With a rapidly expanding global marketplace, consumers have seen an influx in technology-driven commerce practice like never before. Cryptocurrencies have become widely known and used in international and domestic transactions. As consumer awareness grows, so does technology that increases transparency. Cue the introduction of Blockchain, an innovation that allows product tracking from the ground up.
Facilitate Ethical Production
Many consumers are increasingly concerned about the origins of the products they purchase. They may enjoy buying high-end jewelry or specialty coffee, but not at the expense of workers in poor conditions with even poorer pay.
A Blockchain ledger for imported coffee could show the entire movement and production of the coffee from the place it’s grown, how it’s harvested, and detail the work in transporting it. This allows consumers to address concerns they have regarding work conditions and even the fuel usage in the transport of their product.
Allow Consumers Transparency and Authentication
The strategic decentralized format of blockchain allows extra confidence in the authentication of transactions. Consumers that need to know the origins and authenticity of the product they purchase are rewarded with a ledger that tracks all moves of the final product in question.
For entrepreneurs that work with raw materials or manufacturing that has to go through several sources, this secures the value of their items. When this manifest is available, trust within transactions need not be doubted.
Certain industries have historically had to grapple with issues of authenticity, namely art, gems and precious stones, and unique or collectible items.
In these cases especially, the transparency provided by the secure ledger is invaluable. Providing your customers this high level of transparency results in trust that keeps customers coming back.
Blockchain Increases Transaction Security
Cybersecurity is a paramount concern of consumers, entrepreneurs, and big businesses alike. With the proliferation of hackers and cyber attacks, online security has to perform at higher levels than ever before to prevent theft.
Blockchain has a distinct advantage over other eCommerce methods in regards to security. Transactions take slightly longer because of the process, however businesses and consumers receive several protections as a result. After transactions are completed and logged, they cannot be retroactively modified, preventing fraud.
Unique identifiers and structured positioning within the block ensure transactions aren’t misused. Doubled charges, transactions, and stored consumer information theft are a non-issue.
Because blockchain is a decentralized system there is no overseeing private entity that can modify records to their neither advantage nor profit from inaccuracies of documentation.
It Can Create Innovative Solutions
Blockchain’s utility goes beyond securing financial transactions. As a new technology, the full usage and capability of blockchain are still being explored. Entrepreneurs can look forward to an expanding use of blockchain as it becomes more widely used.
Your particular industry may benefit more from creative uses of blockchain rather than product and material origin ledgers. Blockchain has undergone testing and some initial usage in contract applications.
It’s been shown beneficial in facilitating logging and negotiating contracts. Where the traditional business contract process is lengthy and involves many parties with several back and forth negotiations, blockchain allows a more uncomplicated, more streamlined process.
Even partial contracts can be solidified allowing both parties to move forward in negotiations. The secure structure likewise allows both parties the confidence of knowing the agreements haven’t been altered in any way.
In industries where item authentication rivals financial matters for top importance, blockchain is being employed, and not as a primary financial tool. As mentioned earlier, the art industry benefits greatly from authentication ledgers provided when using Blockchain.
Every change of hands the piece goes through is documented, from the creator and all owners post creation.
This strategy can be applied to entrepreneurs and designers with audiences that have a high demand for brand authenticity. Limited sets, collections, and specialty items that often get “ripped off” by cheap manufacturers, get protection that keeps a brand’s reputation untarnished by importers.
Most businesses include options for customers to use cryptocurrency. It allows both parties fast and secure entry into international transactions. So if you use a cryptocurrency such as Ethereum, Blue Chip ICO, Bitcoin, or others you need to look into the future of its security and structure.
The blockchain is expected to be in wide use with the upcoming generation of tech users and global consumers. It’s far better to explore your options in blockchain implementation earlier to find what aspects will be applicable in your industry. It’s possible that your business could face issues with origin documentation, yet benefit from the business to business contract applications.
When you begin implementing blockchain in your business protocol, keep the proliferation of possible applications in mind. Don’t forget about the benefits to your consumer either, using blockchain establishes a relationship of trust and grows confidence in your product.
Natalie Stevens is a writer and a blogger. She loves to write just about anything such as business and finance, home improvement, and just recently she gains interest in the cryptocurrency world. In her free time, Natalie spends time with her family and friends.