No doubt, blockchain is making big waves in our industries today, and the business sector is not exempted. Brand owners are beginning to tap into the great opportunities that blockchain has in stock for them, which includes the use of cryptocurrency for payment, smart contracts development, and the utilization of blockchain for traceability and authenticity of products. But why is it important to bring blockchain into the business sector? Are other companies doing the same?

If you keep reading, you'll get to discover the importance of blockchain enterprise and the industries where it is currently being utilized. But before we do that, what is enterprise blockchain?

It is simply the introduction of blockchain into the business sector. This means that Blockchain enterprise is a trustless and decentralized system that involves the recording and storing of data on the blockchain for business purposes. It is a private blockchain that is managed by a group of persons and this type of blockchain accepts larger transactions which sets it apart from public blockchain. When a transaction is stored in the blockchain industry, it can never be changed by anyone, and it is immutable.

Why You Need to Adopt Blockchain in Your Business

Fast Transaction

The blockchain system processes transactions in seconds. You don't have to wait long to receive your pay because transactions are instant, saving time and energy and keeping the business running effectively.

Global Reach

In order to grow your brand as well as your customer base, it is not advisable to stick to one payment method, as not everyone would pay you in your currency. Cryptocurrency is one that can be used anywhere by anyone and would still retain its value as location is never a barrier. It would also help bring more customers to the business.

Security

Unlike the centralized financial system, the blockchain system is immutable, traceable, and transparent. This means that when a record that can't be altered is created and is encrypted end-to-end, it would help blockchain prevent fraud and unauthorized activity. Information is also stored across a network of computers rather than a single server, making it difficult for hackers to view data and safer for businesses to record and store data's transactions.

Low Transaction Cost

As of when this content was written, the transaction cost for Bitcoin is 0.09% of all transactions while some centralized financial systems charge 0.5 - 5% of all transactions which is very high.

Use Cases

Supply Chain Management

This involves the movement of goods from the point of manufacture to the final consumer. Reports show that supply chain management is being improved by adopting enterprise blockchain. Companies like Walmart, IBM, Amazon, etc., are utilizing its ability to stop counterfeit products and improve originality by tracing products from the manufacturer down to the retailer.

Healthcare Industry

Blockchain in the healthcare industry has many uses, including tracking products for originality, smart contracts for business insurance, accessing patient EHRs, medical staff credential verification, and IoT blockchain use cases for monitoring remote devices. Companies that are currently utilizing this technology include Avaneer Health, Chronicled, Akirk, Medical Chain, Coral Health.

Finance Industry

Modern financial institutions are adopting blockchain technology to reduce their dependence on costly intermediaries, while also enhancing the customer experience, improving transparency, and creating greater efficiencies in their middle- and back-office processes. Anthony Moro, acting CEO of Provenance Blockchain Foundation, which supports the development and growth of the public, open-source Provenance Blockchain, states that the finance industry is one of the rapidly evolving industries in the blockchain system. Brands like RBC, Santander, JP Morgan, BNY Mellon, Citibank, Visa, American Express, Goldman Sachs, and MasterCard, amongst others, are conducting various blockchain-specific efforts along with having multiple internal working groups focusing single-handedly on enterprise blockchain technology.

Food and Beverage

Walmart is a company that has taken the lead in using blockchain to secure its food and groceries by generating QR-based codes for each product that contains the necessary information for the product, as well as the manufacturer, supplier, and retailer. This has helped reduce the production of counterfeit products. Other food companies include Amazon, Nestle, Bumble Bee Food, IBM Food Trust, and Agri Digital.

Telecommunication

In recent years, the telecom industry has found blockchain technology helpful in managing mobile roaming traffic. Roaming occurs when a phone switches from one network to another. Settling billing and charges among different operators used to be inefficient and costly. To address this, the industry adopted blockchain, acting as a hub for operators to manage roaming agreements and settlements securely. This technology ensures transparent transactions, reducing time and costs compared to traditional methods, leading to faster and more efficient monetization.

The Bottom Line

The adoption of blockchain in the business sector, known as enterprise blockchain, offers a myriad of benefits and is transforming various industries. The key advantages include fast transactions, global reach through cryptocurrencies, enhanced security features, and lower transaction costs compared to centralized financial systems. With applications across sectors such as supply chain management, healthcare, finance, food and beverage, and telecommunications, major companies like Walmart, IBM, and Amazon are already reaping the rewards of blockchain technology. The bottom line is that enterprise blockchain is not just a technological innovation; it is a strategic move towards efficiency, security, and transparency in the ever-evolving landscape of modern business."