It was way back in 2016 that I wrote one of my very first blog pieces about blockchain. Back then, we were all still trying to figure out what the hell blockchain even was. (Let’s be real — some of us are still trying to figure it out.)
But today, blockchain is no longer a pie-in-the-sky idea skating on the Bitcoin and cryptocurrency bandwagon. For many, it’s a must-have tool to keep their businesses flowing. In fact, a recent Deloitte report spoke with more than 1,300 senior executives from around the world, and 53% said blockchain is a critical priority for their businesses.
So, without further ado…
Here are some of the best use cases for blockchain in 2020 that I was able to find:
Supply Chain Management
This article suggests that one of the biggest use cases for blockchain in 2020 will be supply chain management. And, it makes some good points — citing that one of the biggest problems companies face when managing their supply chain is transparency. It reads, “Blockchains allows multiple parties to access a database to act as a single source of truth.”
This, according to the article, not only allows for greater transparency, but it can help stop counterfeits and theft, can improve compliance, and can reduce paperwork and lessen costs.
Finance and Banking Applications
Both finance and banking applications have been an obvious choice for blockchain since its debut. But, as many suggest, 2020 will be the year that these industries really embrace and adapt to the technology. In fact, a recent PWC report finds that 77% of financial institutions are expected to adopt blockchain technology as part of an in-production system or process by 2020.
This particular article takes this idea a bit further stating, “Blockchain technology will allow banks to reduce excessive bureaucracy, conduct faster transactions at lower costs, and improve its secrecy.” It goes on to predict that “the banking industry will derive 1 billion dollars of business value from the use of blockchain-based cryptocurrencies by 2020.
Better Business, in General
All in all, these are just two of the more specific use cases for 2020 — but the general applications in the business world are too numerous for this article. Unlike anything we’ve seen in our lifetime — with the exception of the Internet, maybe — blockchain has effectively reduced the costs of communication and coordination with external parties. Now, data can be seamlessly transmitted with those outside of our immediate workplace to gain valuable insights, streamline processes, improve communication, and more.
What’s more, blockchain has improved our internal operational efficiency and has future-proofed many businesses (and industries) against antiquated processes.
Your Blockchain Experience
What’s your blockchain experience? How is your company currently using it — if at all? And, how do you think it will play a part in your industry or business in the near future? I’d love to hear from you over on my LinkedIn page where I’m connecting with business and real estate leaders from around the globe.