted without the key.
Ensuring security with the use of cryptographic functions and hash, blockchain offers excellent services to secure the data and maintain confidentiality.
Business Upgrades Blockchain Technology Aims to Provide
The popularity of blockchain is increasing exponentially. The global market size of Blockchain is estimated to reach over 23.3 billion U.S. dollars by 2023. And as 53% of respondents have admitted the importance of Blockchain technology in their business is higher, it is confirmed as one of the best technologies of the future.
Blockchain helps in many ways than just securing payments over the internet. Benefits offered by this technology are of no match and once implemented it helps in gaining user trust and increase profits and popularity.
1. Recruitment Process Made Easier
Blockchain makes it impossible to change or falsify the data stored to maintain its confidentiality. While a candidate might think to tweak out a few skills to make their resumes interesting and impressive, there is no way to double-check those details. However, blockchain is here to eliminate such possibilities.
As blockchain-enabled databases will be available to check the details provided by candidates which include their education details, skills, extra-curricular achievements, and even past employment records, businesses can be assured of the sanity of details provided. Moreover, it will help out businesses to verify whether the candidate is skilled for the designation or not.
Also, this can help in making the hiring process as short as possible as a business can find out the candidate skills and filter out the ones that do not fit in the requirements. This promotes employment of the right and also helps businesses make their recruitment processes optimized and result-deriving.
2. Customer Support, Redefined
Redefining customer support is one of the primary benefits of Blockchain. As it helps in maintaining identity security, the customers of yours can be identified uniquely and so their requirements. With the help of Blockchain in maintaining the identity of employees and customers intact, customer support can be enhanced to meet all demands of customers.
Enhanced customer support helps in answering the queries asked by customers and also ensures a business keeps growing with fulfilling all user demands at any time. For example, if a business is providing streaming services through youtube clone or any other app solution, they can keep track of all the registered drivers and the riders and solve their queries and also problems with knowing how their records are in the system and what specific requirements they want the business to answer.
3. Contract Management
While keeping the business’s trade secrets secure becomes important, contracts are placed in order to safeguard the insider details and also keep the clients aware of the terms and policies a business follows. With the use of Blockchain, maintaining the contracts well and also ensuring the best results from it can be done as it secures contracts from possible frauds and changes.
Keeping the terms safe from any altering or deleting under unwanted circumstances, blockchain helps secure the information of a company and its clients from fraudsters and hackers. There will not be any need for legal controversies, officials or any other as blockchain can manage everything on its own without needing much support.
6. Payments Made Easier
The most important benefit a business gains from blockchain is payment security. As payments are made simpler, easier and faster to perform, it eliminates the need for keeping extra security constraints implied and hence, also makes it cost-effective. Without having to pay additional charges when paying online, customers are also encouraged to use the system more and it ultimately benefits the business to earn more recommendations in the business market.
While the businesses can choose to put up with trends and avail online payment facilities for their service offerings, it becomes important to understand the customer’s mind and provide extreme security when it comes to their payment and personal details. As blockchain maintains a digital ledger that is impossible to crack- businesses and their customers are relieved from the worries of security of these details and processing is also faster than ever with Blockchain.
7. Marketing Campaigns
How blockchain influences marketing campaigns? Since blockchain is good at storing and tracking the data, marketers can use it to collect and secure the data of their clients and the customers they are getting to identify their needs particularly. Marketing campaigns are all about highlighting the best of a business, and blockchain helps find out what customers are liking the most about that particular business and highlights it the most.
Designing campaigns according to customer responses of a company helps drive higher ROI (Return On Investment) and also ensures the business sales are increased. Planning an effective marketing campaign is made easier with blockchain supporting data security and tracking.
There are many benefits blockchain can offer for a brighter future of businesses. The current innovation in the same direction will lead the future generation to excellent solutions developed using blockchain that fulfills all customer demands and also keeps the businesses in the center to help them benefit the most from every approach.
Gaurav Kanabar is the Founder and CEO of Alphanso Tech, an India based IT Consulting company that provides hulu clone development service and other app development services to individuals as per their specified demand. Besides this, the founder also loves to deliver excellent niche helping readers to have deep insight into the topic.