1. Smart Contracts
One of the primary uses of blockchain for business is Smart Contracts. It is a form of automated contract that integrates the terms & conditions of both parties in the form of codes. The codes are made irreversible by storing them on a decentralized and robust blockchain network. When the conditions written on the blockchain are met, Smart Contracts will automatically execute the associated conditions.
Using Smart Contracts based on blockchain technology allows businesses to manage disputes and take legal actions without the need for a third-party such as government officials, attorneys, or middlemen.
2. Supply Chain Management
If you are wondering how is blockchain used in business, then supply chain management is one of the foremost use cases. It allows small-and-medium-sized businesses to track their products across the supply chain, from production to shipping and delivery to the end consumers. For example, using blockchain technology in food chain supply can help businesses track the conditions and location of perishable food items. It can also help you monitor any problems that may arise in a batch from a particular location.
Using blockchain technology adds more transparency and security to the process.
3. Quality Assurance
Blockchain technology also plays an integral role in quality assurance. Suppose a problem arises in the supply chain and there is a need to track where things went wrong. In such a scenario, blockchain may function as a definitive ledger that can help detect the problem immediately.
4. Effective Marketing
When it comes to what can blockchain be used for in businesses, then we cannot overemphasize its importance in curating effective marketing campaigns. Creating different blocks with datasets containing valuable customer information and marketing data can help track consumer behavior in real-time. This can help curate marketing campaigns that generate higher ROI.
5. Improved Security
Another key role that blockchain plays in today’s business environment is it helps implement cutting-edge security measures. Robust security in blockchain comes with its transparency and decentralization. Since the information stored in the blockchain cannot be modified, it ensures improved security, preventing malicious actors. It also gives more confidence to users on the computer network to record and verify the information stored in this immutable network.
This is one of the primary differences between blockchain and conventional databases – decentralization and security. Additionally, the network is more complex, which further mitigates the risks of cybercrime.
In addition to the above, blockchain technology can aid in improved customer engagement, simplified payments, effective financial management, improved speed, and greater operational efficiency.