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The Blockchain is Changing the Way People Do Business

by | Jul 2, 2021 | Business | 0 comments

The Future is Shifting

It’s no surprise when someone says, “times are changing.” In fact, now, time seems like it’s changing faster than ever, and in some ways, it is. That’s because of the rapid growth of technology.

Since the beginning of time, technology has encouraged the advancement of society. We make fire – we cook food. We invent the wheel – we get things moving. These are things we look at now as concrete parts of our lives; unwavering, and fully instituted in the world as we know it.

Over time, discoveries are made, and we integrate those things into our everyday lives.

Now, with present-day technologies, there’s a vast new world of possibilities at every turn.

Digitalization takes this one step further, for if it can be conceived, it can be created (or pretty close to it). There are very few boundaries as far as what can be conceptualized and born from our imagination alone.

As we integrate new technologies with more and more swiftness, we see the landscape of our lives change quicker than ever before.

That said, the habits, desires, and expectations from people, especially consumers, are starting to change at a rapid pace.

The Introduction of Blockchain to Business

Blockchain is a database used to store data. The blockchain is primarily used as a way to keep a record of cryptocurrency transactions. However, blockchain can be utilized for any type of data, not just cryptocurrency transactions, making it of interest for companies to increase quality assurance and data security across the board. The design of the blockchain lends itself to being an asset to many companies.

Is Blockchain Changing the Way Companies Do Business?

The simple answer is yes. The more complex answer is that, with time, many companies will have to reflect on their past and create new processes with the future in mind.

Internally, change within a company can be incredibly difficult for several reasons, from a lack of desire to change, to already having suitable, cost-effective systems in place. However, to stay ahead, companies have to look at how to utilize the future. That includes taking into account things such as the impact of Bitcoin, Ethereum, and other cryptocurrencies alongside the general idea of data management systems like blockchain.

That being said, companies can start looking at how to utilize the potential of blockchain without making any big moves just yet. There are several large corporations already using blockchain to ensure the best functionality of their business. Some big companies utilizing blockchain include Shell, Ford Motors, and Visa.

How Is Blockchain Restructuring the Wants of Consumers

Because technologies like blockchain exist, there is a greater desire among consumers for guaranteed security, no-bull answers and approaches, and the expectation that promises will be fulfilled.

It is believed that people will begin to place more and more value on things like user data protection as online interactions become more regular and more meaningful. Additionally, the blockchain allows companies to elevate their own processes to consistently offer quality-assured products and services.

How are Corporations Utilizing Blockchain

A great example of a company utilizing blockchain to benefit their business and the safety of their customers is Walmart. Walmart paired with IBM to implement a food safety blockchain that would allow them to closely follow and ensure the quality of meat and produce through a digitized food supply chain.

“In the US, it typically took approximately seven days to trace the origin of mangoes. That time has been reduced to 2.2 seconds,” wrote The Leadership Network in their Walmart Blockchain Case Study.

The certainty that blockchain technology offers is one of the main drivers of changing consumer expectations. As this kind of quality care is introduced, a higher standard of quality will be expected.

As a company, utilizing the secure, transparent nature of the blockchain can give you an upper hand.

What Creator-Related Sectors Could be Reshaped by Blockchain

Advertising

A consumers’ ability to manage their user information is something that the blockchain supports. Brave software is just one example of a company whose goal is to put the power in an individual consumer’s hands.

“Brave aims to reset the online ad ecosystem with faster and safer browsing, as well as Bitcoin micropayments and opt-in, anonymous ads to share revenue with users and to support publishers,” says CB Insights on Brave.

Music & Streaming

The blockchain serves as a cost-effective distribution option for those who manage an abundance of video content, potentially rivaling even some of the biggest streaming services in the game.

Additionally, blockchain is often seen as a surefire way to ensure ownership of intellectual property, existing as an information storage database. As time progresses, this can be an excellent way for both companies and creators to ensure their content belongs to them.

Does Blockchain Always Make Sense?

Blockchain isn’t always the way to go for every business, especially right now. While companies can benefit from the use of the secureness and transparency of blockchain, itHow-Blockchain-is-Changing-the-Way-Businesses-Operate may not always be the appropriate choice.

For instance, if a company regularly dealt with highly personal information, blockchain may not be the right choice. Additionally, there are still several “what-if” scenarios and pending regulations regarding the usage of blockchain, especially in the blockchain currencies space.

Business & Marketing Opportunities on the Blockchain

The blockchain opens a whole new world for how businesses market themselves.

The blockchain offers a level of security that empowers businesses to make more secure guarantees. The combination of security and transparency creates the perfect tool for businesses to hold themselves to higher standards.

Additionally, things like NFTs on the Ethereum blockchain have become a popular marketing tool over the past several months. The rising popularity of digital-art ownership and digital assets as a whole have given way for businesses to get creative and offer exclusives at the same time.

We wrote a blog about the power NFTs hold in the marketing space here.

Can Small Businesses Accept Cryptocurrencies?

The flexibility and security of blockchain currencies or cryptocurrencies also provide a valuable option for businesses. The anonymity and lack of data transfer to make a purchase using the blockchain significantly lowers the risk for both companies and customers.

There are still several hurdles in the way of making cryptocurrency a mainstream payment option for the majority of businesses. At the same time, many businesses, especially small online businesses, are utilizing the perks of doing business with cryptos, including lower transaction costs.

At Gravity Junction, We Have Our Eyes Set to the Future

At Gravity Junction, we are constantly researching new technology on both your and our behalf. We recognize that technology shapes the future and often holds the power to reshape the present. Technology advances so rapidly at this point, even if you aren’t actively acknowledging the changes technology ushers in, you will be affected by them.

Just as companies adapted to the digitization of business ushered in by the rapid growth of computer use, they will also have to examine the possibilities that technologies like blockchain paired with cryptocurrencies such as Bitcoin and Ethereum create. That’s why we’re dedicated to the future. The gap between “now” and “the future” is closer to being closed every day. Let us help you invest in what comes next for your business today.

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