The blockchain technology is not only viable in cryptocurrency but also in almost every other sector out there. The blockchain technology has great potential in the business sector as the technology can implement fast and secure P2P transactions that can benefit both business owners and their customers.
To give you a better perspective on the same, below are some of the ways by which businesses and customers can benefit from the current implementation of the blockchain technology.
Top Ways Blockchain Technology Can Benefit Businesses and Customers
Avoid Extra Fees on Payments
Transaction fee and middlemen charges that are charged by banks and other platforms on transactions can be completely avoided by making use of blockchain technology. This is made possible as all blockchain transactions are done between the two ends without a middleman and the data are sequentially chained one after the other.
Removing additional costs on transactions can make a very huge impact on many business sectors. For example, Roomdao.io is a great platform that promotes cheaper hotels and other tourist-oriented businesses. As the platform is backed by blockchain technology, it is able to remove additional fees on transactions and hence provide about 23 percent cheaper rates to customers than competing platforms that do not make use of blockchain. Also, as the transaction is done directly between the business and the customer, the business owner gets the entire transaction amount without any deductions.
Secure and 100% Refundable Transactions
Every blockchain transaction has to be mutually agreed by both parties before being recorded. Once recorded, each individual transaction data can never be altered and are stored as multiple copies in different systems. All these features make sure that only secure and valid transactions are entered and stored.
As only validated transactions are entered in the public ledger, businesses do not have to validate transactions again while auditing. Moreover, in case of any cancellations, customers can easily get 100% refund of their amount as all the transaction data are well preserved.
Better Opportunities for Small Businesses
Small businesses with a low marketing budget can really find better opportunities by implementing blockchain technology. As all blockchain transactions are public for anyone to see, people can easily assess the worthiness of small businesses by checking out the customer interaction with the business. Also, customers can make sure if a product or service is fake by checking the certification of the product which will be available in the blockchain data of the product.
Small businesses that offer products or services that completely satisfy customers can display their previous customer satisfaction history in order to impress and gain new customers easily.
Transparency About the Product
Today customers are interested to know about the quality in the manufacturing of products that they buy as much as the quality of the final product itself. The blockchain technology will help manufacturers in maintaining a proper ledger of all the materials along with their sources and the procedures involved in creating the final product.
This way, manufacturers or sellers can gain the trust of the customers and customers also can be assured about the quality in manufacturing of the product. Moreover, maintaining such a blockchain-based ledger will make it easier for manufacturers to gain certifications as all data will be linked together and readily available without having to maintain multiple records.
Even though the blockchain technology is slowly becoming a part of every sector and industry out there, we are still in the discovery phase of this technology. In the years to come as we explore more about the potential of blockchain technology, we can surely expect to see more benefits of implementing blockchain technology.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.