How do you drive competitiveness with blockchain?

Businesses of all kinds are starting to see blockchain technology for what it really is, a tool that can be used to drive efficiency, competitiveness and transformation compared to just looking at the speculative price of various tokens.

How can blockchain be used to increase the competitiveness of an organization? That’s what we’re going to look at in this post.

Efficiency and productivity

If you’ve watched the recent The Bitcoin Masterclasses, you may already know how scalable blockchain technology can improve efficiency and increase productivity.

To give a concrete example, let’s imagine a Fortune 500 organization and its business processes. How much time and labor is spent on administrative tasks that can be automated using blockchain? Hundreds or even thousands of hours per quarter are spent on invoicing, data entry, updating records, bookkeeping and more.

This can be automated with time-stamped records that keep track of everything on scalable blockchains. For example, when invoices come in and are paid, an organization’s wallet balance and relevant records can be updated on the spot, providing unprecedented real-time insight into the business’s position and reducing the costs associated with manually maintaining these records.

What happens to all the people whose jobs depend on this paperwork? Some will find work elsewhere, and others will turn their minds to productive, income-generating tasks, increasing their bottom line rather than detracting from it.

Compliance and risk management

It’s no secret that we live in a computer-driven world. Almost all organizations have to deal with records of one kind or another, and there are a growing number of regulations and requirements to comply with.

Storing data involves risk, but it is unavoidable in the modern world. What if this risk could be eliminated or at least drastically reduced by keeping hashed data on a time-stamped immutable ledger that makes it impossible to lose records and that makes it immediately known who has access to them and when?

Blockchain can not only help with the problem of losing records and store them securely; it can also help with the ever-present danger of hacking. Hackers can only do what they do by breaking into centrally stored data silos, but these can be distributed on the blockchain so there is nothing to hack.

To give another concrete example to drive this point home, imagine an iGaming organization such as a sports betting operator. Thanks to blockchain, it is for the first time possible to prove with absolute certainty to regulators that appropriate measures were taken to reach out to potential problem players, for example by eliminating the risk of fines, reputational damage and potential license revocation.

In a blockchain-powered world, there is simply no need to take risks with data. Blockchain technology offers the solution all businesses have been waiting for.

New revenue streams and models

The time-tested business models are well established now; pay to play a game, subscribe to a newspaper or digital magazine, or read an article for free in exchange for your personal data and a barrage of annoying ads that assault your eyes at every turn.

Because of scalable blockchain and the digital currencies that run on them, it is possible for forward-thinking organizations to offer new ways to pay customers and build new business models around the concept of micropayments.

For example, instead of offering visitors to a news site the opportunity to subscribe for $100 a year, to which a small percentage will ever respond positively, it is possible to offer them access to an article for a few pennies of Bitcoin or a tokenized fiat currency. This innovative payment option requires much less commitment and does not require credit cards or bank accounts, and can bring in new customers worldwide.

Furthermore, blockchain-powered rights management software can give organizations a competitive edge when attracting talent. Smaller organizations without the mega-money of big firms like Disney (NASDAQ: DIS ) or Netflix can offer artists equity in their own creations, guaranteeing them a steady stream of micropayments every time the image, video or audio they collaborate on is paid for.

Micro- and nano-payments are arguably the biggest and most important thing to come out of the blockchain industry. Those who see the bigger picture of how they will play an important role in the future of commerce can move quickly to take advantage of the opportunity they present.

Cost reductions and savings

We’ve already touched the surface of how blockchain technology can save organizations time and money by looking at how it can automate many administrative tasks and reduce compliance risks above.

However, this is just the beginning of how blockchain can transform organizations into revenue-generating machines with dramatically reduced costs.

Consider the following: blockchain can enable businesses to track and trace every step of a supply chain, knowing exactly where their materials are sourced, where they are, and who has or had custody of them every step of the way. It can reduce the need for paper copies of anything, with every invoice, balance sheet and cash flow projection generated by software that pulls records from verifiably true data. It makes it possible to tokenize inventory so that a real-time overview of stock and supplies down to the level of a single item can be obtained at a glance.

Indeed, even those of us who live and breathe blockchain technology cannot imagine the many different ways it can reduce costs and provide savings. What we can be sure of is that experts in all industries will find out how it can increase the bottom line by reducing fixed costs and expenses.

As the old saying goes, a penny saved is a penny earned. Blockchain can help identify where costs accumulate and solutions can be built to reduce them.

Improved security and reputation

We’ve already touched on how massively scalable utility blockchains can reduce the risks associated with collecting and storing data in a world where hackers and cybercriminals see databases as a way to make a lot of money.

However, customer data processing is not the only risk that scalable blockchains can help with. Businesses must also address the growing risk of cyber-attacks, such as network intrusions that can lead to the theft of intellectual property, loss of funds or leakage of company or government secrets.

Tools like Sentinel Node are built on the BSV blockchain to mitigate these risks, dramatically reducing the time it takes to detect a network penetration and allowing network administrators to act quickly to contain breaches and threats.

Improving the network integrity of any organization, whether a commercial enterprise or a government agency, brings many rewards. The reputational damage caused by breaches can be avoided, and so can the fines associated with them. Apart from avoiding reputational damage, an organization’s reputation can be greatly enhanced by being known as one that either does not fall victim to cyber-attacks or detects and deals with them extremely quickly and professionally when they do occur.

Join us at the London Blockchain Conference for more ideas

If you find these ideas about how scalable blockchains can drive competitiveness, or if you have more ideas to add, please join us at the London Blockchain Conference between 31 May and 2 June 2023.

Far from being a BSV conference, we are interested in hearing from anyone and everyone with legitimate ideas or applications that use utility blockchains.

While we will not allow the promotion of unregistered securities at the conference, we invite and encourage debate, discourse and discussion about how massively scalable public blockchains can change the world.

Get your free tickets today for a vending machine, a booth, or just to mingle with like-minded blockchain enthusiasts!

Watch: London Blockchain Conference 2023 Brings Government Business into the Blockchain

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