Blockchain technology in business: wide range of possibilities

The use of blockchain technology in business is a non-standard solution of actual problems

Over the past few years, the blockchain has become increasingly used in various business areas. Its use contributes not only to reaching a new level, but also to the revival of enterprises that are losing their positions. Today, the use of blockchain technology in business can be not only a solution to growth problems, but also the discovery of new directions, a field for scaling existing structures.

Blockchain as a tool to attract attention to the brand

In 2017, when the topic of cryptocurrency and blockchain had the most rapid development, some companies were able to use the trend to solve their own problems. Not only due to the introduction of technology into your business, but also due to the banal use of terminology from this industry.

For example, one of the companies that produce soft drinks added the Blockchain word to its name. As a result, the value of its shares in the market increased 5 times, and even when the trend wave subsided, the shares still remained at a higher level than before the name manipulation.

Blockchain as a way to move into a new sphere

Once a photo-industry giant, the company KODAK rapidly lost its position in the market in the 21th century. However, the era of the introduction of blockchain technology into businesses allowed the company to reach a new level of development.

The organization released the KODAKCoin token, and then integrated the blockchain into the development of a system to protect and control the copyright of images and photos.

After this step, the company’s shares increased 3.5 times. But this is not the main result of the work done. In an emerging market and amid the decline of its own business, KODAK found a suitable niche for itself and continued to develop the brand in the current direction.

Blockchain in the logistics business

Logistics is a popular area of business, where the introduction of blockchain is especially noticeable. Cargo transportation is a labor-intensive process with many participants and questionable transparency of the processes. Moreover, the cost of legal registration of transportation and payment of intermediaries is much higher than the actual physical transportation. Also a big problem of logistics is the backlog of information transfer from the actual movement of goods.

The introduction of blockchain technology in this area solves these unpleasant nuances. In this case, synchronization of actions between partners and optimization of processes in real time is ensured. The blockchain provides quick access to all transportation information, thereby allowing participants in the operation to jointly predict processes and actions.

The efficiency of the blockchain in logistics was demonstrated by the example of Maersk when transporting a container of flowers from Kenya to Rotterdam.

The usual scheme of such transportation includes more than 200 interactions with documents – from export approval to confirmation of the chemical composition of flowers.

But everything is much simpler with digital technology. When making a deal, a packing list is formed, which is visible to all participants in the shipment through a smart contract. Further, all information about the cargo is simultaneously transferred to the port, customs service and other authorities through which the goods will pass. Already then it becomes known who, where and when the cargo was received, when the documents on it were signed, who is the responsible person for its transportation.

Cloud data storages

The market has enough tools for cloud storage – from Google Drive to Dropbox. But the problem is that the “cloud” is easy to be cracked, since it has a single data storage center.

Blockchain is completely different. Its integration into cloud storage implies that the data will be distributed across several blocks. Hacking them all at once is much more difficult and it will take a lot of time, effort and money.

These are just some of the examples of using blockchain technology in business. But there are already enough of them to understand that digital technology can, in an instant, optimize a multitude of processes, improve business functionality, increase data security .

Учитывая широкий спектр технических областей, в рамках которых развивается и консультирует Александр Пан, данный ресурс ведется пресс-службой эксперта. В настоящий момент мы постоянно обновляем актуальные темы, входящие в компетенцию Александра - это IT, Искусственный Интеллект, Блокчейн и финансовые разработки. Желаем вам увлекательного чтения и приятного времяпровождения на данном блоге.

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Professional advice on business development in the field of IT and Blockchain
Blockchain technology in business: wide range of possibilities