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Forbes > Goldman Sachs & Veem partner. Learn more
blockchain-labour

How Blockchain Can Improve Quality and Labor Standards

Blockchain is the current talk of the town. Even though the technology was mainly invented to enable the trading of cryptocurrencies, new uses for blockchain emerge almost every day. According to a study, the global blockchain market is currently worth $548.2 million, and is expected to reach a whopping $2.3 billion by 2021.

 

The technology is especially advantageous for small businesses, since it’s safe, easy to use, and highly cost-effective. This is very good news for small businesses wishing to prove their quality and labor standards to establish trust with their customers.

 
 

What Is Blockchain?

 

A “block” is an unalterable digital box of encrypted data. It’s stored online, on various servers all over the world. Every time you need to add new information to the original data, a new block is formed, creating a “chain”.

 

Every time you need to add new information to the original data, a new block is formed, creating a “chain”.

 

When this happens, everybody who has access to the blockchain gets a notification, which means that it’s impossible to tamper with it without anybody noticing. This level of transparency creates instant trust between you and your business partners, since none of you can do anything without alerting the others.

 

Oh, and don’t think of blockchains as dead data. They’re very much alive and active, reacting to each other and executing various transactions automatically, if all the necessary conditions are fulfilled.

 
 

Quality Standards

 

Every small business owner knows how difficult it is to find reliable suppliers to produce goods at a consistent quality. This is especially true if you’re ordering goods from a supplier overseas, and you can’t inspect the quality of the shipment until it has arrived at your location.

 

If you’re unhappy with the quality, a lengthy process ensues, where you have to send back the faulty goods and ask for correction from your supplier. Sending those goods back and forth across the globe can cause significant delays and financial losses for your business.

 

If you had access to this automatically gathered and untamperable information, you could rest assured that the quality of the goods you’d receive would match your expectations.

 

Imagine your supplier kept a ledger of blockchain containing all the information about the quality of the goods, including the frequency of quality checks and materials used for production.

 

If you had access to this automatically gathered and untamperable information, you could rest assured that the quality of the goods you’d receive would match your expectations.
Instant trust is created, and you can expect no more unpleasant surprises upon arrival of the shipment.

 

This is true in a reverse situation as well. If you’re sending goods to a customer, you can show your good intentions by sharing your quality data through a blockchain. Your customers will be impressed with your standards and reliability.

 
 

Labor Standards

 

New HR blockchain applications can help you when hiring new labor for your business.

 

Ever wondered if all the details are true on a resume? Well, if the resume is sent through blockchain, you can rest assured that all those institutions mentioned would have seen and verified the data. No more resume-doctoring, and no more deception about the qualifications of job applicants.

 

The transparency of the technology can ensure that no forced or unfair labor is used while creating a product.

 

Paying freelancers and contractors can become much easier if you process payments through blockchain. Each time a contractor finishes a job they automatically create a new block on the chain, which can trigger payment for their efforts.

 

And here’s another blockchain use that will definitely rock the world of labor standards. The transparency of the technology can ensure that no forced or unfair labor is used while creating a product.

 

The US Department of State and companies like Coca Cola are already experimenting with blockchain to ensure they only work with suppliers who guarantee fair working conditions. How? By registering all contracts and conditions on the blockchain.

 

The possibilities of the technology are endless. And while these innovative blockchain uses may take time to reach their potential, safe and cost-effective global payments are already operating at full speed.

 

One of the first adopters of this technology is Veem.

 

Veem allows you to send and request international payments with just a click. Using a unique multi-rail technology (that includes the blockchain), transactions are fast, safe, and trackable in real time.


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Since Veem charges no wire fees and offers competitive foreign exchange rates, you save a considerable amount of money as well.

 

Sign up for a free Veem account and enjoy effortless global payments.