Introduction.
Entrepreneurs face an increasingly complex and unsettled scenario, which makes the environment in which they operate volatile and often irrational. The current phases of turbulence bring to the world of business and work in general an increase in uncertainty and consequently in risks, many of which cannot be predicted and in a certain sense dominated even with a far-sighted corporate vision, but by relying on blockchain technology for business processes and tracking phases to uniquely represent their product or service.
How can blockchain be used in a company?
First of all, with correct use of data, which has enormous value and therefore must be managed in the best possible way, in compliance with regulations and protected by third parties.
By using blockchain technology, there is an unalterable cataloguing of data in blocks which cannot be deleted or modified, but can be supplemented. All phases are always documentable and connectable to all employees who have participated in the “chain of blocks”, which means that the data, in addition to being stored and immutable, are above all traceable and attributable to those who entered them.
The sharing of the data registry can have internal relevance for the business functions involved in the production process or external relevance to add value to the product or service chosen by the customer.
What are the concrete cases of applicability?
Shipping: In all phases and locations, the shipment can be monitored by the carrier and the client thanks to the blockchain, which collects and verifies data.
Fashion and Crafts: It is possible to indissolubly link a garment or a handicraft product to that fashion house or that specific craftsman thanks to blockchain technology, which, thanks to traceability and immutability of connected data, can certify its authenticity.
Contracts: Smart contracts or notarization of documents certify the immutability of the content of a specific act, the date of creation, and signature thereof over time.
Food: The ability to track the entire production chain is an advantage in terms of transparency and security for customers, who have access to non-modifiable information.
Payments: The use of cryptocurrencies is the most common use of blockchain technology, even though it is not yet fully regulated, it guarantees safe use for the transfer of economic value.
Sales: Every item sold can be accompanied by its “history” linked to maintenance, usage, and certifications, all traced and enclosed in the “chain of blocks” that concerns it.
Conclusions.
The adoption of such technology for a company can only be understood in terms of advantage, as in addition to streamlining processes from a bureaucratic and organizational point of view, it increases trust in the end customer.
The use of blockchain will have an increasingly central role within companies, it will be increasingly involved in corporate compliance and business strategies, and will have to bring innovation, efficiency, and simplification of processes.
Lawyer Alfonso Scafuro Corporate Legal Consultant.
