Ever fancied using Blockchain Technology in your company for a competitive advantage? No, it is not wishful thinking. While the business world is still at a pace where it is trying to understand what the whole Blockchain Technology is all about, there are some industries that are already planning a future, for some, a present that gives their company a competitive advantage with the use of Blockchain Technology. The discussion has long been focused on the advantages and disadvantages of the cryptocurrency, but there is a shift in focus now. People in business have come to understand that there is more to Blockchain Technology than just cryptocurrency and the more passionate ones are trying to explore this technology to help their company have a competitive advantage.
Why Entrepreneurs are going the Blockchain Way?
The transparent nature of Blockchain Technology is the main reason that keeps entrepreneurs coming back to it for more. The fact that this transparency comes with a mix of security based applications make the deal even more alluring. It is very possible that the decentralised platform that a Blockchain Technology has will revolutionise the business world as we know it.
Let us look at the industries that are going the Blockchain way to give their businesses a competitive advantage.
1. Real Estate:
Real Estate is one industry that moves really slowly thanks to the participation of a large number of people like buyers, sellers, agents along with the lengthy processes of escrow and processes of title.
Entrepreneurs in the Real Estate industry are increasing looking at implementing the Blockchain Technology because it can reduce the risk and increase the trust in the real estate transactions thereby making it shed its slow image.
The possibility of a home title being issued on the Ethereum Blockchain, something that has been experimented on provided with a solution to real estate’s long transaction processes.
Apart from the transaction process, the Blockchain technology can also be used to give buyers the possibility to conduct a transaction through various cryptocurrencies. There has also been a report about how all types of homes are now being placed on the real estate market for cryptocurrency rather than only for Fiat currencies. Needless to say there is an increasing number of people or buyers who are interested in a real estate that gives them the flexibility of purchase options, the benefit of a fast transaction along with an assurance of security. Given this scenario, many entrepreneurs in the real estate market are looking to go the Blockchain way.
This is one industry that is definitely trying to jump on the Blockchain Bandwagon to add a competitive advantage to their business.
The Banking industry has been very sceptical about the whole cryptocurrency and Blockchain Technology. These very banks are now looking at accommodating the Blockchain Technology in their industry. The big guys of banking namely the Barclays, J.P.MorganChase, Goldman Sachs are some of the organisations that are looking at the applications that they can make use of.
People in Banking are now opening up to discussions on Open Banking and the like. There has also been recent legislations that has forced banks to allow all third-parties access to client data via APIs.
This has brought about a new banking system where different banks, deposit /Insurance accounts, Crypto Holdings/Exchanges etc., can all be accessed by using one single interface.
There has also been the emergence of platforms like the ORCA which is a customizable open-banking platform. It connects all crypto and Fiat services. It also reverses things while aggregating only third party services, but it does not store any data. This is a first time when the banking industry has opened up to allowing consumers to combine traditional banking and cryptocurrency services.
This is another industry that is opening up to using Blockchain.
Digitally secure contracts have changed the way one looks at the vulnerability of a contract. The business world is opening up to digitally secure contracts and are looking at making it mainstream in all its spheres. This will naturally make law firms get involved with Blockchain transactions surrounding law. How legal contracts etc., are to be structured cannot be decided without the help of the legal firms.
The Enterprise Ethereum Alliance is one such organisation that has taken this thought to reality by getting law firms invested in the technology. It has also gone on to add 14 more firms as members to encourage the development and adoption of Blockchain solutions in the legal industry.
The whole idea of the firm is to function as a neutral space that explores Blockchain-based legal technology, develop standards for the smart legal agreements. It also plans to support emerging enterprise use cases and be answerable to any policy issues that is raised by the new technology.
The Blockchain Technology is here to stay and entrepreneurs who want to stay ahead of the game must make sure that they are not lagging behind. These are the main industries that are going the Blockchain way but entrepreneurs must understand that one industry taking to the Blockchain way of doing things would lead to other industries following suit. This is not because others would want to follow but because they will need to follow. The business world has industries that are interconnected. All the industries that make up the business world are affected by the changes and developments in the other. Are you an entrepreneur whose business falls in the category mentioned above? If yes, it is high time that you jump the Blockchain Bandwagon and make way for a future of Blockchain way of business. If you are an entrepreneur who has not been yet affected by the Blockchain Technology take a close look. Is your business related even remotely to any of these industries? If yes, then you must make your business Blockchain friendly. The world is learning the language of Blockchain Technology. Entrepreneurs who want to thrive in the future must empower their business with the power of Blockchain.