How To Implement Blockchain Technology In Your Business?

There are several different kinds of blockchain networks to use in business based on the use case you’re trying to address. But what are the different ways in which you can actually put this revolutionary technology to use in order to streamline your business operations? In this article we talk about exactly that. The implementation of blockchain in business holds truly immense potential and here we discuss the key areas in which blockchain technology can make your business operations far more convenient, smooth, cost-effective and efficient. Following are the ways in which you can implement blockchain technology in your business:

1. Database Management:

Any business is required to maintain a significant number of databases that contain information ranging from minor memos or inventory lists to ownership documentation or business contracts. For this the distributed ledger technology that blockchain is can come in extremely handy. Blockchain can help businesses create coherent and unified databases that are shared across all necessary participants, reflecting all changes simultaneously for all of them. With immutable, accountable and seamless storage of transaction records and more, blockchain technology can really make database management easy for companies.

2. Supply Chain Management:

Blockchain in supply chain has played a very important role by making it possible to monitor and trace the entire journey of a product from the manufacturing unit to the consumer. This traceability ensures that any faults or problems in the course of a product’s movement can be immediately detected and addressed. Moreover, this also helps in terms of quality control or drug safety because it makes it possible to track what ingredients were used in making a product, especially in case of pharmaceutical products so that customers can make sure they’re only consuming products that are completely safe for them. Walmart, am MNC that’s well-known as the reputed hypermarket chain, has tied up with IBM to develop a blockchain solution to aid in its supply chain management process.

3. Decentralization and Delegation:

Blockchain technology makes it possible to decentralize the workings of a business and delegate work to the various participants or nodes in an equitable manner. This becomes possible since blockchain, with its distributed ledger that offers a great degree of accountability, makes sure that work is assigned to certain nodes and followed up in a consensus-based manner.

4. Clearing and Settlement of Transactions:

Using tools such as blockchain smart contracts, businesses can easily automate and settle overdue payments and transactions whenever a set of previously stipulated criteria have been fulfilled properly. In a banking or financial services company such as an insurance agency, this can come in extremely handy as payments can be hastened and streamlined without overburdening the company’s administrative resources.

5. Coordination In A Consortium:

Often companies form a consortium to work together to achieve some shared objectives. Sometimes they even work together to expedite their exchange of goods and services or even know-how and resources. For this they frequently make use of consortium blockchain solutions such as Hyperledger options. Blockchain networks using Hyperledger Fabric work in a way that facilitates inter-company cooperation and aids them meet business targets in cohesion. Other consortium blockchain networks such as Hyperledger Swatooth or Hyperledger Corda also play a similar role in streamlining the process.