02
May

Everything About BlockChain in Business

What is a Blockchain System ?

Blockchain refers to the maintenance of records of transactions in digital form and in the form of any crypto block, via several computers that are linked on a peer to peer network. Blockchain is one of its kind systems, for recording information in a way that makes it impossible to change, hack or cheat. Hence any information put in blockchain remains there as it is and forever.

Blockchain is the system of Artificial Intelligence, which uses the input information, instructions of execution and required output and supports automation, safety and convenience of work.

Benefits of Blockchain System

Safety and Privacy-

Blockchain is a system in which, once the input is done it can not be changed and is end- to - end encrypted, it remains on the system as it is and un-altered. For accessibility of this data, permission is required making it a closed yet sharable space.Data on blockchain is across the network and not on a single system making it difficult to be hacked. Hence, it provides safety and privacy for important as well as confidential data.

Better transparency-

Blockchain lets businesses record ledger, transactions and data identically at multiple locations, all the participants on the network, having permission to access can go through this information at any given time, encouraging transparency. All the data recorded is date and time stamped, eliminating any chance of fraud and manipulation.

Improved traceability-

Blockchain records information and creates an audit of assets at every step. This feature of blockchain supports better supply chain management, and helps in resolving if questions arise about the process of transaction.

Ex- if on blockchain the information regarding a tree plantation is put, every possible person on the network with permission can use the traceability feature and get to know the minutest detail regarding the seed, plant, tree or even the fruit grown on it.

Automation

Blockchain supports automation, with “smart contracts” , which helps in improving efficiency and speed. Pre- specified information and conditions are fed, along with the instruction and resource required to support execution if the specified condition is met, transactions take place on its own, saving time and creating effectiveness.

In insurance, for example, once all the conditions for proceeding with a claim are fed, the amount of insurance is fed to the system, and the specified condition takes place for real , blockchain identifies it and proceeds to settle the insurance claim.

Increased efficiency and speed

Blockchain being an automated system, is beneficial for storing documents, information along with transaction details, eliminating the need of re-feeding of information every time, and speeds up the transaction process. Blockchain is an artificially intelligent system and requires no manpower and human input and as there is no human element, chances of mistakes are minimised and hence the efficiency is achieved.

Building a network-

Blockchain can prove be a good place for building network as accessibility and transparency features of blockchain make it a better place for building networks, as in blockchain all the authorised people who are part of the system and network can access all the information and also the risk of manipulating the information and data is eliminated.

Easiness in maintaining information-

Blockchain eases the maintenance of records and information, as information once fed cannot get lost, changed and disrupted.

This feature of blockchain makes it beneficial for industries such as Insurance - for storing the insurance contracts, for recording Medical reports, for Trade settlement data.

No middle man required-

As blockchain is automated it eliminates the need of the middle- man, due to which it has potential for execution of safe and efficient transactions including cross border transactions, confidential data, and all the work which requires secrecy.

Cost Effective-

Blockchain supports automation of work, saving a lot of cost incurred for re- working with same information and data, middle man and manpower. It requires one time input which may have a cost, once the system is ready, maintaining it comes with a cost advantage, as maintenance cost is low.

For businesses, being a part of the blockchain ecosystem for now, is cost effective as due to being novel it is yet on its way to reach its peak, hence it is easy and economical to hop on the artificial intelligence trend.It just requires a system and internet and business is good to go on a blockchain ecosystem.

Blockchain loyalty program -

Loyalty marketing ensures the long term survival of business as there are endless options available while making purchase decisions, sparking emotions in customers is vital for true growth of business because now it's about more than buying a product, now customers also think about emotional bond with the business.

If one wants to be a step ahead of its competitors and make the business unique and successful, they must implement a tailor made customer loyalty program.

66% of customers say that the chance of getting rewards affects their shopping behaviour. For the creation of loyalty, businesses can use exclusive discounts and rewards for loyal and revisiting customers. Give them special perks like a sneak peek of upcoming products before launching it to the general public, wishing them birthdays and anniversaries with rewards or discounts.

All the ecommerce platforms and chain stores use such techniques to retain their customers. For rewarding and discounting use tools which actually create value for customers not just an Illusion of rewarding as customers have become smart and they know the meaning of true value creation. In such a time, when customer’s expectations have risen and so has competition,what could be better than a cryptocurrency to reward customers.

Blockchain System for Local Businesses

Covid19 has made it mandatory for businesses to have online presence, as everything from a food store to an automobile store, is now online but majority of local businesses do not have such presence due to multiple constraints such as huge cost, lack of knowledge, complexity of model. Having an ecosystem will solve this problem of local business and give them support to fight with competition from online giants and chain stores.

In today's digital world, if one wants to win the consumer game, only an Ecosystem is not adequate, businesses need to use AI,by putting right and minimal effort with use of Artificial Intelligence they are likely to win some loyal customers for business. For business artificial Intelligence can be effectively used for customer acquisition and retention as they are the most prominent requirement of any business. To address this, an ecosystem which is based on blockchain works wonders, as blockchain based rewards can be a magnetic tool to get customers and have them on board for a longer period of time. These rewards attract customers due to the rise of interest of people in the cryptocurrency and crypto market.

Future of blockchain ecosystem

The need for a blockchain ecosystem rose due to the revolution brought in by the pandemic which resulted in widespread mobile phone usage, internet usage and online buying culture and the changes are here to stay.

Digitalisation in the business industry has given unprecedented access to make purchase from every possible place, and for this reason it is important for local business to hop on this trend and being a part of such a system makes it convenient for business to adapt and come up with revolution.

Blockchain intensifies the efforts of business to be digital as due to growing trend of cryptocurrency, it magnifies the value creation and manages to attract more customers with the same efforts

What is in store for blockchain in the future ?

Blockchain ecosystem is a tool which has the power to make business, one of a kind and make it future ready. Having online presence, networks, crypto based reward system for discounting and rewarding and social media marketing are all the tools of this ecosystem which supports local business to have competition with giants and chain stores.

This ecosystem will grow in importance as more businesses realise its potential in benefits. Blockchain ecosystem is the future for growth of local and small businesses.

Fayda Shop is a blockchain-based ecosystem which drives revenue for local stores to create their online presence by listing them, promoting and marketing their business. This helps businesses to have online presence, get increased footfall at their store, and increase their reach.

Fayda Shop also provides them with Fayda coin - a cryptocurrency for rewarding and discounting, helping local and small business to custom their own loyalty program that too based on a cryptocurrency. This concept of crypto rewards is new and provides a fair and better chance for local businesses to fight competition, sustain in the market and grow their business.