There has been a lot of talk about moving brands on-chain in recent years. But why should enterprises integrate blockchain into their operations? This was the key question Kirsty Barany-Gibson sought to tackle at the London Blockchain Conference.
In an interview with CoinGeek Backstage, she talked about how blockchain’s trust economy can reduce costs and enhance brand loyalty for businesses.
Speaking to CoinGeek Backstage reporter Becky Liggero, she revealed that a lot of her interactions at the event involved “how to use BSV as a tool to provide a whole new dimension to existing business.”
Blockchain fosters transparency, and this has three key benefits for businesses, stated Barany-Gibson, who is a program lead – scale facilitation at Access New York.
“Transparency can help you reduce liability, cut costs, and increase revenue by adding value to your product and enhancing loyalty. There are many new business models that can generate so much value from that,” she told CoinGeek Backstage.
Brand loyalty has dwindled in recent times. Studies show that over 60% of consumers are now more concerned about the price and are willing to ditch their favorite brands for cost-effective alternatives.
Barany-Gibson believes that integrating blockchain technology to foster transparency and trust can reverse the trend. Micropayments, in particular, are a game changer for brand loyalty.
“I think [micropayments] are a fantastic opportunity for companies to reward their customers for loyalty, for interacting, for sharing the brand, for enriching the content.”
During her panel, Barany-Gibson also delved into supply chain management and how blockchain fits in. She told CoinGeek Backstage that today’s consumers are savvy and are concerned about the products they consume. As such, any brand that can tap blockchain technology for provenance and traceability throughout the supply chain has the edge over its rivals.
The tools are there, and it’s up to entrepreneurs to be creative and come up with new ways to create value, Barany-Gibson concluded.
“We have a fantastic ecosystem in BSV—finally, the building blocks are there. Regulators are finally getting it together….there’s a lot of money to be made.”
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