You’re probably familiar with the term blockchain. If you are, then you also know how the technology revolutionizes payments. (If you’re still hazy on the subject, read our blog Blockchain: What Small Businesses Need to Know that explains it all in plain English.)
But blockchain is so much more than a tool for transferring money. Here are 9 ways your small business could benefit from using blockchain in everyday operations.
Blockchain is so much more than a tool for transferring money
1. Proof of identity
Since the blockchain consists of many “blocks” of untamperable data, it’s excellent for proving vital information. Identity-theft is a real threat in the online world, and using blockchain to prove your identity is the best way to protect your security and assets.
Similarly, blockchain technology can be used to verify new business partners (especially international suppliers you haven’t met in person), or check a prospective employee’s credentials and work history. Blockchain opens the door to a sense of digital security that’s much needed in today’s global environment.
2. Certify products
Besides people, blockchain can also verify products. Do you want to prove to your customers beyond a doubt that you’re selling certified organic products, authentic designer clothing, tamper-free medicine, or anything else that could be counterfeited?
Building trust is crucial, but it’s becoming increasingly difficult in today’s digital marketplace where you may never even meet the majority of your customers. Blockchain is really important in the fight against counterfeit products, and it can also help your business build trust with prospective customers.
3. Validate your supply chain
Since you’re validating your products with blockchain, why not extend it to the whole supply chain? This way you can track where the parts of your products are coming from, and prove to your customers that your business’ supply chain is clean. Ethically conscious consumers will be happy to buy products that had nothing to do with child labor or inhumane work conditions.
4. Clear the shipping process
Tracking the shipment through blockchain lets you know instantly if there’s a delay in the process and allows you to react in time.
The shipping process is often clogged with lots of paperwork, especially if your shipment comes from overseas. Providing essential data through the blockchain can clear up that paperwork. Besides that, tracking the shipment through blockchain lets you know instantly if there’s a delay in the process and allows you to react in time.
5. Protect intellectual property
The protection of intellectual property is especially difficult in the digital era. Using the blockchain to secure your business’ intellectual property would insure that it can’t be stolen from you, regardless of where and how you publish it. Similarly, selling your intellectual property to customers can be easily managed through the use of blockchain technology.
6. Control your advertising
A consumer opening your business ad creates a blockchain record for you, enabling you to check the circumstances of your ad’s delivery.
Advertising is incredibly crowded today, with new products hitting the market virtually every second. How can you make sure that your ads reach your target audience? Tracking traffic through the blockchain. A consumer opening your business’ ad creates a blockchain record for you, enabling you to check the circumstances of your ad’s delivery. But this goes both ways. By using blockchain, you’re allowing your consumers to see how you’re handling their data. Use it wisely, and you have another strong tool to build trust.
7. Smart contracts
Although smart contracts were invented in the 1990s, they reached their full potential with the aid of blockchain technology. Smart contracts are essentially self-executing contracts. This means that the contract is stored in the blockchain, and when a previously agreed event occurs (like a deadline passes), the contract is triggered to execute itself (e.g. a payment is sent, a public record is written, etc). If you’d like to know more about smart contracts, read our article Smart Contracts for Smart Businesses.
8. Store digital assets
Storing your digital data is becoming much simpler due to cloud storage softwares. But is your data safe in the cloud? Since blockchains are tamper-proof, storing your vital business data in trusted digital ledgers is a handy alternative to traditional cloud storage.
9. Handle money
Regardless of the amounts you’re transferring, sending money through blockchain is a cost-effective, easy, and secure alternative to traditional bank transfers. This is especially true if you’re transferring funds overseas.
But even though blockchain is becoming an important technology in international transfers, there are still areas where it can’t serve you. This is where Veem comes in.
Veem has developed unique multi-rail technology that makes sure your payment travels through the most cost-effective channel. Blockchain is one of those rails..
Veem charges no wire fees and offers favorable foreign exchange rates. Since Veem cuts out the middlemen, there are no hidden fees either, and no unforeseen delays in processing. You can track your payment and view all your transactions any time on your dashboard.
Sign up for a free Veem account and enjoy the benefits of hassle-free international payments.