Blockchain may have gained enormous momentum on the marketplace but the terminology is still confusing to people. They still see Blockchain as synonymous with bitcoin and use the terms frequently interchangeably. As a result, they think about the extent of cryptocurrencies whenever they think about what Blockchain signifies for business.
There’s no reason to miss out on the big business opportunities the technology will offer you, simply because you’re living under a rock. Today, in this post, we’ll explore the various ways Blockchain can make a big difference in your business processes.
Challenges Traditional Business Model Is Facing
Autonomy – Every method acts as silos within the conventional business model. Individuals who belong to one process are unfamiliar with the knowledge gathered, processed, and hired by those who belong to another process. This autonomous nature of enterprise processing results in less openness and trustworthiness among all.
Time-Taking Processes – All processes operate as independent entities within a business operation. For this purpose, teams often end up looking, capturing, and reviewing the same data to make decisions. Also, the teams have to rely on multiple third-party intermediaries for their business processes to work properly, which in effect makes processes time-consuming and complicated. It is again one of the technology’s market issues overcome.
Payment Barriers – Another challenge mitigated by the advent of Blockchain business models is that of the barriers to payments. Due to the availability of different currencies across the globe and the involvement of multiple parties in the processes, transferring payments often ends up being more complex, time-consuming, and costlier.
Payment Barriers – The traditional business ecosystem – data and stakeholders – is not prepared for the far-smart and ever-growing world of hacking. This means information can only reach a few steps behind the leak and hack.
Higher Cost – All of the processes are performed manually in the traditional business model. Also, different third parties are involved in each process, which not only demands an additional amount of money and time but also heavily charges for their services. All in all, this leads to a stagnant increase in the costs associated with a particular task.
Ways Blockchain Enhances the Existing Business Model