How You Can Use Blockchain in Your Business
You may have heard how Bitcoin was created through the use of a blockchain. If you haven’t, Bitcoin uses a blockchain to record transactions.
The intriguing part of the blockchain is how it is a public ledger, thus anyone can look at the blockchain to see the data inside of a block. This public data storage has a lot of potential in today’s digital age. Today we will talk about how your business can use the blockchain to benefit your business.
Blockchain Can be Used to Satisfy Your Customers
People today like to know where their goods are coming from. This is only exacerbated with the push to become more eco friendly. A new tool popping up, especially in grocery stores, are the ability to see where and how the item you are looking at has reached the store shelf. A consumer can scan the QR code on the label, and the code will then redirect the customer to an interactive map showing the specific farm where the food was grown, the ports that the packaged good used, and the truck used to deliver the goods. This information is incredibly valued to those who like to have a low carbon footprint. If they see a food item has travelled in a inefficient way, they may not buy that good. Blockchain can also be used by businesses who say that their goods are locally made. Essentially, blockchain is a great way to prove that the messages you promote on your goods and businesses, are in fact actually true.
You Can Use it to Improve Your Company’s Inventory
The whole process of manufacturing a good and it arriving at your warehouse is very complex. One misstep in that process, and you could face inventory issues which can hurt your revenue. With blockchain, you can lower the risk of problems in your inventory and logisitics. Here’s how it could work. When your manufactured good or food item either reaches or leaves a facility, that item is scanned and that information on the good is added to the blockchain. As mentioned before this information is easily accessible, so your warehouse employees can see this information, as well as employees at your retail locations. With this information, you can accurately see when your goods may arrive, if they may have been affected with a recall or defect, and see how all of your goods were stored. By using the blockchain, it makes inventory management and its logistics a whole lot easier.
Blockchain has already shocked the world, when it was showcased through Bitcoin, but there are still many other ways a business can use this information ledger. By being an early adopter of blockchain, you can be one step ahead of your competitors.