5 Applications for Blockchain in Your Business
Cryptocurrency has been through a roller coaster ride, i.e., with ups and downs ever since Bitcoin was introduced. And since the introduction of Bitcoin, it is always referred to as something that is specially meant for black market activity and endless possibilities of something wicked in the present times. But then comes the Blockchain, which is the public ledger that records every bitcoin transaction.
After the advent of Blockchain, every blockchain development company around the globe is trying to evolve more so that they can firmly stand as an alternative to traditional banking. It has now got the potential to have a centralized banking setup and also can bring a new set of transaction methods, which can change the way we do banking nowadays.
So, let’s find out the 5 best blockchain applications for business.
The term has a long history, but in recent years it is under the mouth of many technologies since it was released by the Ethereum Project in 2013. The whole Ethereum project comes in the form of a decentralized platform, which has smart contracts applications that are automated to run without having downtime, censorship, fraud, or third-party interference.
Many people have even suggested that smart contracts are pre-programmed algorithms that hold the capability to carry out the terms of any contract. Therefore, with smart contracts, businesses can bypass regulations and can reduce the cost of the subset.
A good example of smart contracts can be found in companies like Slock, which is also an Ethereum based platform. Through it, the company can rent a bicycle to the customers. The cycle gets unlocked to use only when both parties agree with the terms and conditions. Thus, making it a worthy Blockchain app for business development.
2. Cloud Storage
Another application on the list that provides blockchain development services is Cloud Storage. In 2021, many businesses or even general users are taking advantage of it. Storing things on the cloud makes it easier for any person to access them. Thus, they don’t have to carry external, tangible pen drives or hard drives everywhere they go.
For instance, Storj, a company, is also offering cloud storage and thereby decreasing the dependency. Even the founder of the company believes that the age of hard drives is long gone. People can now store 300 times more data and files than they can on an average hard drive.
Many people foresee that spending over 2 billion on cloud storage can not only deliver revenue to most users but will also reduce the cost of storing data in hard drives.
3. Supply-Chain Communications
The creation and the marketing of a product don’t involve only a single brand in the process, and therefore there are several brands involved in the process. There is a chain of suppliers who are involved in the final output of a product by a brand (e.g., graphite for pencil).
The biggest pre-existing problem is that if a supplier fails to provide components or funds at the right time, the primary final brand gets the backlash. Therefore, this Blockchain app development helps in simplifying the issue.
It helps in proactively delivering digital permanence and audit-able records that can easily be audited and scrutinized. Companies like Provenance and SkuChain are already on the verge of solving such issues.
4. Electronic Voting
According to BitShares, which is a worldwide distributed database, Delegated Proof of Stake (DPOS) has emerged as the most compatible and fast consensus model available, which is well-organized, highly distributed.
DPOS fairly resolves consensus issues by leveraging the power of stakeholder approval voting. Through the elected delegates, it can schedule fees and tweak the transactions. Its consensus protocol helps in safeguarding the users from getting involved in regulatory interference.
5. Paying Employees
Most of us already know that Blockchain has its connection with cryptocurrency, and hence it can be used to compensate the employees. Many people in the past have pointed out that if a company pays internationally regularly to its clients or employees, it will result in transaction fees and added time.
So, here Bitcoin can be a cost-saver, as with payroll services like Bitwage, you can save money from transaction fees, and the transfer process is also faster. As it takes much time to move funds from banks to banks, therefore this prolonging process can be cut short.
Even the founder of Bitwage has stated that chronologically doing transactions helps in seeing where the money is going. This process not only saves time for the employers but also the employees get their wages faster.
Now, as the expert teams of top-notch Blockchain app development companies provide enhanced security, it has almost made banking tougher to hack. So, you can take the help of Blockchain to upgrade your business app to the next level.