In the present highly competitive market scenario, the majority of the business firms are trying out every possible method to reduce down the business costs involved in running an enterprise. And also, it’s very much necessary to run the business with higher profits and success. As a business entrepreneur, everyone should be aware of the latest technologies, which yields much better results than the traditional methods followed. Blockchain technology has stepped out of the world of digital currencies and moved to areas which no one could have ever imagined about a few years ago. It is one of the real examples that indicate the true potential of the Blockchain technology. "Also read the blog on 5 blockchain Applications for Small Business" Moreover, Blockchain has provided huge benefits to business enterprises. They include a reduction in prices, efficiency improvement, and more. Incorporating the blockchain technology into your plans help you in the following ways. 1. Reduce your overhead costs One of the major advantages of implementing Blockchain technology into your business is a quick reduction in the overhead costs. A lot of the leading companies across the world have clearly mentioned it out that they have reduced the overhead costs by a huge margin by implementing Blockchain technology. For example, one of the largest petroleum and natural gas companies in the world, Saudi Aramco has said in their reports that they have saved almost 10% of the overhead costs. This 10% is a really huge amount when compared with their total revenue. And this is a clear indication that deploying a Blockchain system in your business enterprise can reduce your overall business costs. It would be really profitable if you are conducting the transactions in cryptocurrencies, by reducing the transaction costs to a huge extent. Since the transactions involving cryptocurrencies require no third parties for verification, the merchant processing fees will also very less compared to the traditional methods. You can easily set up your cryptocurrency using Blockchain technology. There are even some blockchains that do with literally no fees at all. A perfect example of this is the Skycoin (SKY), a Blockchain platform which runs on a completely new type of agreement, called Obelisk. Obelisk would be a perfect example of a platform built on the theory of “Web-Of-Trust”. The Blockchain here makes use of something which is called “Coin Hours” to pay instead of the transaction amounts involved. The ones who hold the coins will be receiving Coin Hours as shares for holding Skycoin and the “Coin Hours” will be acting as a “fuel” for the platform to run. There are a lot of services like BitPay and many more coming up with the strategies to allow the business enterprises to process payment really fats and with zero transaction fees. Another way that you can lower the business costs of an enterprise is by the process of automation of major services involved like legal costs for lawyers to drafting the contracts, invoicing procedures involved, payrolls and decrease the need for external services. 2. Upgrade your Technology By updating your business to the latest trends, your business becomes more adapted and will be all set to meet the constantly changing and evolving customer needs and requirements. Blockchain technology provides the services of a lot of advanced analytical tools and this gives the leverage to automatically perform a lot of things which were done manually in the past. For the growth of your business development, it is very much essential. Moreover, the role of business intelligence or farsightedness is highly required in the present digital times. And the blockchain technology provides a perfect platform for Artificial Intelligence too. And this is in addition to the advantages of access to really transparent data, which is reliable all the time, fast communications reach out to a broader audience. A good example that you can relate to the above-mentioned facts would be Endor, which helps out all the data-centric businesses to make the most from their effective and quick predictive analytic tools. Endor allows the business enterprises to simply input the entire customer data in almost all the languages and gives you the perfect output by comparing the present scenario with the related situations occurred before. Another way that you can try out is by rewarding your customers for their active participation and also offering them value-added services. "Get to know the Blockchain Development Life Cycle" 3. Easily become more compliant The best advantage of Blockchain technology is that it is a completely decentralized ledger, and there are no third parties involved with the procedures. So that it can be completely trusted. Also, it is much more secure and less prone to cyberattacks compared to the other technologies that we use today. The protection of your business and customer details is really important for the growth and faith in your business. Breaching of the data would be really disastrous. It also gives the opportunity to enhance your present internal security by providing the necessary platform for adding up better functionalities and more. With the usage of KYC and the latest digital identification technologies, it will be easy for your business enterprise to develop easy identification platforms. And this, will in return improves data access, transparency, and the operating costs and that too by following all the protocols. 4. Reduce Cost Of Transactions With the introduction of blockchain technology into your business, you can reduce the cost of transactions to a greater extent. Presently, the cost involved with administration and remittances are really high. Usually, the percentage of charge remitted as remittance charges are usually between 2% and 7%. Also, most of the time it takes up to days or weeks for a transaction to be completed properly. All these issues could be sorted out if the business enterprise you are planning to shift to blockchain development and upgrade your business. Through the adoption of Blockchain technology and Cryptocurrency into your business, you will be charged only a remittance charge of below 1%, and the transaction could be completed within seconds. This will automatically allow new people to enter the business who are currently excluded from the global economy. This will definitely help to transfer funds, save money, invest money, and lend money easily. 5. Coordination Costs With the help of smart contracts and transparency, the costs involved for coordinating, supervision, inspection, and observation can be really NIL. It allows the persons involved to coordinate without actually be present in the situation. Conclusion These are some of the ways blockchain technology can reduce business costs for an enterprise. According to the experts of the industry, Blockchain technology will induce us to approach all your enterprise related tasks differently, depending on the complexity of the task. Well, adopt Blockchain Technology now!
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