New trends and developments in recent years are constantly affecting the world of business. In the digital age, businesses are looking for new technologies necessary for their survival. Digital transformation enables businesses to make strategic decisions, streamline business processes and implement new business models by leveraging disruptive technologies on the market.

Blockchain is one of the key technologies driving business transformation. Blockchain may have gained huge market momentum relative to cryptocurrency or Bitcoin, but people are still confused by the terminology. They still see blockchain as synonymous with bitcoin and often use the terms interchangeably in the UK as app development companies.

As a result, whenever they think about what blockchain means for business, they think about the scope of cryptocurrencies. However, blockchain for business is built on distributed ledger technology that can scale between trusted partners. It is based on a peer-to-peer topology that increases transaction transparency, data resilience, and security while reducing the additional cost of running business operations.

As a result, there is no excuse for missing out on the huge business opportunities this technology can offer you simply because you live under a rock. Today, in this article, we will discuss the various ways in which blockchain can significantly change your business processes.

But first, let's look at the challenges facing traditional business models.

Ways blockchain is improving the existing business model

Blockchain technology provides a number of benefits to businesses and introduces new ways to re-engineer existing business models while reducing costs, reducing the time consumption of intermediaries, and fostering higher levels of trust in the ecosystem. Here are 10 ways businesses can embrace blockchain on their digital transformation journey.

1. Smart contracts

The most important application of blockchain for business transformation is smart contracts.

As the name suggests, smart contracts are a type of self-executing contract where all the terms of both parties are written in the form of codes. These codes are then stored in a decentralized blockchain network, making them immutable.

2. Easy payment

The collaboration of blockchain and digital payments is also one of the obvious applications of decentralized blockchain networks. By eliminating the involvement of third parties and related documents such as billing statements and invoices, blockchain has also facilitated cash flow in startups and establishments.

3. Supply chain management

Talking about the role of blockchain in the supply chain, this technology allows SMEs to track their products/services throughout the entire process – from manufacturing to transportation and delivery to the consumer. It introduces the power of transparency and immutability to the process, enabling companies to combat counterfeiting, delays in product delivery, as well as robust security in the process.

4. Better hiring

The role of blockchain in the recruitment process in the business world is also increasingly evident.

This technology prevents candidates from using photoshop or other similar tools to create fake but impressive documents. This also helps organizations by saving the time required to verify all documents and hire a potential candidate.

5. Effective marketing campaigns

Focusing on blockchain's impact on the business economy, the technology also improves marketing campaigns.

Blockchain business models allow marketers to track client information and customer behavior in real-time, helping them create effective campaigns and get higher ROI.