How Big Companies are Using Blockchain to Work Better?

Blockchain has revolutionized all industries with its advanced abilities. Whether it is a small business, startup, or enterprise, every size of business is taking advantage of blockchain technology to improve their efficiency and work. 

Especially large enterprises and companies are utilizing the technological benefits of blockchain to enhance their workflow and business efficiency. 

World’s top brands like HSBC, DHL, Barclays, Visa, Walmart, FDA have implemented blockchain in their systems. So in this blog, I will take you on a quick tour of how big companies are using blockchain to work better and improve their efficiency. 

But to understand how big companies are using blockchain you need to understand the basics of blockchain technology. 

What is blockchain technology?

Blockchain is a distributed ledger and decentralized technology. It records information in blocks and shares it across a blockchain network when each block verifies the data with predefined conditions. Blockchain works on the principle of recording data as a chain of blocks that allow transactions between defined participants. 

Therefore, blockchain technology provides great security, transparency, and efficiency in the workflow. Since it allows transactions and shares data among already-defined participants, there is no possibility or threat of data manipulation or breach in the blockchain network. 

Blockchain technology enables companies to build advanced and complex software, web, and mobile app solutions. This technology can be used with other technologies and environments to build any scale of solution from small to large. However, since blockchain is meant to develop high-end or complex solutions, for enterprises, it works out best. 

With blockchain development, enterprises can build advanced scale software and web applications to improve their day-to-day organizational operations. Therefore, companies now work with a blockchain development company to create customer enterprise blockchain development solutions to upgrade their existing ecosystem and workflow. 

People generally assume blockchain is only meant for cryptocurrencies, smart contracts, bitcoin, NFTs, and other digital or financial transactions. However, the fact is, that blockchain serves beyond all these requirements. Blockchain is used in various enterprise and industrial use cases. 

  • Supply Chain & Logistics
  • Anti-money Laundering
  • Original content creation
  • Automotive
  • Cross-border Payments
  • Internet of Things
  • Advertising 
  • Decentralized Finance (DeFi)
  • Digital Identity
  • Energy and Sustainability
  • Supply Chain Management
  • Global Trade and Commerce

And for enterprises blockchain empowers them with advanced capabilities to work them better and increase their efficiency. Let’s look at 

How Big Companies are Using Blockchain to Work Better?

1. Data safety

Big companies have to deal with large data. They have to spend enormous amounts of funds to store this large data on either cloud platform or software which impacts significantly. And despite spending so much amount for storing data there is still a risk of data breach and security vulnerability. Blockchain here helps enterprises and big companies in not only storing data but also protecting it with full security features. 

Blockchain works as a chain of blocks. A blockchain-based application records or stores information in blocks and grants access to only predefined participants when each node verifies all the pre-mentioned protocols. Each block contains a unique value which has 256 characters. 

As a result, due to this complex and decentralized approach, there is no possibility of authorized enter or external data manipulation. Therefore, big companies hire best blockchain developers to build high-end data security protocols for storing and protecting their enterprise data. 

2. Transparency

A blockchain network only allows pre-defined participants to make transactions or share data in a private mode. For example, smart contracts automatically execute transactions and data exchange when all conditions and security protocols are verified. 

Thus, blockchain offers great transparency to blockchain stakeholders. For Big companies, it matters a lot. They use it to share data and make transactions of large amounts within their business loop. 

3. Faster transactions

Blockchain applications allow communication directly without depending on any third-party service or integrations. It doesn’t include any middleman or intermediary for data exchange or financial transactions. As a result, blockchain-based applications or platforms provide faster transactions. 

Therefore, big companies use blockchain in their financial ecosystem to increase efficiency and reduce transaction costs. Due to the current banking and financial system, companies have to rely on banks and financial companies to proceed with the transaction with another party. 

But with blockchain, big companies can make any amount of transactions quickly and give privacy to another company without relying on third-party services or intermediaries. 

4. Reduce maintenance cost

Big companies have to bear huge costs in doing different operations. For securing their large data, companies and enterprises have to spend huge money on data management and security. 

Moreover, companies have to invest a significant amount in managing the workforce and user identity verification. According to statistics, businesses spend millions of dollars on the KYC (Know Your Customer) process. 

Here, blockchain assists big companies to upgrade the existing processes. They use blockchain for building high-end automated data management systems and build robust user identity verification systems. In this way, blockchain eliminates the need for much human involvement with automation capabilities. As a result, it helps big companies to reduce costs in most areas of operations. 

5. Better supply chain management

Blockchain technology provides huge benefits for supply chain management. With blockchain-based applications, companies are able to track defective products and improve other operations in the supply chain. In this way, companies establish trust and reliability among customers. And thus, it helps big companies to save costs and generate better ROI. 

Examples of big companies that have implemented blockchain technology in their workforce management

  • Barclays
  • Unilever
  • Walmart
  • Ford
  • DHL
  • AIG
  • Lufthansa
  • Westfield

Conclusion

Blockchain is a powerful and advanced-scale technology. It has great capability to transform existing systems with automation and decentralized features. Therefore, big companies use blockchain technology to improve their operations and workforce management. 

It not only helps them make their work better but also saves huge costs. And the way new innovations are emerging in the blockchain development field the usage of blockchain will reach the next level. 

But, since blockchain requires high-level software development and technical skills, driving benefits from this technology is not an easy task. You will need to hire blockchain developers from a professional company to build effective blockchain solutions for your enterprise. 

The author is a blockchain developer at MobileCoderz-a worldwide famous blockchain development company that works with global enterprises, companies, and startups to build them business-oriented blockchain solutions. She has great skills in Solidity programming and Ethereum development. She has created many software, web, and mobile apps with blockchain for different industries. Besides this, She participates in online community welfare programs and writes articles.

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