Every business owner is looking for ways to expand their market reach and boost their revenue generation. Luckily, technological advancements are providing new strategies that can set them apart from competitors in the market.
Blockchain technology is one of those fresh strategies that is quickly transforming the business realm. This technology stores transaction in an electronic register (database) in the form of blocks, where they cannot be altered in any shape or form. People only associate Blockchain technology with cryptocurrencies, misunderstanding that it is just a branch. This article highlights how your business can benefit by adopting the path of Blockchain technology.
Here are 7 ways to skyrocket your business growth using Blockchain:
1. Helps Build Trust with Customers
Many businesses fear that changing up strategies can be detrimental to their success. But the truth is that if businesses want to stay relevant in the long-run, then they need to embrace new trends and technologies.
This fear is often associated with Blockchain technology as it is relatively new compared to more traditional systems. But leveraging Blockchain can help companies unlock unearthed potential and improve their audience reach. The best way to get started is by showing existing customers how this technology can offer a lot of advantages, the most important being increased confidentiality.
Businesses that aren’t ready to accept this change will get left behind, so now’s your chance to make the shift.
2. Adds Ease In Employing Reliable Staff
Businesses need to have a cooperative and committing staff to be able to increase their business’s development because “team-work makes the dream work.”
However, it requires a lot of time and research to be able to recruit employees that are dedicated enough. Blockchain can ease that burden and does the job quickly.
Most candidates will add information in their CVs that might not be accurate; Blockchain can allow you to legally have access to all their personal records, like academic and past employment. This way, you can check the legitimacy of their aptitude and be able to recruit the most talented.
Hence, this method can help you hire the staff that will help you reach your goals in your business and gain success.
3. Prevents Irrelevant Ads
Online advertisement has been around for a very long time. They can’t be taken down or get removed as a lot of money has been spent on them. How many times have we been interrupted by ads while browsing the web for something? Too many! Blockchain can play a major part in eliminating the amount of spammy content we’re subjected to while browsing. Since ads cannot be removed from the internet, Blockchain gives clients the liberty to choose what kind of ads they would like to see while surfing the net. This way, the person who creates those ads can also benefit from this by gaining qualified traffic and having more exposure.
4. Makes Online Transactions Secure And Confidential
Most people worry about their personal information being compromised or getting hacked when performing online transactions. However, the Blockchain prevents that from happening.
It makes sure that all the weak points are fixed so that it cannot be tampered with or hacked. It allows you to perform online transactions on the internet without needing to use payment processors like PayPal, Bank, Credit Card, etc.
It also ensures that a customer’s previous transactions can’t be viewed unless it’s someone who is a relative or involved with the customer. For example, a carpet cleaning company leverages Blockchain technology to aid customers in conducting anonymous online transactions, eliminating all kinds of additional charges which are involved when using traditional payment methods. This will definitely act as a draw to those tech-savvy audiences that are keen to shop online without leaving any traceable tracks behind.
5. Improved Auditing
The Blockchain serves as a balance sheet to document transactions and check if they are efficient and authentic. The process of evaluating recorded transactions to check if it is precise, applicable, and dependable is known as an audit.
For example, instead of asking third parties to send confirmation statements, auditors can easily validate transactions by using free Blockchain ledgers online.
6. Easy to Raise Funds
There used to be a time where you would need to request a loan from a bank to be able to fund your business, but now the times have changed drastically. Now you can find multiple ways to fund your business.
ICO (Initial Coin Offering) has become the most well-known and admired way to raise capital for your business venture. It can also be known as a token sale. Investors are offered a token in the form of cryptocurrency in exchange for real money or any other digital currency. This new methodology helps to raise funds as it offers some form of value to the investor.
7. Successful Marketing Campaign
Companies depend on data related to consumer interest’s drive better marketing. Market research is another area where Blockchain technology can help third-party companies to obtain actionable insights. There have been some notable use cases of Blockchain that are empowering digital marketers to build better relationships with customers. This is known as Blockchain Marketing.
Since Blockchain requires no middleman, there is an emphasis on consumer data confidentiality. And the data is owned by the customer, so they’re able to share it willingly with the advertising platform. Once the data is provided, marketers can direct more personalized campaigns towards specified audiences, so there are higher conversions. Moving forward, we are more likely to see this form of digital advertising being leveraged by companies.
Conclusion – Using Blockchain the Smart Way
If you are planning to upgrade your business through the implementation of Blockchain, it is advised to keep in touch with a legitimate Blockchain development firm. This technology has just entered the phase of implementation, with research being conducted to discover its range of applications. With little knowledge available about its hidden challenges, it will be tough to navigate obstacles due to lack of experience. But with its immense potential, it would be foolish not to harness the power of this technology.
Source: Shaheryar Sadiq. Shaheryar provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing.