Strategies for Implementing Blockchain in Business

The word blockchain itself got a lot of business opportunities, around the globe. Most of the new entrepreneurs are trying to find the vast capability which blockchain carries. In the modern era, most of the business got a technological backup in its core area. And blockchain is among one of the technologies which every business wants to run behind it. Strategies for implementing blockchain in your business will be based on certain facts and figures. Everyone around the world is trying to integrate the blockchain technology to unfold the hidden advantages for their business. It is one of the most advanced technologies emerged in recent years and many business owners believe that it will explore new paths to the business.

Business Opportunities:
According to the 2019 Global Blockchain Survey, about 55 percent of business advisors said that the blockchain has become a top priority for the smooth business run. And 40 percent believe that its use cases are compelling then to adapt it.
On one hand, some experts believe that it’s going to replace traditional software development and its architecture, on the other hand, if they neglect this tech from their business it’s going to slow down them in the race faster adoption of future technology.

Blockchain technologies are opening a new world of chance for different business sectors like retail, healthcare, energy, financial services etc. In finance alone, it can replace traditional payments transfer with a fee into micro-transaction with almost no fees. It can also be used to track the monetary flow and repel the counterfeit and also eliminate the fake documents. Blockchain can also benefit in the area of supply chain and enhance the traceability and transparency.

  • Identity Management:
With the help of blockchain, business sectors like identity management agency can easily store the data of the individual without any tampering and access the data anywhere in the world remotely.

  • HealthCare:
The blockchain technology can keep the record of patients in the hospital and also recall the data of an individual person for lifelong.

  • Banking:
The banks can transfer the payment in micro values and transfer the monetary value without taking any fees.

  • Real Estate:
The real estate properties can be divided based on the tokenization process and divide it into customers.

  • KYC:
Know Your Customer is widely boosed by blockchain technology. The fraud and identity theft can be avoided by securing customers through blockchain-powered KYC.

Blockchain Projects In Development:

Enterprise Ethereum Alliance: This a major association formed by leading tech giants around the world like Microsoft, Intel, Accenture, Credit Suisse, UBS, JP Morgan Chase, Bank of New York Mellon, which aims to develop the blockchain and smart contracts for use in enterprise applications.

Mastercard's blockchain: Mastercard has promoted the Blockchain API as a solution for cross border payments for their financial sector for enhancing the B2B tech.

E-voting:  Estonia has partnered with Nasdaq to make the country’s e-residence scheme which helps the shareholders to vote online through blockchain and also the shareholders can vary their identity through blockchain.
Political voting: Elections can be conducted through blockchain which avoids the tampering of data and provides absolute immutability
Smartphones with blockchain tech: Most of the mobile manufacturing companies are developing blockchain-based handset and also providing inbuilt crypto-wallets
Visa B2B Connect: Visa and IBM partnership has announced that they are making a cross-platform payment tool powered by blockchain.
Managed enterprise services: Amazon and Oracle are offering enterprise managed blockchain in hyperledger fabric protocol.
The blockchain is figured out as an optimum solution for the business sector. It is absolutely developer-friendly to integrate it with existing technology and also create it from scratch. The integration can certainly provide an immense boost in the business flow.



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