Blockchain has left a profound impact on the business world. The technology has created an environment where both startups and established companies can explore better opportunities and reap higher profits. Where they can mitigate the traditional business challenges in an efficient and effective way and make a difference in the economy.
This has encouraged entrepreneurs and developers to learn the basics of blockchain and step into the industry, just like we did.
[In case you want to know about our blockchain journey, check this blog – Let’s Rewind: How We Started Our Journey in Blockchain Domain]
While many of them have succeeded in understanding and employing the potential of blockchain beyond cryptocurrencies such as in the form of higher security, reduced time and cost, robust scalability, and better cross-border transactions, there are others who are looking into expanding the blockchain business opportunities. One such opportunity is the role of blockchain for business communication.
Assuming you to be a budding entrepreneur or someone wondering what ways blockchain improves business communication, we will be focusing entirely on how blockchain is revolutionizing business communication networks in this article.
To begin with, let’s have a look at some of the challenges businesses face in terms of communication.
3 Business Communication Challenges that Companies Face
1. Distributed Employee Base
Nowadays, most of the companies (both SMEs and MNCs) are empowering their employees to work remotely. They are offering them a Work-from-Home facility, which is undeniably proving to be an effective way to cut down the overhead cost.
However, it is coming with a negative impact too. Making the whole team available to discuss something at a particular time is becoming a challenge. It is acting as a barrier in communication, especially when the employees belong to different time zones.
This is the foremost issue that the technology tackles with and adds under the label of blockchain business opportunities.
2. Inability to Track Business Communications
Just like interacting with employees internally, businesses also have to communicate with customers, investors, suppliers, and partners as well. This is making it imperative for them to keep a real-time track of all the interactions both internally and externally and maintain a balance between them. Something that can turn into havoc if a voicemail is missed out or an email is misinterpreted.
3. Reimbursement for probable communication concerns
Many times, business people realize that there’s a lack of communication between them and their employees. To compensate for the same, they schedule a meeting or call them for a quick discussion immediately.
Now, they might see such activities as a way to communicate effectively, team members consider them as micromanagement. They feel such meetings are nothing less than a waste of time; a barrier to get their work done on time. This makes the situation even worse.
Blockchain business applications, herein, streamline the communication and makes you free from the guilt of communication gaps in an optimal manner.
While we have taken a glance at the business communication challenges prevailing in the market, let’s dive deeper and see how collaborating with a blockchain app development company brings an impact on business communication.
Blockchain Characteristics and Use Cases that are Enhancing Business Communication
Traditionally, all the information is stored in local computers and devices monitored by single entities. If any of those devices shut down or employees goes unavailable, it becomes difficult to access or restore the information in real time. This is one of the core use cases of blockchain in the enterprise world.
The technology comes up as a distributed ledger database for business, which implies a single database where all the information is stored in blocks. The data is not controlled by any single node, which makes it possible for other nodes to process the information even when a single node is going down.
In the blockchain system, all the information is stored and made accessible publicly. Everyone can view the information and even makes changes to ensure no false data is employed. However, all the processing is governed by blockchain consensus algorithms, which means that no one can make changes without the consent of other participants. Furthermore, every single action is recorded in the nodes.
This way, blockchain ensures traceability in the business communications and encourages support for better business relationships. Something that counts under the ways using blockchain for business communication is effective.
When discussing the importance of blockchain for business, the technology also adds the power of transparency into the business processes.
Blockchain is immutable in nature which means the content stored in the system cannot be added, altered, or removed anonymously. This improves accountability and trust between the business partners; making it possible for one to monitor everything in real-time. Evidence of which is the role of this distributed ledger technology for business establishment in healthcare, retail, supply chain, and government.
4. Data Privacy
When talking about the application of blockchain for data privacy, especially the permissioned ones, the content is open, encrypted, and publicly accessible. However, only users approved by the owner/manager of the node can access the data.
This aids businesses to offer flexibility and transparency to approved users, alongside ensuring the protection of data from those outside the ecosystem. All by considering the best blockchain app development guides.
5. Data Security
With the rising data breach cases and hacking of communication across Zoom and other such platforms, it has become even more important for businesses to ensure data security.
Here again, the consideration of blockchain for business-communication networks is becoming evident.
The technology creates an environment that deploys cryptographic techniques, Merkle trees, and hash keys which makes it difficult for one to steal or revise the data of the company. This way, it ensures that the data is stored and managed securely.
6. Smart Contracts
Smart contracts is also one of the prominent ways of considering blockchain for business communication transformation.
Being a self-automated contract, Smart contracts are programmed such that the actions are taken on their own when the associated terms of agreement are fulfilled or not. This not solely reduces the need for intermediaries but also makes the transactions cost-effective, time-efficient, and trustable.
Now as you know what blockchain for business-communication networks means, it is likely that you are ready to look ahead to how to implement it in business. So, hire the right blockchain app developers immediately and harness the power of blockchain for business communication improvements.