2018 will see a plethora of blockchain announcements and initial coin offerings (ICOs). Here’s how your business can tap into the blockchain growth without the hard-core development headaches.
If you’re old enough to remember the early days of the web (circa 1995), then all this talk of blockchain and cryptocurrencies may feel familiar. Long before the launch of Amazon (let alone Amazon Web Services) building an eCommerce site required a keen knowledge of everything from front-end coding in HTML to multiple competing back-end scripting languages.
Back in the mid-90s, today’s concepts of cloud hosting and Software as a Service (SaaS) would have been foreign. And yet, one quintessential moment of the web was the launch of the Netscape browser because suddenly there was a new player built from the ground up to support the growth of web businesses.
History Is About To Repeat Itself in Blockchain
Now, as we enter 2018, we have the benefit of history to help us better understand the explosion of exuberance. When Kodak announced it was launching a cryptocurrency for photographers, it’s stock soared 89% in less than two days.
Behind all of the investor speculation, there is a powerful shift occurring with the advancement of blockchain technology. It has the power to enable businesses to do everything more transparently and efficiently, such as eliminate background checks and fully automate legal agreements.
The trouble for most companies, however, is that they are playing catch-up in 2018 and don’t have a dedicated technical staff knowledgeable about how to implement blockchain technology within their business.
The Power and Simplicity of Blockchain As A Service
One company who has tackled the accessibility problem with blockchain is MIMIR Blockchain Solutions. “MIMIR is the world’s first Decentralized Ethereum Service Provider,” says John Licata, Chief Marketing Officer. “This is a new industry category that delivers Blockchain as a Service to those off-chain, thereby enabling countless businesses who would otherwise not be able to tap into the incredible power of the blockchain and truly bring this amazing technology to the masses.”
While most companies leveraging blockchain are focused on B2C, MIMIR is enabling businesses of all sizes to focus on the many ways this technology improves B2B companies’ service offerings. “When you stop and think about just how many industries are going to be disrupted by blockchain technology, we’re proud to be an enabler for B2B companies looking to unlock the power of the blockchain for the unique needs of their industry,” Licata says.
B2B Use Cases for Blockchain
Anywhere a public ledger and enhanced encryption is more efficient and desirable, blockchain will provide a powerful alternative to the status quo. Here are some examples to illustrate how blockchain will disrupt many current business standards.
- Identity Protection. Businesses are under constant threats from hackers looking to steal their data, especially personally identifiable customer data. With blockchain, customers control their own data with an encryption key so that the only two who have access are the business and the customer. Once fully implemented, companies leveraging blockchain to store individual customer records will become impractical targets for hackers, as the cost of the hack will be exorbitant.
- Background Checks. One of the more costly and time-consuming functions of HR departments is validating employment history. Before making an offer, companies hire third parties to validate what candidates claim on their resumes. With blockchain, once there is a public ledger validating employment history, this will no longer require third party validation. One could envision a green checkmark next to each job listed on anyone’s LinkedIn profile once that position and dates have been validated using the blockchain.
- Title Validation. Imagine never having to hire a title insurance company to validate that a property is, in fact, owned by the seller. Title insurance firms rake in $18 billion a year for a product that is arguably outdated, largely unneeded and currently protected by law. Once an encrypted public ledger is available, the real estate industry will benefit from lower closing costs.
- Supply Chain and Asset Tracking. Every business will benefit from a more transparent view of where assets are coming from. Let’s say that an airbag or other car part was recalled. Rather than creating a logistical nightmare for the auto industry, blockchain will quickly validate which cars are impacted by the recall as each part is tracked from original manufacturing all the way to installation and customer bill of sale. Ethical sourcing will likewise be easier to track and validate.
- Secure Funds Transfer. Securely moving money through wire transfers can be incredibly expensive, with fees charged on both sides of the transaction. Blockchain will likely reduce the cost of moving money around while increasing the security and protection for sender and receiver.
These are just a few of the examples where blockchain will play a significant role in the B2B space. Considering the countless inefficiencies and security risks in business today, blockchain could usher in the fastest adoption of a new technology in the history of the Internet. Thankfully, companies no longer have to be experts in the technology in order to benefit from the deployment of blockchain disruption.
