When deploying blockchain technology within the enterprise, the application is focused on the purposes outlined by the Ethereum founder: to connect, secure, authenticate, and share. The underlying purpose of Ethereum is to make transactions secure, efficient and user-friendly, as evidenced by the thousands of ICOs (initial coin offerings) which have been raising large amounts of funding over the past two years. Today, these technologies are coming to business processes at a crucial point, for some of these processes have reached unprecedented levels of complexity, which can be directly attributed to increased efficiency and better quality of service.
Processes that can be simplified by blockchain technology include:
Business payments are a good example of how blockchain technologies can simplify and streamline processes within the enterprise, which greatly decreases costs and increases the quality of service. There is a reason why blockchain technology can create a paradigm shift for business payments. Because of the transparency it creates by letting everyone know what is happening, blockchain technology has the potential to radically alter business processes. Business processes that can be simplified by blockchain technology include:
Smart contracts are a concept which will ultimately transform business transactions. Unlike traditional computer-generated contracts, blockchain technology can establish the terms and conditions for businesses to make all business transactions. Furthermore, smart contracts provide for the creation of a mechanism to resolve transactions automatically in the event of a discrepancy. Smart contracts are particularly suitable for processes that involve sensitive financial information and the control of assets such as financial transactions. Business processes that can be simplified by blockchain technology include:
Smart insurance creates a seamless transition from using traditional insurance contracts with central organisations, to a new method of business transactions where policies are automatically issued through blockchain technology. Through a process that will likely be utilised to process payments between organisations, policies will be automatically paid without any human intervention. In this regard, the new blockchain insurance market provides insurance to cover unexpected risks.
In short, blockchain technology creates a system that will facilitate business transactions by having a central authority that distributes all transactions and automatically verifies the transaction validity by connecting all participants.
As blockchain technologies continue to evolve, they will improve upon their initial stages. Businesses tend to develop apps that are based on blockchain and concepts of web3 (like decentralization). This aims to remove the control of the data from a single entity and distribute it among others. They can also use special web3 api and programs sourced from coding firms to manage the customer data efficiently. This will help the applications to make business processes more efficient while providing greater security. In this regard, blockchain technology will help automate business processes and procedures, making them more flexible, safe, and beneficial for both businesses and consumers. Ultimately, blockchain technologies can simplify business processes, eliminate the human involvement and influence within business processes, and ultimately decrease the amount of human involvement.
Based on this information, it is clear that blockchain technology will have the capability to drastically change businesses across multiple industries in the years to come. Witnessed in practical application though trusted identity network platforms such as Trust Grid, it has the potential to provide an unparalleled level of security to business transactions, in exchange for a much greater responsibility on the part of businesses. Ultimately, blockchain technologies can help eliminate human bias in business processes and ultimately reduce human influence in business processes. Blockchain technologies may still have a long way to go before they can truly achieve the level of reliability that they deserve.