It’s not just for the cryptocurrency market, companies should start to maintain their data with blockchain technology to improve their business operation systems.
Nowadays, collecting data is one among key factors in business operations. After being aggregated and analyzed, these statistics and facts become information — the basis of decision making, from the simplest to the greatest, which decides the existence and thrive of a business.
The evolution of how we maintain data
Since ancient times, people have known how to store data by carving symbols on stone surfaces. Later, humans invented letters and then paper, marking the first big step in storing data.
However, data stored in the form of physical documents show some problems. Firstly, data is getting more day by day, it needs more space to store documents. Secondly, hard documents are easier to be lost, broken, and it is harder to when you want to reach some specific information.
Then, to solve these problems, we have computers to help us store data more efficiently. Data is stored on in-house organization’s servers. It’s called digitizing data, which helps us search and use data more easily.
However, the point of storing data is to help businesses analyze these plain statistics to understand customer demand, and take actions to meet their needs, thereby, increase revenue and other needs in business.
That’s when we have internet and cloud storage, which change the way we store and use data. This makes storage become some kind of a commodity when individuals or a company store, organize, manage, share, and back up their data to a system maintained by suppliers (or third parties).
But, all of these storage methods have one thing in common, it’s centralized. This means your data is always been staring at and although these third parties often provide security control service, there are human errors that put your business data at risk.
Blockchain with its decentralization feature can not only solve these security problems but enhance the way we collect and manage our data.
The benefits of maintaining data sovereignty with akaChain
Why should you maintain your or your customers’ data sovereignty? There are three main benefits:
Increase customer experience
Security, confidentiality, availability, and integrity are always the top considerations of customers when finding a way to maintain their data. With blockchain, their data are not only served with these advantages but also has the power to control their own data.
When customers have a good experience and impression, they will show more interaction: they talk more about us, show more opinions, etc… The more interactive they are, the more quality data with the useful information we get (e.g. their habit, their emotion and attitude to new products, …).
When we understand our customers' need, we have a chance to provide more personalized services, products to customers. From that, it is easier for us to make precise decisions that affect our business efficiency.
Enhance business operation
Deeply understanding customers helps to accelerate the process of testing, checking the problem and giving solutions to enhance inside business operation systems:
- Boosting up the information system to increase collaboration among departments.
- Change working method: Automatic process helps to create more tools and the need for new positions that bring more value.
For example, deploying automatic purchase and order systems to reduce paperwork and rejected orders.
- Making strategic decisions more precisely based on realistic data.
Easy to adopt new business model
Now, as the rise of new technologies, our customers are also getting smarter. They realize the potential of their own data and want more value from it. This sometimes requires companies to transform their business models to explore other ways to serve their customers.
Blockchain technology can be combined with a lot of emerging technology such as OCR, AI, etc to deeply analyze customers and forecast what companies need to do with their business model or when they expand their business scope.
akaChain believes that using blockchain to maintain data sovereignty is becoming the technological trend that companies should prepare for. Our industry expertise suggests that it’s very challenging to immediately apply new technology to your current business as it would potentially alter the established workflow. However, if the blockchain transformation does not start now, you can put your customer data at stake! With the industry expertise and bespoke blockchain platform, akaChain helped many enterprises to transform and make blockchain a reality.
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