After talking to multiple blockchain evangelists (from different industries), and majorly risk-takers, we present to you trustworthy blockchain implementation solutions.
Read below to grasp on 12 inspirational tips on sustainable blockchain implementation:
Businesses largely depend on smooth shipping logistics to function. In essence, implementing blockchain technology helps in increasing supply chain efficiency.
“There are countless moving parts to traditional supply chains, and all are tasked with keeping their own records. Any discrepancies between the records two parties have kept can cause conflict. Blockchain – being immutable and decentralized – is entirely trustworthy and keeps all records streamlined” — Stephen Light, Co-founder/ CMO Nolah Mattress
Light explains that Blockchain allows easy tracking of product lifecycles at every step. In the entire blockchain network, issues are immediately and efficiently traced, cutting down on long investigation times.
With the right blockchain technology execution, you would not have to contact Support Teams and do other tedious paperwork — saving yourself some precious amount of time and money.
Fahad Ali CEO and Founder of ARFASOFTECH is a staunch believer of human-centric solutions and therefore, supports blockchain as a cohort in revolutionizing the FinTech ecosystem.
He says, “In the contemporary scenario, FinTech is going above and beyond in building easier, both digital and physical, financial solutions. From loans to payment to investing, they are doing marvelous work in creating easy-to-use, smart fast, and intuitive products.”
Ali acknowledges challenges traditional banks may encounter due to “rapid growth in FinTechs, like Stripe, PayPal, and Robinhood.” According to him, despite significant strengths, like scalable economies, profitability, and deep associations with their customers, banks are however becoming less popular in terms of business operations.
Then he talks about FinTechs and Blockchain — “Crucial to mention, FinTech’s growth has boosted due to an increased global interest in blockchain technology and cryptocurrency… for example, as Ethereum has become more mainstream, DeFi has been introduced to the market.”
He describes DeFi or Decentralized finance “as an emerging segment of the fintech galaxy that is reinventing traditional financial tools with cryptocurrency.”
He sums up with a reality check: “There are, of course, many risks associated with DeFi adoption, including its lack of regulation and protection … The same is true for the rest of fintech… the rise of shadow banking as well as the legal status of cryptocurrencies.”
Yuvi Alpert Founder and CEO of Noémie, a lifestyle accessory brand, believes businesses, particularly start-ups, often have limited funding options beyond just investment capital and may have difficulty selling potential, absent hard assets.
Alpert explains blockchain adoption as an opportunity for businesses to scale up their revenue generation sources — “Blockchain technology encourages businesses to create tokens as offerings, that in turn can be sold for capital and then traded freely.”
“Data stored using a blockchain business model can be a valuable commodity. Implementing a token program is largely financially beneficial and flexible in raising capital.”
In addition, according to him investors can purchase tokens, determine prices for sale or hold onto them as proof of ownership, and allow them to grow in value. By implementing this use of blockchain technology, businesses can untether themselves from traditional methods of funding.
As per Kashish, “startups can link an NFT to physical products, utilizing them in spaces such as tickets or loyalty benefits, or even coupons to create a buzz in the booming NFT ecosystem and engage potential users in your business.”
“I believe that securing remote document authentication is a key advantage of Blockchain in the age of remote working. Companies that operate in international markets often find it challenging to transfer documentation quickly, creating additional costs and slowing down business growth.” — Tytus Golas CEO and founder of Tidio
She further explains the importance of blockchain technology in catalyzing borderless teams, in particular during COVID-19 times.
“The pandemic has already revealed the need for a flexible approach to remote economic activity. So, replacing paper documentation is a necessary step into the future for any business that wants to grow globally. Blockchain solutions available on the market today make it possible to secure the process of signing and sharing contracts with no physical limitations.”
Saskia Ketz of Mojomox is an avid blockchain evangelist and believes the technology provides safer and cheaper cloud storage for personal users and businesses.
He says, “Currently, we spend billions every year on cloud storage. Blockchain storage applications can help businesses, regardless of size and location, store their data without compromising on data security at an affordable price.”
Chris Thompson is the author of one-of-its-own-kind of blog Backdoor Survival as well as an active blockchain bug.
According to his thoughts, “A decentralized business model is gaining momentum for some time. Blockchain makes it easy to create decentralized applications — this could apply to anything from social media networks to payment providers.
Thompson highlights the benefits of decentralization and says “It increases data integrity, reduces censorship, and provides transparency for business operations.”
“… blockchain could also help decentralize existing services such as DNS and certificate authorities or cloud storage — cutting out the middleman.”
Marc De Diego Ferrer of MCA Assessors is a vigorous Blockchain Consultant who believes “Many companies and organizations are already exploring blockchain technology as a more efficient and transparent way to track ownership and payments for digital assets.”
Talking about digital rights he elucidates blockchain as an advocate of artists:
“Blockchain-based management of intellectual property may even revolutionize the legal profession with self-executing smart contracts.”
Peter Robert CEO of ECS Office, an IT consulting company, encourages businesses to implement blockchain technology through the development of smart contracts.
Robert describes, “these contracts can be equipped with a number of different criteria related to the official agreement, and once these criteria are completed, things like payment can be initiated automatically.”
“… Smart contracts make business contracts much easier to navigate, and eliminate the need for a third party in the signing and creating of the contract … you won’t have to spend hours reviewing and creating a contract every time a new lead or hire is brought into the company…”
He further adds that blockchain tech is all about efficiency through automation while smart contract implementation can greatly reduce business costs and boost productivity,
Ouriel Lemmel, Co-founder WinIt, is a staunch fan of the blockchain craze, says —-
“Blockchain technology can help you get to know your customers better … your customer and employees have digital IDs that make it easier to verify their identity.”
From the security point of view: “When the customer data is stored on a blockchain, it can reduce the risk of identity theft, fraud, and other cybersecurity concerns … this way Blockchain technology helps you identify loyal customers, learn more about their spending patterns, and build your customer base.”
Anthony Martin Author of Choice Mutual discusses how blockchain adds transparency in finding candidates on merit — “Blockchain technology can save companies time by verifying all the accolades people put on their resumes.”
“If a resume is completely fabricated, it can save companies money by using blockchain technology to determine authentic ones…”
“… Hiring someone who can’t accomplish what their resumes reflect financially hurts businesses when their work is below standard, and they overlook the more suited and qualified candidates for the position.”
Martin verily believes that Blockchain technology can reduce concerns of hiring those with exceptional resumes, allowing them to build and sustain trust and respect throughout the company.
Riley Adams, CPA of Young and the Invested supports blockchain technology utilization for its transparency across accounting practices.
According to Adams, businesses can streamline their accounting practices as blockchain can verify peer transactions. Through blockchain, you don’t need to go through a bank or credit card processor in order to make secure transactions.”
“The blockchain network can verify such transactions while also providing a time-stamped ledger.”
He also pinpoints simplers financial operations with proper blockchain implementation, “Additionally, since blockchain technology is much more transparent, auditing finances becomes simpler for your business.”