Blockchain technology serves many organisations well, because it provides traceable secure transactions within a decentralized network and encrypted data using two types of algorithms.

Major Benefits of Blockchain

Blockchain continues to develop, but already offers many organisations the following important business benefits.

Increases Trust

Every company needs good governance to succeed. Luckily, blockchain offers the transparency and accountability required to build trust.

Consequently, organizations using blockchain are often more likely to attract the best employees, customers, and investors. It satisfies stakeholder needs and secures company data.

Reduces Fraud, Corruption & Abuse

Blockchain technology has shown significant benefits in the area of data security. Since blockchain technology is not centralized, it is very difficult for a single entity to manipulate the system which reduces fraud, corruption and abuse.

Unsurprisingly, financial services have embraced blockchain technology. It speeds verifications and disbursements and authenticates documents. This is highly-beneficial for anti-money laundering requirements.

Blockchain can also be used to execute smart contracts. These self-executing contracts are triggered by pre-defined events when specific conditions are met. This reduces the risk of fraud and errors and increases visibility and accountability.

Secures Records

Blockchain technology creates records that cannot be altered or deleted. Permanent and transparent transaction records make it possible to trace the origin of transactions and to spot fraudulent activity.

Improves Supply Chain Management

Blockchain technology plays an important role in supply chain management. Transactions in the supply chain remain immutable on the blockchain as a transparent and tamper-proof record from origin to consumer. Organisations can use this to ensure their products meet customer and government expectations.

Companies Currently Using Blockchain

Many companies already use blockchain due to its powerful advantages. For instance, De Beers blockchain platform called Tracr helpd regulate their supply chain management system. Their reasoning – it provides tamper-proof source assurance at scale. Stakeholders know a diamond’s provenance, traceability and authenticity throughout the diamond value chain.

Unilever uses blockchain to ensure 97.5% of our palm oil, paper and board, tea, soy, and cocoa is deforestation-free. It did so by monitoring all transactions in their supply chain.

Walmart also uses blockchain for enhanced transparency and traceability in their food supply chain.

Find Appropriate Blockchain Technologies for Your Business

Blockchain technology has the potential to transform most organisations, because it provides a decentralised and immutable ledger for transactions and data storage. However, the complexity of blockchain can make it difficult for companies to identify and access appropriate technologies.

Luckily, EarlyBirds offers four pathways towards innovation and the following benefits:

• Reduced cost of innovation
• Quick increases in innovation capability, when required
• Connections to the best Subject Matter Experts and innovators available
• Simple process

EarlyBirds Innovation Ecosystem

Our award-winning Innovation Ecosystem earned us the title of Global Open Innovation Platform of the Year 2023 and 2024. It allows both innovation and strategic thinking in all areas of a business, whatever the technical or business challenge or potential opportunity your organisation wants to explore.

We unite Innovators, Early Adopters, and Subject Matter Experts (SMEs) to fuel rapid innovative adoption and business evolution. Early Adopters are leaders eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.

Our Ecosystem has a data pool of over 5.0 million global innovations across many industries with solutions that may already address your organisation’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.

EarlyBirds Ecosystem Maps

EarlyBirds’ offers Ecosystem Maps to help organizations address pressing issues. Each contains startups, scaleups, and mature companies involved in specific themes and sub-themes so organisations can plot a path towards innovation. The maps also track numerous daily and historical news and media articles from across the world.

EarlyBirds Explorer Program

The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required. It is designed to speed up the process of technological innovation for the organisation as a service.

The Explorer program includes several features including quarterly and monthly innovation days; regular webinars to help stimulate innovation in the organisation; a focus on types of innovations; a platform enterprise license; and a nominated SME for the business.

EarlyBirds Challenger Program

The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.

The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.

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Does your organisation want to realise the benefits of blockchain technology, but you’re unsure where to start? Do you need to plot a path towards rapid change to remain relevant? Those who want to accelerate the adoption of blockchain to ensure data security and transparency can register at https://earlybirds.io/.

Alternatively, those unsure of which option is best suited to their needs can schedule a consultation. We use an individualized approach to ensure you find the best possible solutions. Our experience extends to the Food Industry, Retail, Healthcare, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, Sovereign Nations, the Public Sector, and other areas.

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