The tokenization process is the introduction of a digital ecosystem into business processes. Tokenization is designed to expand borders and gain access to a global audience. The business sector does not matter, it can be a transport company like DHL and CDeck, or a pizza chain – everything can be tokenized.
Moving a business to blockchain will:
- Save money on intermediaries, transactions and network maintenance;
- Reduce time costs by automating processes;
- Increase platform transparency;
- Scale the company and subsidiary projects on a single platform.
Payment Tokenization
The main reason to use blockchain is to simplify and speed up payment procedures. To give an example: a fruit delivery company from Africa places an order, but the payment for loading services is delayed by the bank, in this situation from the first minute of delayed payment, the company starts losing money. The currency was initially converted from dollars to South African rands, losing 2.6% on currency exchange, the shipment was delayed because of the bank, and also wrote off a double commission for the bank transfer intermediary.
And now let’s imagine that the company uses blockchain: the company sends tokens to a wallet in Africa, at the same moment the payment is already approved, the purchase of tokens costs less than 1% and thus about 6% is saved on the transfer, and also do not forget that the loading of goods is on time. We get a business that solves problems instantly and doesn’t lose money. You can use asset management consulting to learn more.
Automation of internal processes
When it comes to implementing blockchain in a business, the first change is to eliminate intermediaries. For example, a charity to raise funds for a specific task or multiple causes. The company bithope raises funds for a variety of campaigns in both social and development fields.
Blockchain technology opportunities
- Tokenization is not only about payments and buying a product or service for tokens, it is also a digital business model. Blockchain technology also allows you to solve problems related to:
- Computation. Using collective computing power, blockchain-based businesses benefit from the network. iExec has developed a cloud computing platform to provide capacity for customers from vorkers.
- Tracking. A system for tracking parcels, goods, shipments. In the case of Shipchain companies, which has implemented a platform to track information about maritime cargo. This increases security, speed of cargo distribution by marking and tracking data online.
- Security. Cybervein offers database security solutions, based on a blockchain algorithm, to protect data from alteration by a third party.
- Encryption and decryption. Encrypting and decrypting a huge stream of data is now most common in the field of audio and video streaming processing. The use of blockchain in the areas of AR/VR and streaming allows companies to create the best product available.
You can get more information using sto consulting services.