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How Can Blockchain Technology Boost Your Business Operations?

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What is the first thing that comes to people’s minds when they talk about “blockchain” and its amazing potential? Usually “bitcoin” or “cryptocurrency.”

However, as talked about at various tech events in the U.S., it is so much more than that. If harnessed properly, it can bring speed and efficiency to your daily business operations and also enhance customer retention in the long run. In this blog, we will highlight how new blockchain technologies can prove to be beneficial for your business:

Improved supply chain

Blockchain can be the key to enhanced supply chain management as well as bring more transparency and accountability to your daily processes. With its help, businesses can maintain comprehensive records of a particular product, from its manufacturing right to it being hauled into trucks for transport. Inventory management, too, becomes a breeze when businesses adopt blockchain technologies. Because its distributed ledger allows for quicker and more accurate data entry, it can facilitate better communication between teams and also reduces the chances of human errors which are known to occur with manual data entry.

Smart contracts

For sales teams, ensuring the renewal of contracts with multiple clients before their expiration dates can prove to be a race against time. This has been made even more complicated by the pandemic as salespeople have been unable to meet clients in person. Thankfully, with the help of new and promising blockchain technologies, one can easily digitize agreements and manage them by banking upon standard coding protocols. With its help, they can easily keep track of each agreement and be alerted when they are in for renewals. What is exceptional about blockchain tech is that it can also be used to execute specific terms of a contract at predetermined stages. And of course, all of this can be monitored by those included in the network.

Improved quality assurance

To adhere to local and state regulations and to keep track of financial transactions, having proper and comprehensive records of dealings with suppliers, customers, and vendors is an absolute necessity. As mentioned earlier, blockchain makes the maintenance of records easier and more convenient and this can prove to be extremely useful during financial audits by internal and external parties. Given that records of each process and task can also be maintained, businesses can quickly identify problems in their daily operations and bring forth solutions. In addition to this, it also adds efficiency to accounting processes. With new automation tools that come with blockchain technology, accountants can automate several tasks while they focus on ensuring that the company adheres to the strictest regulatory requirements.

The future of blockchain technology looks promising and it will definitely play a huge role in how we conduct business in the very near future. To know what’s new in the world of blockchain, make sure that you register for upcoming technology conferences such as the Internet 2.0 Conference! With many blockchain experts attending the technology event and sessions that include discussions around the subject, you will walk away with new insights and information!

pragya

Pragya Kandpal is a member of the Internet 2.0 Conference’s organizing team. The conference, which will take place in 2022, will bring together some of the most influential tech experts and leaders to shine a light on technological breakthroughs, scam and fraud prevention on the internet, and the latest happenings in the realms of artificial intelligence, robotics, 3D printing and augmented reality.