If you thought blockchain technology was all about decentralising B2C (business-to-consumer) interactions, think again. Blockchain tech is transforming how companies do business with each other. There are a growing number of innovative, forward-thinking entrepreneurs building blockchain startups for the B2B market. Generally speaking, people associate blockchain technology with bitcoin and many ‘get rich quick’ type schemes, which have been largely discredited. It’s a lot more than that.

Fortune favours the brave

The word on the street is that most Fortune 100 companies are researching blockchain to see how they can leverage its advantages to advance their business. The technology itself is expected to reach the $2billion dollar mark by 2022. The big four accountancy firms – PWC, Deloitte, KPMG and Ernst and Young are also heavily invested in harnessing blockchain and IBM are already providing blockchain solutions for Wal-Mart in the US.

B2B is most definitely taking centre stage when it comes to blockchain in 2019. IBM has pinpointed its use as a support for chain management and collaboration, and Forbes has identified its capacity to extend the lifecycle of b2b relationships. It looks as if blockchain will become part of the technology suite available to B2B companies.

What’s happening out there?

According to Big Think we are on the verge of a megatrend and it cites three current IT project which are really harnessing what blockchain has to offer

In Singapore there’s a start up called the Hydrotank Data Center, which is creating the world’s first data center in a shipping container. This has implications for the global data centre market place and blockchain technology is helping to connect vendors, service providers and clients across one web and mobile app.

Tatau offers supercomputing powered by AI and cryptocurrency mining. Its blockchain-powered offering is a GPU-based computing marketplace, which connects suppliers and vendors.

And Maxonrow – ‘the real blockchain for the real world’ – is a product-based start-up that is fast becoming a significant stepping-stone towards the mass adoption of blockchain technology. It’s offering a range of different products using blockchain technology, which can be used, by a range of businesses – no longer inaccessible and expensive. Things are really set to change.

Watch this space

Blockchain technology is well on the way to transforming the B2B landscape faster than many expect. Decentralisation and data verification will upend everything from transportation and logistics for B2B companies to human resources and talent management. The key benefits it will bring are more efficient supply chains, improved sales processes, ease and speed, improved security and significant savings.

The sooner B2B companies adjust to the new reality heading their way, the sooner they will be able to capitalise on the opportunities that blockchain-enabled B2B interactions will bring.

Four Business Solutions

At Four Business Solutions, we truly believe that business process improvement gives our clients a world-class, professional advantage. Technologies like blockchain are here to stay and can help your business in this age of digital transformation. To find out how we can help future-proof your business, please call John O’Brien on 0800 6250 025.

John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain & Operations, across a broad range of industries.