Blockchain has been the talk of town recently. You may have heard of Cryptocurrencies, Bitcoin prices hitting an all-time high this year, behemoth companies like Amazon, Ikea, etc, embracing and integrating blockchain technology to their businesses.
Many businesses across vast industries have been hit hard by the recent pandemic. There are many factors that affect the overall business scape, adopting blockchain technology to everyday businesses such as the retail sector, hospitality trade, etc, while may not solve all issues, will bring about some certainty to a few areas.
Blockchain brings many benefits to a business such as reliability, sustainability, management data, communication, etc. Business owners have to change their perception and the notion that blockchain is complex or hard to understand. They have to research, implement and adapt to enjoy the fruits that blockchain technology will bring to their business.
Major companies embracing Blockchain
Alibaba has gone out all in Blockchain. They are currently developing their own e-commerce platform based on the technology. The benefits according to them is the ability to capture and analyse data, identify counterfeit, streamline verification processes for a more seamless experience for their staff, suppliers and consumers.
Amazon has been implementing, adopting and using blockchain technology in their advertising arm. They are using the secured data captured to analyze and understand their customers spending behaviour.
This behemoth has been trialing cryptocurrency payment (ethereum at the moment) in their home-base with hopes that this can be implemented across globally in the future.
In this article, we will touch on some notable benefits. Kindly note that most of these benefits are generic and results may vary due various factors such as but not limited to; type of industry, market sentiments, adaptability, correct implementation of blockchain technology by businesses, etc. Business owners, top management have to identify the areas that blockchain technology can help and implement them correctly.
Identifying customers, capturing data
In the business sphere, capturing and access to data is the most valuable commodity. Whether it is a B2B or B2C model, online or brick & mortar, conglomerate or small business, one of the main keys to success is the ability to identify their customers, understand their needs / wants in order to come out with suitable marketing strategies. Blockchain can aid in these areas to secure data relating to their customers. As blockchain technology allows a business to store all data / information securely without the need for another third party, you reduce the risk of identity theft and save on costs related to it.
Direct secured payment option
Another feature that businesses can leverage on blockchain technology is the direct ability to collect payment from customers directly. It helps to cut out third party payment gateway and save on hefty fees for both the consumer and business. Furthermore, the payment is secured and this would also increase the customers confidence.
Efficient marketing strategies
As mentioned in earlier points, blockchain can help to store customers data securely. With these valuable secured data, you are able to better identify your customers, browsing and spending behaviour. Businesses are then able to convert these to effect good marketing strategies such as having a good marketing loyalty program, one-time promotions, etc.
Good marketing strategies that consumers can understand and relate to will evoke stronger reaction from them. In this age and time, it is all about capturing valuable data, identifying, analysing and implementing the right mix. The good news is that blockchain technology can help a business with all these if done right.
Businesses usually thrive when the direct stakeholders and wider ecosystem are working in tandem. The reality is however not as straightforward as one would usually hope. Imagine an ecosystem where blockchain is widely implemented. Businesses are able to track their goods from suppliers, having live-updates and information allows business owners / top-management to make more well-informed decisions. When information is more widely available, businesses are able to better manage customers’ expectations, resulting in higher satisfaction among all parties.
Hardened defence against online attacks
Blockchain is naturally hard to penetrate and almost impossible to be penetrated without deliberate human intervention. During this pandemic, online scams, hacks, have increased globally. Security breaches have far reaching effects. Such as loss of revenue, harm to the customers, reputation damage to the business, some of which are irreversible and may adversely affect the business forever.
With many high-security protocols, data that can almost never be deleted “accidentally”, encryption level that almost no hacker (computer or human) can hack, we can safely say that Blockchain is 99.9% safe.
Increased confidence stakeholders
Blockchain alone will not affect a change in a business. However, blockchain when implemented correctly with other product/service and marketing mix, can bring about a seismic change in a business, no matter how big or small the business may be. The effects that a business may experience is far-reaching. While the beginning may be shaky and full of uncertainties, the result would be a better streamlined business that understands their customers, who works in synergy with their internal and external stakeholders, ensuring a more well-oiled business ecosystem.
Implementation of blockchain technology requires a degree of knowledge and “know-how”. Fret not if you have no idea what we are talking about and still wish to adopt blockchain / accept cryptocurrencies, etc. You can contact us directly and we will guide you accordingly. Morpheus Labs has solutions for businesses wishing to adopt blockchain technology. Visit us at morpheuslabs.io
About Morpheus Labs
Morpheus Labs is a leader in Blockchain-Platform-As-A-Service (BPaaS), offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases.
Morpheus Labs' purpose is to make it easier and cheaper for people to develop blockchain solutions; empowering businesses to solve the unknowns and complexities in blockchain technology.