Blockchain in Business: 10 Ways to Profit in 2023

Blockchain in business empowers marketers to keep a real-time track of client information 

Blockchain in Business: After the introduction of Bitcoin in 2009, blockchain was no longer theoretical for real-world use. New trends and developments are perpetually hitting the business world in recent years. Since then, organizations have been testing how they, too, can make blockchain work for them. Big-name companies, government agencies, and nonprofit entities are using blockchain to improve existing processes and enable new business models. Blockchain technology provides multiple advantages to businesses and introduces new ways to revamp existing business models while reducing costs, and more. 

Several predictions have already been made about its potential:

• By the end of 2024, annual global data spending on blockchain solutions will reach $19 billion, according to a prediction made by IDC.

• According to Gartner, blockchain technology will generate an annual business value of around USD 3.1 trillion by 2030. This clearly shows that blockchain-based systems will govern 10%-20% of the global economic infrastructure by the same year.

• According to Statista, blockchain technology revenues will skyrocket in the coming years, surpassing US$39 billion by 2025.

• According to a report by MARKETSANDMARKETS, blockchain is expected to emerge as the 'Blockchain of Things". The high adoption of blockchain-based Internet of Things (IoT) is projected to surge demand and generate a market of US$2,409 million by 2026.

Here are the top 10 ways to earn profit by utilizing Blockchain in Business:

1.Smart Contracts

Smart contracts are programs with code that, when particular conditions are met, cause certain actions to be taken. This automated execution process makes sure that everyone keeps their end of the bargain. Many smart contracts are enforceable in court like conventional contracts, so if one party cannot carry out their commitments, there may be legal repercussions.

2.Ease of Payment

Blockchain payment systems facilitate fast, secure, low-cost, and transparent payment processing services without the need for the involvement of financial institutions. This efficiency eliminates money transfer waiting periods and third-party processing fees. By removing the involvement of third parties and associated documents like billing statements and invoices, blockchain has also eased the cash flow in startups and establishments.

3.Supply Chain Management

Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.

4.Better Hiring 

Blockchain technology is revolutionizing how hiring agencies and employers view and consider potential candidates. Namely, with the level of security blockchain provides its users, it can be relied upon for maintaining the integrity of data, such as employment background or academic credentials. This means hiring agencies and employers can rely on the data being shared, and job candidates alike can share this information without fear of it being tampered with once verified.

5.Effective Marketing Campaigns 

When focusing on the blockchain in the business economy, the technology also improves marketing campaigns. Blockchain business models empower marketers to keep a real-time track of client information and customer behavior, which helps them to create effective campaigns and derive higher ROI. One such example is Brave, which has built a browser that blocks ads. While that's not new, it does display ads to its users that it sells to companies via its Basic Attention Tokens (BAT).

6.Robust Security 

Blockchain technology produces a structure of data with inherent security qualities. It's based on principles of cryptography, decentralization, and consensus, which ensure trust in transactions.

7.Customer Engagement

There are numerous examples of blockchain technologies being used in a wide variety of industries with diverse applications. It is now being used outside the finance and banking industry for voluntary contributions, voting networks, HR processes, and more. Along with other technologies that benefit businesses, there are many possible customer interaction applications for blockchain.

8.Improved Speed and High Efficiency

Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

9.Financial Management

Blockchain can streamline banking and lending services, reducing counterparty risk, and decreasing issuance and settlement times. It allows: Authenticated documentation and KYC/AML data, reducing operational risks and enabling real-time verification of financial documents. There is no need to pay for any vendor costs as blockchain has no inherited centralized player. In addition, less interaction is needed when validating a transaction, further removing the need to spend money or time to do basic stuff. This is why Blockchain is important to the business.

10.Timestamping Documents

Timestamping is the process of wrapping metadata or other information in a block of an ongoing blockchain, which creates an unchangeable or immutable record tied to everything that comes after it in the chain. Think of it as satisfying a public notary's function.