Exploding Topics puts the average failure rate of businesses across all industries at about 10%. In years two through five, this percentage increases to a staggering 70%, showing how competitive the business landscape has become. That’s why innovative technologies like blockchain, which can help organisations stay ahead of competitors, are always welcome.
Blockchain, an infrastructure that began as Bitcoin’s underlying technology, is changing how businesses think about transparency and security. Remember, your business can’t survive today’s competition if it isn’t secure and transparent. And since blockchain offers just that, many are turning to it. The good thing is that you don’t have to look so far to know how influential this technology has become.
A quick look at the Bitcoin price live updates will reveal that. This token was worth only a few cents during its early days, but now it peaks at highs of more than $100,000. Of course, its price has been increasing, partly because of the growing demand for Bitcoin blockchain across several industries. And this does not just apply to Bitcoin alone – businesses are turning to other, more efficient chains like Ethereum and Qubic to improve their edge.
Strengthening data security and customer trust
With some experts suggesting that over 600 million attacks happen every day, you definitely do not want to ignore your online safety. In fact, a good number of people will often survey a platform before buying from it. Turning out as insecure to this audience is not something any serious business would want.
Cyberattacks seriously damage customer trust, with a large portion of affected consumers saying they won’t do business with the brand again. Looking at the statistics, PCI Pal noted that 83% have difficulties transacting after security incidents. This is just to prove to you that online security has become a distinguishing characteristic, and businesses that pay attention to it can significantly distinguish themselves from the crowd.
This is why blockchain technology is making waves in many sectors. Through its decentralised infrastructure, it reduces the possibilities of single-point failures, which are common in traditional systems. It’s also immutable, preventing data alterations and manipulations after storage. This makes your business more secure, which can keep many customers glued to it.
Because of such benefits, the global blockchain market has been growing rapidly. According to Grand View Research, it has already reached $31.28 billion and could, surprisingly, continue growing at a CAGR of over 90% within the next few years. As your competitors turn to blockchain to improve their security strategies, you also want to do the same to avoid missing out on the benefits of contemporary trends.
Improving customer experience through quick payment methods
Everyone can agree that providing excellent customer experiences (CX) is a currency. This is perhaps why about nine in ten businesses have placed CX as their primary emphasis. Modern-day customers have become super discerning and often want to transact only with brands that prioritise their experiences.
One way you can cater to this need for great encounters is by incorporating instant payments. According to Testlio, more than seven in ten users want payment processes of less than 2 seconds. Any delay could discourage most users and lead to up to a 20% decline in conversion rates. To avoid falling prey to this, consider implementing blockchain-based payment methods.
These methods have no intermediaries, ensuring that users can receive their funds quickly. And besides improving transaction speeds, blockchain-based methods also save transfer costs and eliminate the geographical limitations of traditional methods like banks. These features can be handy for institutions targeting broader audiences, including financially excluded ones.
The beauty of it all is that more robust blockchains like Qubic allow you to provide consistent experiences, even during peak seasons. By supporting over 15 million transactions per second, Qubic reduces the possibility of payment lags when millions of users log in to a platform. As a result of these improved payment experiences, you may see loyalty rates increase.
Creating transparent and trustworthy supply chains
Think about how complex a global supply chain can be. From sourcing raw materials in one country to assembling products in another and finally shipping them across oceans, there can be countless opportunities for errors and fraud. Traditionally, every party in that chain has relied on its own records, making it difficult to get a unified view of the journey. And mark you: this is happening at a time when about 81% of customers claim to prefer transparent supply chains.
But thanks to blockchain technology, supply chain managers can overcome these challenges and cater to the increasing need for transparent networks. Blockchain uses a shared, tamper-proof ledger, where businesses can track every movement of a product in real time. This makes it possible to verify where an item came from, its authenticity and where it has been.
Interestingly, A3Logics suggests that implementing this technology can reduce fraud in retail transactions by almost half. When it comes to trust, you can strengthen the confidence of about three-quarters of consumers who easily trust businesses that use blockchain to verify product authenticity. This already puts you ahead of competitors who don’t take this approach.
Given that customer acquisition costs are increasing, you want to implement innovative solutions to stay ahead. You could do this by strengthening security efforts, incorporating instant payment methods and improving transparency. Thankfully, all this is possible with blockchain’s decentralised infrastructure, explaining why many businesses are adopting it.
