When I first met Bradley Lyons, the CEO of his namesake company, he told me he had a new idea that was going to save his business from the 2020 pandemic downturn. His company is a thriving mid-sized logistics business with a strong focus on engaging in the latest digital innovations. Bradley’s strategy is to always stay ahead of the curve where technology is concerned which has served him well as he grew from being a few men show to leading an international team of hundreds across 3 countries and 5 offices.
The more we talked about it, the more excited I got about it too. Bradley was convinced this would be a game-changer for his company unlike so many others in their industry who were not as forward-thinking with their digital transformation strategies as they could have been. By solving delayed payments, lost shipments, and employee turnover, Bradly could boost their bottom line revenue by as much as 60x over the next few years.
The conversation quickly shifted to how blockchain could be the best solution for their immediate challenges. Blockchain is a secure, transparent ledger that anyone can see – but no one can change without permission.
Blockchain technology has the potential to revolutionize every industry and business sector. As businesses across the world explore Blockchain, business leaders need to understand how Blockchain functions as it transforms from a technology that’s still in its infancy into core infrastructure for the digital age.
Most businesses today lose money due to procedural delays, human error, and fees paid to middlemen. Blockchain can be a cost-effective tool for businesses of all sizes, providing an easier way to hire better employees, make more efficient and faster payments globally, and increase marketing campaigns by knowing what customers want better than ever before.
In this article, we’ll dive into how Blockchain can help boost your bottom line revenues and what you need to do in order to get started today!
Get Paid Faster
Smart contracts, a Blockchain application, are a way to make sure that the person who promised to pay you does it. If they don’t, then you get your goods back. That means parties can settle disputes without the need for lawyers. This alone has the potential to save big companies billions in legal and other costs.
A smart contract is a self-executing program that exists on the blockchain network and ensures all parties in the agreement do what they are supposed to. Blockchain allows for the creation of smart contracts that execute themselves and help reduce the cost of transactions as well as speed up payments.
Build Better Teams
“The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.” – reports Gallup.
U.S. businesses can save $1 trillion by reducing employee turnover if they can hire for skills as well as cultural fit. However, businesses in need of employees are at a disadvantage when trustworthy data is unavailable, as they must rely on traditional verification methods. Having trustworthy data that is readily available helps you find the right people to improve your business. If you find a candidate with impressive qualifications, you can quickly confirm the authenticity of those credentials and hire them on the spot.
Blockchain technology also allows for the verification of soft skills, as well as extracurricular activities, which can help employers hire employees that present a better cultural fit for the team.
Sell More Stuff
Businesses can use Blockchain to learn more about customers to build stronger customer relations. Blockchain facilitates reliable identity management. Your customers and your employees have digital IDs that make it easy to verify their identities. If this information is stored on a blockchain network, you can increase revenue by reducing the risk of cybercrime such as fraud, theft, money laundering, etc
The blockchain is a digital ledger of transactions that can’t be tampered with, meaning the person is in control of their own data. With complete transaction records, you and your customers have a better understanding of how it has progressed over time. Blockchain technology offers new opportunities for businesses to learn more about their customers, increase loyalty and achieve growth.
Safeguard Your Data
According to an IBM study, the average cost involved in resolving a data security breach can be significant; $7.97M per incident on average for larger companies. The impact of downtime varies wildly – from minor disruption to a total shutdown of every business function. Increasing safety levels is a key component of every industry’s bottom line, and blockchain cybersecurity is at the forefront.
Blockchain provides an inherent level of security as it is decentralized, making it the perfect technology for cybersecurity. Blockchain has a vast array of applications in data sharing and encryption across industries that use data – that is essentially every industry. Blockchain is a decentralized ledger that records transactions. Blockchain ensures data security, with encrypted blocks of information stored across multiple servers so it’s not vulnerable to hackers or other cyberattacks. A blockchain database can be used for storing all sorts of digital assets and transaction types.
Run Better Marketing Campaigns
More and more companies need to find a way to cut through the noise when it comes to marketing. Even if you’ve already found success using known techniques, such as social media posts and TV advertisements, blockchain could lead to a better payoff.
Data from the blockchain can be used by marketers to keep track of customer information. With this data, skilled marketers can create good campaigns that get people to buy more things and make more money.
Changes made during development to a campaign or other media release can be easily identified on the blockchain. If you want to know who changed something at what time, look no further than this convenient technology.
Blockchain allows marketers to verify the legitimacy of their marketing campaigns. With less bot activity compromising the validity of your numbers, you get a higher yield for every dollar spent on marketing.
What do you think are the best uses for Blockchain in your business?
Blockchain is a technology that has the potential to change many industries and sectors for good – as it did for Bradly and his logistics company. It’s more than just Bitcoin with wide-ranging applications from finance to healthcare, government, law enforcement, and supply chains. Forward-thinkers are building innovative products and services about blockchain applications while other mature companies are using blockchain to make their business run more efficiently and profitable. The world of blockchain digital transformation can be intimidating if you don’t have experience in it.
Schedule an exploratory call with an expert so you know what your options are when exploring how this new tech could impact your company or industry.