In the future, it wouldn’t be possible to be a digital enterprise without implementing enterprise blockchain. Even though most still connect it with cryptocurrencies, the underlying blockchain tech has much more to offer.
Undoubtedly, CEOs of major companies today recognize the value of blockchain. However, business-wise companies have a stealth approach to working on their solutions. By a popular belief, users need convenience, making irrelevant what is “under the hood.”
In an extensive list by Forbes, one can find the largest institutions, like the major world banks. Also, there are financial institutions you would never expect, like JP Morgan Chase and Berkshire Hathaway Inc. Moreover, all tech giants like Microsoft, Apple, Oracle, Samsung, and Amazon.
This plethora of use cases for blockchain will further expand. For this reason, it is crucial to understand this technology and how to use it.
First of all, Fortune defines blockchain as a way to structure data with concatenated blocks of transactions. The whole idea behind these blocks is that each time something changes, it makes a record in the distributed ledger.
As this digital ledger resides in the network of computers, it removes the need for a central authority. Without a central authority nor any other subject that can solely make any change, blockchain becomes the ideal of security.
Logically, this idea of utmost decentralized security served the best in the case of cryptocurrencies. Even though the founder of the Bitcoin is unknown, others are very business savvy.
Besides their cryptocurrencies, Ethereum, EOS, or Ripple are already enterprise blockchain platforms. As a form of the digital enterprise, these platforms provide solutions for others, too.
Undoubtedly, some form of integration in digital enterprises is imminent. Not long ago, Samsung included crypto wallets and DApps in its S10 flagship phone.
Similar to Samsung, many companies are trying to find ways to implement this technology. One survey, back in 2017, showed that 59% of inquired haven’t heard of blockchain. What is more striking is that 80% of those don’t know what the blockchain is.
Therefore, the abovementioned claim that users don’t have to know about blockchain makes sense. Without or without understanding, their users will get the benefits of this tech.
These are some possible enterprise blockchain solutions they could use:
As it is possible to use them anywhere, smart contracts are the best of enterprise blockchain. Even though these are improved traditional contracts, there are a few similarities only.
Like any contract, smart contracts represent the mutual agreement between parties. In their essence, smart contracts are computer code. Being on the blockchain, these contracts are immutable and self-executable.
As any contract is an effort to remove the element of trust, smart contracts are going the extra mile. In their case, the algorithm decides whether the contracts have prerequisites to execute.
Moreover, there is no third party. Removing the legal disputes, the whole network validating these contracts. Because of all of this, smart contracts tend to reduce costs by 30%. Of course, this goes for the digital enterprise still using traditional ones.
With an ability to provide complete transparency, blockchain enterprise changes the supply chain. Nowadays, it is the basis for renowned companies to improve their transparency. And efficiency, too.
By this report, new solutions from British Airways and FedEx are reducing conflicts in tracking flights and packages. Seemingly, customer disputes are a thing of the past. Nowadays, there is a temper proof example of what happened.
Thereby, responsible companies can prove their efforts to the well-being of their customers.
For example, Wallmart is bringing the possibility to track products from the production to the shelf in the store. With their in-store app, they are providing total transparency. In this case, it is highly important. The reason behind this is that origin and due dates are very health sensitive issues.
Unlike any other industry, the public welcomes any health care improvement. In most cases, blockchain is enabling the seamless and secure transfer of health records.
With the improved means of transport, society is more mobile than it was ever before. Following this, medical records should be able to travel distances, too.
At the same time, this information should be confidential, as misuse of health data is unthinkable. As the most secure record with the possibility of hidden identity, blockchain is the best for this sensitive industry.
Yet, another delicate question is a health and life insurance. However, smart contracts and tamper-proof records are solving most issues in the insurance industry, too.
Other data-related jobs include any form of administration. In this case, enterprise blockchain solutions are reshaping accounting and HR.
As all know, transparency and standardization are the basis for accounting. If new technology can automate financial reporting, the cost reduction could be considerable.
In the future, we can expect more programming skills in accounting roles. Once started, automatization in accounting wouldn’t stop.
Another industry with constant problems with payroll is HR. In this case, enterprise blockchain brings multiple improvements. Like never before, automating background checks is saving time for HR.
Moreover, all professionals will have an immutable record of their working history. As a result, screening and employment process will take less time. Consequently, reducing costs significantly.
To conclude, besides financial services in the form of cryptocurrencies, blockchain will have more and more use cases. Seemingly, there is a chance that 2020 could be a year of the enterprise blockchain.
In the future, we also might expect that most of the employees would be programmers. It is because of the workforce needed to service the automated process. Due to its advanced method, we can assume that enterprise blockchain would be a part of these processes.
Still, there are cases where blockchain is not a fit for present solutions. Until the timing is right, there is no need for additional efforts to include any novelty at any price.
It is because becoming a digital enterprise is an ongoing endeavor. Thereby, time will come when it would become appropriate. So, if some of the abovementioned use cases reside with your company goals – include them.
Otherwise, wait for the further improvement of enterprise blockchain.
By knowing its potential, possibilities would be limitless.