If you too wish to start with blockchain within your organization, your leadership, management and employees first need to share the understanding of the technology, as this will help you get a better picture to what the blockchain can do for your particular business.
Follow these steps to implement a blockchain into your business:
The blockchain technology is constantly evolving; nevertheless, its basic use remains the same, and that is to support global businesses to be more efficient and effective. Therefore, the blockchain is best used in scenarios in which diverse stakeholders form a collaborative, simpler and transparent network to share data and transactions, which represents a key shift from the majority of systems in use today. Besides increased transparency among business partners, such systems are also beneficiary for their customers who, in addition to gaining faster, safer and more reliable digital services, also greatly benefit from newer, more affordable and flexible offerings.
In short, blockchains for business are mainly used to:
• reduce costs of trust and coordination with external parties
• unlock new business models through multi sided-markets and digital assets
• improve business network accountability and operational efficiency
• future-proof businesses against older process models
The idea of a digital identity that would allow the end user to sign up for multiple services from one point is not new, however, up to this point, security has been its biggest challenge. As a bullet-proof security system that allows us to store and manage sensitive (personal) data and as such, blockchain represents a technological backbone to develop and lunch a number of secure digital services, which are in an increasingly high demand. To help your business improve the process of identity verification, we have developed a portable identity on blockchain AceID, check it out.