Surprisingly, a number of cryptocurrencies have suddenly emerged as digital age superheroes, assertively thrusting themselves to the forefront of any debate on modern money. However, after meeting with some of the best experts in B2B and customer-facing businesses, it’s evident that the challenger known as “blockchain” may wind up outperforming the buzz with a more logical and practical approach to industry disruption — forget about life change.
Blockchain technology has the potential to transform all of that by solidifying data and redistributing it to those who truly own it, mainly the user. However, according to Shawn Wilkinson, Founder and CSO of Storj Labs, a leading authority on decentralized cloud storage, there are still plenty of “cynics in the market who don’t grasp that blockchain is more than simply bitcoin.” And, for the technology to be widely adopted by businesses and mainstream customers alike, education must come first.
Because blockchain can securely and transparently record information, it has the potential to enhance a wide range of industrial processes, including financial transactions and health data. It is a public, decentralized ledger, which implies that all of its data is controlled by the interconnected network and the users themselves. As a result, many fintech and innovation experts believe it has far greater disruptive potential than the cryptos it was built to enable.
The Innovation Trigger for blockchain-based lead generation has been met. According to Gartner, Inc., the technology enables sales companies to supply customers with the most up-to-date and high-quality leads through exchanging personal and/or corporate information through crowdsourcing data gathering methods. Furthermore, blockchain enables data monetisation for income generation while still guaranteeing privacy.
It may function as a virtual bank for B2B enterprises, transferring money, receiving deposits, executing transactions, and more. This is in contrast to internet banking, where your company is subject to regulation, surveillance, business hours, and other constraints.
Using blockchain for business
The world’s largest corporations are rushing to capitalize on blockchain since it is evident that technology has several uses for internet enterprises of all sorts.
1. Data security
Every few months, it seems like a tech behemoth suffers a terrifying data breach, exposing sensitive client data to cyber-criminals. What may come as a surprise is that blockchain is distributed throughout a network makes data more secure, not less.
Blockchain encryption uses the technology’s immensely intricate algorithms in the following way: data is safeguarded by the blockchain, and only a unique and complex key allows access. In contrast to systems that use passwords saved on computers, blockchain technology provides a new level of rigorous security.
2. Cloud storage costs
There’s another reason why businesses are shifting away from centralized cloud storage services like Amazon’s (yet another victim of a data breach). That is the most important reason, and it is also the most expensive.
A centralized provider will keep your data on its servers. A decentralized cloud storage provider, on the other hand, leases critical network space. This increases security for the reasons stated above, but it also has the potential to reduce storage costs.
3. Targeted marketing
Marketers may use blockchain technology to target specific groups of customers and only display advertising if the customer has explicitly opted into receiving commercials. This is highly beneficial to marketers since it raises conversion rates while lowering ad waste.
4. Improved SEO
Businesses will be able to build up promotional activities using blockchain technology to attract traffic back to their pages in the same way they do now, but with the extra benefit of ensuring the validity of inbound SEO traffic.
Brands will indeed be responsible for tracking individual customer behaviour across their website and communicating with customers based on their activity – especially if their online activity is a favourable indication.
5. Data authenticity
Just the same as blockchain’s unique nature guarantees to protect data from theft, it may also protect data from manipulation or fraud.
In summary, because of its structure, a blockchain grows stronger with time. This increases the security of data against forgery or fraud, which might provide an early-adopting organization with an edge.
Blockchain is gaining momentum.
The audience may be perplexed by this technology. Most individuals had never heard of it until Bitcoin caught everyone’s attention. Virtual money and cryptocurrency are far from commonplace concepts, but that is evolving quickly.
A closer examination of blockchain and distributed ledger technology demonstrates the profound impact it has had on big banks, Big Data, social media platforms, browser behemoths, and eCommerce heavyweights. IBM is already employing blockchain in its corporate cloud services television advertising.
The tools and language will be well-known to the next generation of suppliers and customers. They will be accustomed to the transactions, and anything other than blockchain will appear outdated, hazardous, and exorbitantly costly.
What to do next
Blockchain is still in its early stages of adoption, but it will almost certainly play a significant role in the online economy of the future. It should be on your radar since your opponent will be researching blockchain technology as well.
Blockchain is still a relatively new and odd idea for many businesses. Has your company begun to investigate the world of blockchain for your B2B business? Please share your thoughts get in touch – contact@manditsolutions.com