The blockchain is comparable and highly decentralized, allowing anybody, anywhere to access information and opportunities with very few, if any, boundaries. We can therefore see that there is a clear connection between sustainability and blockchain and also a special selling point at the level of ethics.
From a commercial perspective, blockchain enables a smooth transfer of ownership as well as information and data in a very accessible manner.
According to a survey, there is an increasing desire for blockchain-based investment choices that are backed by physical assets. It says that when it comes to future security token sales, “Real estate assets account for upwards of 40% of the pipeline for certain technology providers in the industry, presumably making it the largest and most “urgent” sector.”
By bringing operational efficiencies and data transparency to real estate transactions, tokenization addresses problems already present in the real estate market. Additionally, it improves real estate investing’s advantages of fractionalized ownership and liquidity. Real estate has historically been one of the least liquid asset types, possibly behind hedge funds and private equity. However, the time has since changed.
Below are few cases which shows how Blockchain is improving efficiencies and thus helping attract more investments.
1. Improves customer marketing and engagement
Blockchain has a huge potential to improve customer service. For consumers who are vulnerable, it can increase connectedness. Additionally, it can secure various business-customer interactions and make businesses seem transparent.
Blockchain is now used in sectors other than finance. There are several instances of blockchain technology being applied in a wide range of sectors for various purposes. It is now utilised for charitable donations, voting networks, HR procedures, and other things outside of the finance and banking industries. Blockchain has numerous potential applications for consumer engagement, much as other business-friendly technology.
Businesses may look at blockchain to allow customers to exchange loyalty points in real-time by tying content to a virtual token associated with their account. Users of digital wallets will be able to retrieve their credits whenever it is convenient for them. In return, advertisers will employ these data analytics to support a thorough understanding of their clientele. This will raise interest in the new product and enhance sales.
NFTs can be created from game assets to enable blockchain trading between players. Given that they may be exchanged for real-world goods outside of the game, in-game things have real-world worth. By granting them a particular level of in-game authority, they can even link purchases made in real life to those same products.
Users are encouraged to purchase items from their store as a result. For example, if a particular sword has special abilities and you can only obtain it by purchasing new shoes from their store, you’re more inclined to play the game that features that item.
2. Faster booking and checkout
Blockchain technology can improve the management and usage of digital identity in a world where transactions are no longer dependent on paper documents. Travelers must now provide identification at every step of the way, whether they are booking, boarding, or checking in.
By producing a single traveler ID that compiles all pertinent identification required for travel, such as passports or photo ID, and which could be shared among the various organizations participating in the customer journey, blockchain technology might make the lives of travelers easier.
Travelers may arrive at the hotel with all of their information already stored on the blockchain, which would speed up settlement and increase transparency overall. On reaching the hotel, the user’s smartphone may be synced with the hotel’s system and the hotel kiosk could verify the user’s reservation. What if clients have the option to select their preferred room right from their phone in one click?
3. Tracking made simple
From the moment a visitor departs for the airport, checks in for her flight, and even upon arrival at the hotel, hotels can be instantly updated. By shortening the check-in line, this tracking can improve efficiency and, in turn, boost customer happiness. While keeping track of visitors’ whereabouts might be regarded as an infringement of privacy, accessing the information will need the consent of the visitor, and people will be able to choose how much information is shared with hotels or other network members.
Thus, without violating visitors’ privacy, blockchain technology has the potential to deliver fully integrated guest services.
Similarly Food can be tracked from farm to fork. This makes the supply chain extremely efficient. Logistics businesses will be able to find great use cases. Another advantage will be improved trust of the buyers on the quality of the product received blockchain has removed unnecessary delays.
4. Smart Contracts
The hotel sector may use smart contracts to simplify both small and large transactions. Smart contracts on blockchain systems, for instance, might simplify commercial ties between hotels and travel companies. A smart contract between hotels and travel firms would include the contractual terms that are predetermined by the transacting parties, similar to a formal contract .
It can also promote fractional ownership of any property. Every transaction that takes place is documented and shared on the blockchain. Depending on the terms of the contract, payments can be handled right once after transactions are recorded. In addition to making payments easier, this would improve cooperation between hotels and travel agents, which would increase room sales.
5. Smart regulations
A paradigm change has occurred with distributed ledger technology. Decentralized finance (DeFi) is flat and peer-to-peer, as opposed to traditional finance, which is vertical and intermediary (P2P). The issue we currently confront is that financial legislation almost universally assume that intermediaries will be regulated; without an intermediary, there is no jurisdictional hook. Regulators are more concerned about a decentralized future because of this unclear jurisdiction.
Leading nations throughout the world in the creation of futuristic regulatory frameworks for emerging technology include Singapore. Singapore has correctly estimated the strategic and economic opportunity provided by the underlying blockchain technology, while many other nations are pursuing more restrictive legislative frameworks for cryptocurrencies.
6. Making a digital asset marketplace
With your own token, users may trade and buy digital assets on your marketplace. As a result, they don’t have to worry about managing various cryptocurrency types and can easily keep track of their balance. By purchasing your token on a cryptocurrency exchange, which has grown in popularity due to the availability of crypto-cold wallets on mobile devices, you can also start giving players things like special accounts or advanced in-game powers.
With the most recent advancements in 5G connectivity, crypto adoption will intensify even further. Although it may appear that 5G has no direct effect on the acceptance of cryptocurrencies, it actually acts as the backbone for the development of bandwidth and support for power consumption.
FAQs
Q. How are customer interactions or experiences be altered by blockchain technology?
Ans. By enhancing customer interactions with brands through transparency, trust, security, and process simplification, blockchain technology fundamentally alters the way business is now conducted. This results in enhanced customer loyalty.
Q. Does Blockchain affect customer behavior?
Ans. By expanding data and information transparency, enhancing privacy, and strengthening security, blockchain technology has the potential to significantly revolutionize consumer relationships. Additionally, it enables the creation of novel customer loyalty programmes that could offer value.
Q. Can Blockchain improve marketing competitive advantage?
Ans. The decentralized and encrypted data record can assist marketers in addressing privacy issues, enhancing security, and increasing customer transparency. The blockchain can improve marketing ROI, facilitate direct partnerships with publishers, and lessen click fraud in advertising.
Q. How can Blockchain impact sales?
Ans. Blockchain technology can make it clearly possible for all stakeholders, including sellers, buyers, regulators, and other authorities, to access unchanging data stored on the distributed ledger. Every member of the network has access to and control over the data stored on the blockchain.