How businesses can incorporate blockchain into their everyday activities

The introduction of blockchain technology has made revolutionary changes to finance sectors across the world -- most commonly through the use of cryptocurrency. Now however the platform is increasingly finding new uses by businesses to help enhance and customize the services they are already offering. Those businesses that have already begun to incorporate blockchain into their day-to-day are creating new opportunities for both themselves and the end customer.

Most people will be familiar with blockchain for its use in cryptocurrency as a secure transaction system. By using a blockchain-based platform, businesses can process crypto payments locally or across borders payments as well as making micro-payments, and add expanded options for customers to suit a greater variety of needs. Blockchain also digitally records all processes, which can make supply chain and return/refund processes more streamlined, with payments and refunds being made automatically.

Consumer privacy

Data protection has become a major issue for many different sectors of business over the past few years. When a business is hit by a data breach, customer’s data is put at risk and the company’s public brand perception often takes a hit. When consumers give out their personal data to a business that they interact with, the business generally then stores the information within its own database -- but this means a number of potential points of failure can appear. Blockchain-based tech means sensitive information can be stored in a decentralized, un-hackable folder that limits access only to those with full authorization.

Loyalty Rewards

All too often, businesses and consumers forget about the loyalty rewards that have accumulated on their accounts over months and years -- however blockchain based crypto rewards allow businesses to offer digital tokens, giving customers with something that they are able to use, invest or spend elsewhere. Businesses and customers are likely to pay a return visit to you if they know their digital wallet will grow as a result. Cryptocurrency-based loyalty programs also allow businesses to capture the attention of a new generation of tech-focused businesses and customers who are looking for alternative ways to increase their digital portfolios.

Supply chain visibility

People have recently become more ethical in their business decisions, often wanting to know the origins of products and material and any impact they may have on the environment. It is therefore now more important than ever to provide greater visibility into the supply chain process, but this is not something that traditional supply chain methods are able to do easily.

By nature, blockchain cannot be altered and keeps an accessible record -- this means a more complete view of every step in the supply chain process is available, allowing businesses and customers to track goods between each link in the chain.

So for example, a food-based business using a Blockchain-based system could tell you exactly where the products you have ordered were produced and by who, as well as providing information about each individual ingredient in order to prove any Fairtrade or organic credentials. Greater point-to-point visibility can help enhance a business’s relationship with their end customer, as well as improving and ensuring the brand’s authenticity as the risk of counterfeit goods such as luxury items, cosmetic products and antiques getting into the system is greatly reduced.

Photo Credit: dencg/Shutterstock

Dewber founder and CEO Raj Agrawal has over 20 years experience in business, technology, senior management experience in operations, IT security, marketing and finance within fortune 50 companies like Deutsche Bank, Prudential (Vitality), Visa Europe and Deloitte UK. Dewber is a tech start-up which uses blockchain to bring innovation to the loyalty economy with the ability to run global rewards and crypto points schemes. Dewber offers a digital mobile experience, customer engagement, cross channel redemption capabilities and strictly does not perform any data mining by collecting or analyzing customer purchase history for marketing or cross product promotion. For more information, please visit www.dewber.com &  www.dewber.io