From dating sites to education, blockchain has found its way into almost every industry and it’s only a matter of time until every company realises how this technology can improve their revenue without having to change their business model
Blockchain technology has the potential to fundamentally change the way the world does business. But while people hear plenty of buzz about it, they still haven’t seen the distributed ledger system offer very much real-world benefit to enterprises.
Analysts discuss about blockchain in terms of its many possible applications. But there is little discussion so far about this technology helping companies increase revenue, acquire more customers or boost the bottom line.
Why is this?
The reason is that, for all its promise, blockchain remains disconnected from the real world. Business leaders know that a distributed ledger will make online transactions more secure, but they haven’t seen firsthand yet how this will benefit their business.
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This will change soon. Executives across different industries will see they can boost revenue using this technology. Blockchain will offer enterprises far better access to the most valuable commodity in the business world today: data.
Businesses run on data
Businesses want to get to know their customers, and they want a pipeline for acquiring new customers. For this reason, they pay companies like Amazon and Facebook for information on users. This data, which includes buying patterns, personal tastes and a wealth of other information, is immensely valuable.
Businesses have grown used to spending a certain amount of money to acquire a certain amount of data, and they buy this data only from trusted sources. This is how Amazon, Facebook, Google and others have formed a sort of data oligopoly. They are the trusted sources for business data.
Businesses would love to buy and sell data directly to one another and cut out the middle man. This would have an immediate effect on the bottom line for a range of different companies across various industries.
Source/More: How businesses can use blockchain to boost revenue