As a business owner, have you had a time when you did so much work and served tens of clients, but ended up with nothing more than a few rupees or dollars in your bank account? Oh! That’s true? Anyway, don’t despair. It happens in businesses. It is often said that you gotta spend money to make money. But is that actually true? Well, to some extent, and in some quarters it may be. But have you ever wondered if your business could succeed easily and by spending less than you actually do? See, many businesses owners lose their capital due to procedural delays, human failures, and fees paid to middlemen.
If you could speed your business up, minimize human errors, and eliminate those damned middlemen, can you imagine what your bank account would be like? Picture that right.
What do you think about that? You ain’t sure? Oh!
Well, it is quite possible.
With blockchain technology, you can make your business and entire corporation more efficient, faster, and more cost-effective. Blockchain Technology is the order of the day for 21st-century businesses.
But what is Blockchain Technology?
Blockchain is a shared and immutable technology that serves as a database or ledger to record transactions, track assets, and build trust.The transaction records, called blocks of information, are linked in a block as a chain, using cryptography. Assets tracked on this technology can be tangible assets, such as pieces of land, cars, houses, or intangible assets such as copyrights, patents, and intellectual properties. As a database or ledger, the blockchain network provides a platform for trading or tracking anything of value, thus minimizing risk and reducing costs for all involved.
One thing about this technology is its decentralization. More so, the transaction or information recorded on the blockchain can be verified and is open to the public. Numerous applications have been built and are being built on this decentralized ledger. And these blockchain applications can provide many solutions you can use to improve your business, make it more efficient, cost, and increase your returns.
So how can you use blockchain technology to improve your business?
Using Smart Contracts
A smart contract is a self-executing contract written using computer code that has the terms of all parties involved in the contract or business.
The terms of the contract and the computer code are executed on a decentralized blockchain network. Smart contracts, like a normal contract, ensure that all parties in a term or an agreement fulfill their obligation according to the contract. This self-automated computer programming runs free of downtime and the interference of external parties.
Now, how can this kind of program help improve your business and increase your revenue? Well, smart contracts ensure you are paid once you deliver and fulfill your obligation in a business without hassles. More so, if your partner in the deal pulls out, with the smart contracts, your goods or services are returned to you without skirmishes. With this, you have no need for any legal instrument in your business deal. No need for government agents or any fee-gulping middlemen to settle disputes in a deal. Practically, with the self-executing smart contracts and the written code, there are no disputes erupting in your business with your clients. Compare this with a conventional business agreement, what do you see? Even if you’re doing a business with jerks, black legs, or anyone you don’t know or trust, with a smart contract you’re good to go and have nothing to lose!
Hiring Better Employee
We know a team of individuals is only as strong as the weakest member in that group. The same cliche holds for any business.
For your business to thrive, it is pertinent you choose the right individuals to work with. But hiring the right team members can daunting and challenging sometimes, as it takes time, effort and background check about them. All this can be surmounted with the incorporation of blockchain technology.
Do you ask how this can be done? Ok, let me break it down.
Have you ever tried to tweak your resume to make it look kinda impressive to your potential employers during your job search? You know it works, right? Yes, it works and can land you the job. Your next employee may be considering doing the same for you.
Job seekers sometimes use Photoshop software to counterfeit an impressive document and claim it as theirs. For instance, they may claim to be a leader in a big project they know absolutely nothing about. People mainly do this knowing full well that you will likely not have any time or resources to fact-check their credentials. Sometimes they scale through.
However, a blockchain database can burst this lie. Imagine you having an access to a verifiable database or records of your next employee just by pressing the keyboard. Their past employment records, academic records, and references are all stored on an unchangeable digital ledger and are accessible to you. So, with this blockchain database, if you encounter a candidate with impressive credentials, you can easily check out his or her academic records, employment history, and other records and hire him or her right away without stress.
Thus, with blockchain technology providing reliable and accessible data you can spend less time, effort, and money hiring the best employee that is suitable to move your business and corporation forward.
Making Faster, Cheaper Payments
Cryptocurrency is now as popular as fiat money. Bitcoin, Ethereum, and stable coins are the digital currency you can use for making or receiving payments in your business. It is fast, cheap, and transnational. More so, you can hire an international employee who will work remotely for you without problems with payment.
Business transaction conducted on the blockchain network is fast, global and cheap. You can circumvent excessive transaction fees associated with conventional remittance services or banking systems. Furthermore, with payment through cryptocurrency platforms, you can have records of your financial activities on the blockchain database and this will make it convenient for you to monitor your cash flow and keep records of all your transaction with ease.
Thus, with blockchain technology incorporated into your business, you are not going to overpay on your income and other taxes, and you will have nothing to fear when government officials ask about your tax payments.
Knowing Your Clients Better
Blockchain databases make reliable identity management possible for businesses and beyond.
With digital IDs, you can conveniently identify your customers and employees. You will know them even better than they reveal. With the aid of blockchain network information is stored in the database, and this minimizes the issue of identity theft and manipulation, fraud, money laundering, and other related cybersecurity issues.
Because of the immutability of the information on it, the blockchain database allows people to take control of their personal data and other information. Also, transaction records on the decentralized ledger can help you and your clients to see how your relationship has progressed with time. With this technology, you can identify reliable customers, understand their spending patterns, and easily expand your customer base.
Improving Your Marketing Campaigns
No doubt, good marketing is the sine qua none to any business. However, getting your business to stand out and establish your customer base is becoming more difficult as a number of similar businesses are sprouting up and deploying different marketing strategies. This is where the idea of Social Media Marketing, Content Marketing, Email Marketing, and other promotion strategies set in. They are actually effective. I’m sure you know about them. However, blockchain technology can take your business marketing efforts to another level. It can make your marketing more effective.
You can use the technology to keep track of your customers’ information and consumer behavior. And so with this data at your disposal, you can skillfully craft relevant campaigns that will bring bigger ROI for you. Any changes made to your marketing campaigns or any other media release during development can easily be identified. If you face any challenge during the process, you can use blockchain technology to detect where the failure is coming from and when it occurs. Finally, with blockchain, you verify whether the traffic you are attracting to your business website is organic or not. So if your business marketing statistics ain’t made growing by bots, then you should be sure of more patronage, sales, and returns for every penny you spend on marketing.
Without a doubt, blockchain technology is the new and revolutionizing way to expand your business, whether a small business, a startup, or a bigger corporation. Why not take advantage of what advances in 21st-century technology have offered us as a leg up to boost your business and outdo your competitors?
We, at Deuglo Infosystem Private Limited, are a team of Blockchain Technology experts located in Bengaluru, Indian. Speak with us today and let us drive your business to an elevated level using Blockchain Technology.