Most of you might have already heard about blockchain multiple times through various mediums. It is the primary technology behind cryptocurrencies, metaverse, DApps, and NFTs. Unfortunately, most businesses are skeptical about integrating blockchain-related technologies into their processes because they are unaware of its true definition, applications, and potential.
For starters, blockchain is a safe and decentralized method of tracking transactions and data transfers. Its network is based on a large ledger of transactions maintained anonymously by various decentralized sources. No central authority, like a government or bank, manages or controls this network. Hence, blockchain transactions are secure and irreversible once verified.
In this post, we’ll discuss the applications of blockchain for businesses and why you need to hire blockchain developer to create cutting-edge blockchain-backed digital products:
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Blockchain Applications for Business
Here are some practical applications of blockchain-back technologies for businesses:
1. Supply-Chain Management
Do you get frustrated by sloppy supply chain management and tracking applications? Companies want a seamless supply chain management system to ensure better productivity and sales. Integrating blockchain in supply chain processes can help business executives have more visibility into the processes. With blockchain, you’ll be able to track the status of materials and goods within the organization and keep track of shipments, payments, and inventory. With such accurate tracking, companies can also spot inefficiencies in their processes and implement effective changes immediately.
2. Voting
Most critical business decisions in companies are taken through the consensus of the board of directors or stakeholders. Hence, to ensure that the voting is organized fairly, accurately, and securely, companies can use blockchain in the voting process. This will improve the validity of the voting results. It can also be used by governments, as this is one of the safest and fairest ways of consensus-building within communities. The credibility of elections and consensus-building processes will only improve with blockchain-related technologies.
3. Securities and Commodities
Blockchain can enhance the efficiency of the stock exchanges’ securities or commodities trading procedures. Rapid securities and commodities trading procedures improve trust between stakeholders, executives, and traders. Thanks to the distributed nature of this technology, trading processes that used to take several days to process will get affirmed and finalized within a few hours or minutes. Also, the validation of such trades will happen automatically.
4. Quality Assurance (QA)
Before rolling out software, the quality assurance (QA) team is responsible for running various tests and assessing its stability, functionality, features, design, user experience, and security. However, manual QA procedures are pretty time-consuming. When there’s an error on the end of the QA engineer or tester, the company suffers from a lot of losses and can face various issues in the supply chain. Hence, creating a blockchain-based automated QA system can be the perfect solution to this problem. You can create a system where blockchain immediately identifies issues with the help of its cognitive and definitive ledgers. It’ll directly suggest recalling the product. Such a system can also automatically create test plans and reports to make the QA procedure more seamless.
5. Smart Contracts
Companies frequently deal with large transactions. However, handling them can be pretty challenging and time-consuming. These transactions also run across supply chains quite often. Hence, companies can use blockchain-based smart contracts to make critical transactions quicker and hassle-free. They can not only help companies handle large transactions efficiently but can also be used for integrating services across various businesses without disclosing proprietary or confidential information.
6. Transactions
Reimbursements and transactions are the most common applications of blockchain. Due to its robust and secure infrastructure, transactions are not only safe and decentralized on a blockchain network, but they are also lightning fast. While cryptocurrencies might be suffering from a dip in value lately, there’s no denying that blockchain-baked currencies and transaction systems are the future. Moreover, most cryptocurrencies are decentralized, which means that the currency will be free from monopoly, and no organization or entity will be able to track or control transactions and determine the value of every unit or coin.
How to Hire Blockchain Developer Online?
You can definitely consider hiring an in-house blockchain development team if you have the budget. However, you should remember that there aren’t many skilled blockchain developers on the market. Hence, if you want to hire them and build a team, you’ll have to spend at least a million dollars on annual wages. This can inflate your project budget significantly and might force you to cut costs in many other critical processes.
On the other hand, startups and small-scale companies that don’t have enough capital or funds at their disposal opt for the services of freelance blockchain developers. This is a precarious decision because most individuals offering their services on platforms like Fiverr, Upwork, and Freelancer don’t have enough expertise in developing reliable and feature-rich blockchain applications and software. Whether you’re running a large enterprise or a small company, you can’t afford to compromise on the quality of your digital assets, as your business processes depend on it.
Instead of building an in-house team or hiring freelance developers, you should hire blockchain developers from one of the world’s most reputable and fastest-growing IT firms. Here, a massive team of blockchain experts will work on your project and create a brilliant blockchain-based app or software for your business based on your requirements.
