- May 31, 2021
- By Joshua Reid
- Advice , Blockchain Technology , COVID-19 , Technology
- adaptation , blockchain , blockchain network , blockchain networks , blockchain technology , company , technology
How to Utilize Blockchain Technology in Your Company
In my previous article on blockchain technology, I focused on what the future looked like for blockchain technology after the COVID-19 pandemic. But today, I want to focus on how companies are currently utilizing blockchain tech to improve their business and help bring in new clients. What strategies are companies employing to maximize the tech? Blockchain technology uses a digital ledger to keep track of a company’s physical and non-physical assets, from cars to copyright claims.
In an article for Growwire titled “The Companies Using Blockchain Now, and What Yours Can Do to Stay Ahead” Justin Biel writes that companies and other industries are experimenting with the differing levels of blockchain technology in order to figure out which one enhances the way they conduct their business. Citing J.P. Morgan’s Interbank Information Network, Biel notes that it utilizes private blockchain technology rather than public blockchain technology.
Additionally, Biel states that “Most non-enterprise and growing businesses, meanwhile, are holding off on developing blockchain projects, preferring to wait for industry-wide, standardized systems to evolve.” Although it’s expected for non-enterprise and growing businesses to hold off on utilizing blockchain technology, the question I would ask is: Why would other businesses wait for standardized systems to emerge before implementing blockchain technology?
What if standardized systems don’t evolve or emerge? Where would that leave the companies who waited to implement blockchain technology?
Citing one 2019 Deloitte survey, Biel notes that “53 percent of respondents… said blockchain had become a critical priority and 83 percent saw compelling use cases for the technology… Still, the majority of blockchain projects remain in the exploration phase. In Deloitte’s survey, only 23 percent of respondents had initiated a blockchain deployment, down from 34 percent in 2018.”
Even though 2019–and the survey–were two years ago, some businesses are still just beginning the process of utilizing blockchain technology. Others continue to abstain. What’s stopping them? The benefits of blockchain tech, particularly when broken down into the public, private and consortium levels, can not only give a company a better understanding of the tech’s applications but also alleviate some of their fears about the technology.
An April 2020 article by Kushboo Shah titled “How Blockchain Technology Can Improve the Way Companies Do Business?” states that not only has the term ‘blockchain’ become a staple in the business community, but “A number of companies are integrating blockchain-based solutions – and a number of FinTech startups are adopting this technology too.” This is important to note because blockchain technology only came about within the last decade. For such a new technology to have such a major impact shows that it has the potential to change the world of business.
Shah elaborates on how blockchain technology has been utilized by various companies by focusing on the automobile industry. He notes that automobile industry dealers, like Porsche, Ford, and BMW, are already using this technology in the blueprints of their cars. “These firms are experimenting with various aspects of an automobile – ranging from apps that can unlock car doors to patents that talk of a smoother navigational system.”
With the advancements in technology already, it’s not surprising that industries like Porsche, Ford, and BMW are capitalizing on the use of blockchain technology to keep track of their assets.
When speaking further on this topic, Shah mentions how the food industry in particular is also capitalizing on blockchain tech: “The blockchain technology is also being used in the food processing industry to authenticate claims of certain food items being ‘organic’, ‘vegan’ or ‘cruelty free’. While it is easy to print it on a can, a blockchain verification can help provide a greater degree of credibility to these products. Moreover, blockchain verification can also ensure the users that the product complies with all the government regulations.”
The ability for a company to track their assets and make sure they are being delivered to the proper place is of utmost importance. Shah, in the article, acknowledges this fact. In conjunction with the food industry and making sure the claims of certain food items are accurate, blockchain technology also allows the food industry to “help connect farmers directly to buyers so that they could get a better deal on their produce.”
How companies utilize blockchain technology will determine how a company stays connected to not only its current clients and their assets but also be able to bring in potential new clients.
Biel, Justin. “The Companies Using Blockchain Now, and What Yours Can Do to Stay Ahead.” Growwire, https://www.growwire.com/companies-using-blockchain. Accessed 30 March 2021.
Shah, Khushboo. “How Blockchain Technology Can Improve the Way Companies Do Business?” Coindoo, https://coindoo.com/how-blockchain-technology-can-improve-the-way-companies-do-business/. Accessed 30 March 2021.