How can big corporates join in the blockchain era?
Numerous corporations are beginning to invest a lot of time and money in developing blockchain technologies for their companies. Although many in the industry usually have the misconception that blockchains need cryptocurrencies to survive, when in fact, they can act as a stand-alone technology.
It is becoming more clear that the use of blockchain technologies has numerous advantages compared to the current systems used for data tracking and authentication.
Many of these companies have come to realize they can get better results, and be more transparent with their business operations. Here’s how big corporates can join in the blockchain era.
How the blockchain can help with transparency?
We are all aware the world is plagued by disinformation, and at times, distrust looms over the corporate industry. Whether this is through their financials, or by their inability to provide the public complete transparency about their services.
This is how the blockchain can assist these companies. Considering their business operations, at least their publicly known business operations were to be put on the blockchain.
This would immediately instill trust among their customers and shareholders, as one of the key advantages of blockchain technology, is that it is immutable, meaning the information cannot be changed or tampered with.
Furthermore, this way of integrating the blockchain into their company could fulfill the obligations set forth by government agencies, in terms of tax, revenue, and assets controlled by the business, and this could alleviate some of the workload governments put toward auditing these large corporates.
In addition, supply chain and logistics companies can benefit greatly from using a trustless system, one that clearly monitors and updates key tracking points for highly sensitive products, such as pharmaceutical products.
By integrating this type of solution, companies will no longer need to spend time and money on actively proving their innocence when there’s an unforeseeable problem that disrupts/damages precious cargo.
What’s in it for the customers?
Aside from being transparent on the internal, and government side, corporations can integrate front-facing blockchain technology that is used to track and update customers on their product’s life-cycle journey.
Consider the fact, that customers have been shielded, if not blinded, by a company’s supply chain operations, whereby customers have been unable to see how, and where, a product’s materials have come from.
This can change, and become a trusted integral part of a business’s offering, whereby customers can now be given the full view of what they’re purchasing. Imagine a corporate blockchain, that is constantly updated with information about the ethics, materials, and locations of the products/services a customer is purchasing.
The rating of that specific product would be much greater compared to others on the market (there’s no data to back this statement, but rather an assumption).
As you can see the idea of corporations integrating blockchain technology into their businesses can have deep meaningful effects, not only on themselves but on the customers they serve.