Blockchain is the technology underpinning Bitcoin, and its implications are wide-reaching. It’s essentially a distributed ledger allowing members of a network to exchange items of value instantaneously through secure transactions anytime and anywhere in the world.
We’re taking blockchain outside the realm of finance and exploring its wider implications for businesses. Through this revolutionary technology, companies are realizing the potential to challenge conventional constraints of carrying out tasks, both internally and externally.
Streamline internal processes
Blockchain technology streamlines any process involving an exchange of value by...
In the process of approving or verifying completion of tasks (including contract signing, document verification, monetary transactions, etc.), blockchain’s secure network facilitates the exchange of transactional information and serves as a central source of truth that would otherwise be facilitated by organizations like banks, insurers and the like. It can automatically notify all interested parties the moment a task is completed.
Enhance the customer experience
Blockchain technology enables companies to accomplish time consuming tasks, such as...
...all instantaneously, saving customers time and delivering a consistent omnichannel experience. A retailer can automatically trigger the purchase of a product once it has left its shelf, without having to involve the help of employees in the stock monitoring and ordering process, to ensure that an advertised product is available to customers. A health insurance provider can automatically and securely distribute health information through blockchain technology to doctors and pharmacies as soon as the patient’s connected devices indicate cause for concern.
Retailers must implement market-responsive, multi-channel supply chain management strategies to remain competitive. This requires managing a distributed team, in multiple departments and multiple locations. Making any one change to product selection involves multiple processes, including:
Through the use of blockchain technology, leveraging smart contracts as a central source of truth, retailers can streamline processes involving these distributed teams and become more agile and responsive to market trends. When a new opportunity arises, leadership can use blockchain technology to notify members of these distributed teams and start the appropriate processes immediately. They can even connect devices to the blockchain to ensure task execution.
Musicians face a myriad of challenges today as digital assets become harder and harder to control. It is nearly impossible to ensure that artists and producers are paid for all potential applications of their work, including:
Through the use of smart contracts, blockchain technology can ensure musicians are compensated for their work. Musicians can leverage blockchain to place parameters around the use of their products, designating the cost of each use case. Should a movie producer decide to use the song in a film soundtrack, the producer would pay a predetermined amount for use according to the smart contract. The funds would then be distributed to the artist and all contributing parties according to the contract’s conditions.
To find out what blockchain can do for you, talk with our team to set up a discovery session and explore the possibilities of blockchain for your business
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