Blockchain Development: How to Convert More Prospects?
Blockchain is a trusted ledger – digital record of transactions that is decentralized (no single party can control the network) and distributed (all records are shared; the network participants can access and check any data at any time). Blockchain built databases, supported by smart contracts and cryptographic techniques, are secure, encrypted, and verified.
A blockchain system doesn’t need any intermediaries or central authority and all shared transactions are validated on a peer-to-peer basis – making it a more reliable and secure business solution for organizations.
Reliability is Key to Convert More Prospects into Customers!
Blockchain technology can be used across multiple industries and on a wide scale. It is an open fact. Featuring secure transactions, well-communicated data elements, malware protection, transparency, quick scalability, and easy data recovery, blockchain development can play a vital role in growing your consumer base.
Let’s see how blockchain-based software solutions can help businesses convert more prospects.
- Payment procedure
Blockchain provides a safe way for money transferring and offshore payments. It creates the whole procedure automated and eliminates intermediaries needed for the transaction process. This notable advantage of this technology gains more conversions perceiving the smooth and efficient funds transferring and payments.
- Loyalty program
In the eCommerce industry, a loyalty program is designed to attract and retain the customers based on the rewards and compensations offered to them. A business could easily implement loyalty programs to reach more customers using blockchain because it allows users to receive and redeem interoperable loyalty tokens (never expire or lose value) across multiple programs. It also fights the counterfeits in a more efficient way.
- Facilitating trade finance
Traditional methods of trade financing haven’t yielded the expected outcomes due to the slow-paced processes, inexhaustible documentation, offshore transaction procedures, and other details. Blockchain seems to overcome the security of transactions as chances get minimal of alterations in the data.
- Software Industry
Many software development companies are incorporating blockchain technology as they get accumulated on blockchain and operate once pre-defined conditions are fulfilled. Smart contract refers to a software protocol, which ensures safe transactions without any involvement of third parties. Arhamsoft (Pvt) Ltd. has a positive word of mouth in custom software development and offers blockchain services to make clients experience a very smooth venture from beginning to end.
- Accounting and Auditing
Transactions through blockchain are distinguished from other types of payments and what makes it distinct is the secured and protected nature of data. By the use of blockchain, the possibilities of human errors become less. Moreover, as discussed earlier, data verification is another competitive edge of blockchain. So, auditing will not be an issue at any cost.
Smart contracts help give accuracy and automation in the claims processing procedures. Through blockchain, managing claims in a safe manner and validated through networks enables the customers to acknowledge the swift credible services of the business. Blockchain, over a period of time, is increasing surefire approaches to increase the number of customers depending upon the impeccable services.
- Record keeping
For record management, paperwork is time-taking and tiring. But, thanks to this flawless method which has broken the shackles of sticking to the old methods. Now, data management without any issue of security and verification both for businesses and Governments have become a lot easier. Encryption doesn’t let the data get duplicates and fake entries. Shattering unnecessary responsibilities of workers and the ambiguity of wrong information is a gone story.
In the media, the sphere of creativity has a broad spectrum. But, at the same time fraud, deception and stealth have penetrated its roots in the field. Blockchain has served to protect the intellectual property (IP) rights of audio and visual content which was previously an unsettled issue. Though blockchain, just not only tacking rights but diminishing deceptive practices, lessening operative costs, transparency, and ownership remain safe.
Last but not the least, blockchain development evades the liquidity issue to combat the monetary compensations for every stakeholder. Such enormous benefits make the perception clear of every person who joins this industry.
In the present era of digital transformation, people seek for high security, immutability, scalability, and traceability for business success. Likewise, customers don’t want to compromise their personal and financial security. The solution to both is blockchain empowered platforms that are highly resistant to cyber-attacks compared to conventional databases.
The Economist (2015) called blockchain a “trust machine”. It is undoubtedly a decentralized, distributed, and transparent architecture of trust. For all these reasons, any enterprise solution built on blockchain will certainly help convert more prospects into loyal customers.