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Blockchain: unexpected ways how it can change the business world

Blockchain: unexpected ways how it can change the business world

Blockchain: unexpected ways how it can change the business world
Anastasia Romanova

Author:

Anastasia Romanova

Content Manager

Category: Software
5 min read

You may be an expert or a fan of innovative technologies, know about blockchain everything or nothing, but you can’t deny how great is the impact that all this is making on the world. In this article, we’ll be talking about the universality of blockchain, its incredible ability to change industries one after another. It still finds the most unexpected way to disrupt the market even if no one thought it would.

Transparency, speed, and security of the blockchain is pushing people to its integration into the software. That is the reason why this technology is widely spreading through the world’s digital market.

 

What is blockchain?

We won’t talk about this much. To know more about blockchain in detail simply click here to read one of our articles about it. Right now we’ll barely scratch the surface of this complex technology to give you the basic understanding of how to work with it.

So, blockchain is a chain of blocks (who would’ve thought) that are connected to each other for fast and safe data transferring. This chain doesn’t have a central server, so each block is a user. The data is transmitted from one block to another without going through the central server as it works in most data transmissions we are used to. The decentralized nature of blockchain is the exact reason for such fast operation, as well as more transparent and safe transactions within the system.

Let’s look at a quick and simple example just to make it clear. Imagine that the blockchain is a road network. The vehicles (data) are moving directly from point A to point B (transmitted from block to block) without making stops on gas stations or shops (central server). If you have a business based on the transportation of goods you know that sounds like a utopia. But when it comes to human work we can barely make this happen.

In terms of technologies, though, they have no need for a gas station or food shops so any fantasy is possible with them.

However, all the benefits of blockchain are hardly fitting in one paragraph and we won’t deny it. So in the following text, you’ll see only a little part of what blockchain’s really capable of. Nonetheless, it is important information that will give you the necessary basis to understand why the world’s biggest companies acknowledge the blockchain.

 

The advantages of blockchain

The infographics below highlight the most important benefits that your business will get from blockchain implementation. You can find here a more detailed list of benefits (and feel free to contact us if you have anything more to ask!).

benefits-of-blockchain-infographics

The circle of Blockchain Benefits for your business

Now when you know the basics and understand this technology at the very least we can proceed to the next part of our article. Let’s finally talk about the most unexpected ways blockchain may and already did change the world!

 

Blockchain in Human Resources

According to Deloitte, over the past 10 years, this industry has experienced great changes moving from office to cloud and innovative solutions. Hande Genc, director of Human Resources at SAP, Turkey, says that in working with employees blockchain may be an unexpectedly great tool. Who would have thought that the technology made for financial transactions will be such a great help for human resources?

blockchain-in-hr-cloud

So, how blockchain may optimize an HR department in your company?

  • by building up a connection between the potential employee and a perfect job offer

Since blockchain is a safe network for data transferring you may keep track of your current open positions and potential candidates, as well as note all the important points and compare one’s qualifications to your company’s requirements. For example, you have a great candidate who isn’t qualified for an open position your business has right now. With blockchain, you can keep their data in the system (with their consent, of course) and text them later when a proper position for their qualifications will open. And all this may be done automatically.

Besides, with blockchain, you’ll be able to verify the information about candidates automatically! The data will be compared and analyzed inside the system and updated according to the candidate profile automatically by the data transmissions.

  • by securing the safety of the department’s data

The HR department is usually keeping a lot of personal information about employees - their address, ID-number, age, etc. The safety and transparency of blockchain may ensure the top-quality work processes with this data without any risks in a digital environment. Nonetheless, this technology may also secure the company’s private information about internal processes, potential candidates, new open positions, financial transactions, workflow and strategy changes, operation plans, and others.

 

Blockchain in Energy

You may have a hard time thinking of how all this could work well together. Energy and innovative technologies don’t seem to be too far from each other, but linking up the blockchain to the electrical power supply may need imagination.

Fortunately, we have a great example that may help you understand how all this can be easily blended up in one successful project. There is a Brooklyn Microgrid which you may have heard of if you’re based in Brooklyn, NY. They organized the system of peer-to-peer energy trading as an easier process for the citizens. This way they have provided this part of the world with more comfortable and ecological living by minimizing the megapolis energy waste.

People, based in this district, buy the solar energy from their neighbors (and sell it to other neighbors) directly. This allows them to save costs and maintain more effective trading operations. Besides, blockchain keeps track of each transaction made and stores all the information. If you’re interested in becoming a world-famous innovator, this may be a startup you should look up to.

Following the example of Brooklyn Microgrid, though, it’s easy to notice that you need to be a solemn fan of what you’re doing to make solid profits out of this.

All aside, this example shows that in any business based in any place and built in any niche, innovative technology may bring its impact by perfecting its workflow and adding a few extra points to its success.

 

Blockchain in tourism and big cities

An interesting and definitely unexpected example according to Andi Simon (the author of “On the brick”, founder and CEO of Simon Associates Management Consultants) is Dubai. Yes, the whole city, you understood it correctly.

This megapolis is going to bring to life one of the most ambitious goals ever. Dubai aims to become a first in the world blockchain-based city, and believe it or not, it makes sense! Quicker and safer processes of any information transfer, uninterrupted online transactions, and automation of every city structure’s workflow may perfect the life of any megapolis. But Dubai had gone further by already implementing this technology into their everyday life.

Hence, right now you can experience the power of blockchain tourism! :)

This technology allowed them to create a marketplace for a comfortable connection between potential tourists and hotels, as well as with tour operators directly.

So, as it is, blockchain may do a great deal interrupting any industry. Using this technology for tourism specifically may bring significant improvements in the payment system, making all the transactions safe and verified. This may help to cut the need for necessary data verifications we have in this system now since blockchain is known for its digital security and complications for hackers to alter data in the network. Hence, the client’s ID, their name, age, location, and other important data can be immediately checked once and no one will have to do it again. Maybe in a not-so-distant future, this will be the end of bureaucracy?

But now, at the very end, we have the most interesting unexpected example of the changes blockchain brings to the world. We kept it till the very end since it’s something that simply has to surprise you.

 

Blockchain in lotteries

You may doubt it, but there are blockchain-based lottery platforms in the world. A decentralized system that may provide both providers’ and players’ anonymity, as well as minimize the possibility of fraud will definitely disrupt the market with its unique advantages.

The result of each win may be stored and every authorized user may have access to these notes. To create a blockchain-based lottery you’d need a public blockchain network to keep an unlimited number of users online. All this works in the following algorithm:

 

.1 Registration

This is a participant authorization in the network. They fill out the necessary data about themself (name, age, wallet number, etc.) and become an authorized user of the blockchain net. From this moment on, they get access to information about transactions a.k.a. lottery winnings.

 

.2 Ticket Distribution

The network administrator announces the distribution of tickets and deploys smart contracts. The system notifies each participant of the network, sending the lottery rules. The process is carried out with the help of the abovementioned smart contracts, which allows keeping the data undisclosed and incomplete cybersecurity.

The lottery tickets are purchased for the cryptographic currency. That's why the identity of each participant can remain anonymous. The possibility of tracking transactions may simplify the resolution of all disputes.

 

.3 Winners Generation Process

The network generates a random number that forms the winning ticket’s number. After the player with the winning ticket receives a notification about winning, the transaction is made directly to their specified wallet number. Thanks to the publicity of all transactions and lottery rules each player can check how fair the funds are distributed anytime, as well as track each transaction to find out who won the jackpot.

Maybe this was the niche where you’d like to begin as a startuper? That’s up to you. But if this was what you were looking for - you may encounter great success by disrupting this relatively small (yet) market of blockchain-based lotteries.

Blockchain has the potential of improving every industry it disrupts. In general, this technology is capable of changing not only financial, but the whole world to the more safe, quality, and fast operation of the software.

These are not the only options for unexpected ways of changes blockchain can bring to the business world. Everything can change, from the government to the gambling industry, and in any market, you can find the use of blockchain. In fact, you can just leave a comment below, or you can email us, naming any industry and we promise to find a way of using blockchain there.

You can find more examples, or be one yourself by using the experience of other successful companies and your own creative thinking. And, most importantly, with the support of a reliable technical partner.

Frequently Asked Questions

What is blockchain?

Answer:

Blockchain is a chain of blocks that are connected to each other for fast and safe data transferring. This chain doesn’t have a central server, so each block is a user. The data is transmitted from one block to another without going through the central server as it is in most transmissions we are used to.

What are the advantages of blockchain?

Answer:

Among many others, blockchain advantages are decentralization, flexibility, security, speed, reduced costs of transactions, advanced efficiency, automated operations, and others.

How blockchain may be used in human resources?

Answer:

The blockchain in human resources may be used to build up a connection between the potential employee and a perfect job offer, and secure the safety of the department’s data.

How blockchain may be used in tourism?

Answer:

This technology allows to create a marketplace for a comfortable connection between potential tourists and hotels, as well as with tour operators directly. This technology may bring significant improvements in the payment system of tour operators, making all the transactions safe and verified.

How blockchain may be used in energy?

Answer:

Blockchain may organize the system of peer-to-peer energy trading as an easier process for the citizens. This way a more comfortable and ecological living by minimizing energy waste can be provided.