With 81 of the top 100 publicly traded companies use blockchain technology, there’s no uncertainty about the future of this tech.
From financial transactions to supply chain racking and other use cases, more and more companies are embracing this secure, efficient solution. Discover five ways modern businesses are incorporating blockchain technologies into their processes.
5 Ways Businesses Can Use Blockchain Technology
Accepting Crypto Payment & Donations
A cryptocurrency is a digital currency maintained by a blockchain instead of a bank or government. Ether and Bitcoin are both forms of cryptocurrency. Taking payments or donations from consumers who wish to use cryptocurrency can open up your business to new revenue from crypto fans.
Considering taking crypto payments? You’ll want to look into what your company would need to set up in order to accept cryptocurrency payments, such as a digital wallet, merchant gateway, or other services.
Verifying Digital Identity and Credentials
Businesses can use blockchain to verify identification or credentials. Use cases include academic degrees, legally-required licenses, employee IDs, and more.
The blockchain securely stores relevant proof of authenticity regarding the credentials in question. The data is permanent and tamper-proof on a decentralized blockchain.
Supply Chain Transparency
Supply chains have grown to be very complex for today’s companies. Some innovative businesses are looking to modernize their supply chain solutions with blockchain. This allows for improved transparency, communication, and other benefits.
Implementing blockchain supply chain solutions gives companies a central source of information, allowing them to track products through the entire process and verify their identity and information.
The list of companies using blockchain technology to track their supply chain includes Walmart, Ford, and De Beers.
Smart Contracts to Automate Agreement Execution
Companies can also make use of smart contracts on the blockchain. These contracts are self-executing codes that allow transactions to be made securely without needing an intermediary. These contracts are recorded in a way that means they cannot be changed or manipulated.
Smart contracts can be used to automate the execution of an agreement so that all participants can be certain of the outcome. Because these contracts are automated and encrypted, this adds transparency and security to the process.
Smart contracts can be used for vendor or supplier agreements, among other potential uses.
NFTs for Branding, Marketing, and More
Non-Fungible Tokens (NFTs) are digital collectibles hosted on a blockchain network. Many brands have dipped their toes into the world of NFTs in recent years, and for good reason.
Brands can use NFTs strategically to promote a new product line, tell their brand story, or create metaverse twins for their products. For example:
- Nike and RTFKT released virtual sneakers as collectible NFTs in 2022.
- Norwegian Cruise Lines showcased their new vessels with an NFT collection.
- The Dallas Mavericks partnered with Ticketmaster to strengthen their brand’s community with collectible NFTs.
Is your company one of many looking to implement blockchain technologies to modernize your operations? We’d love to chat. Reach out to the team at GROW to learn how we can work with you to implement an efficient blockchain solution. Learn more.