Hello, in this lesson we are going to cover the use cases of blockchain within business. And this isn't a lesson on any specific use case for a specific business. So if you've got a coffee shop or if you're an online retailer, it's not specific to that, because we do have videos that are more specific to different sectors and how that can be applied to that. So this is just what aspects of blockchain could be applied to essentially any business big or small. So the first thing is employee payment employee, a man or an employee payment. There are a bunch of features that blockchain can help you improve well paying your employees starters, he can help save costs when you use cryptocurrency because as of 2017, this is when I'm creating the video.

Cryptocurrencies are the biggest implementation of blockchain, aka stuff like aetherium and Bitcoin. So using a cryptocurrency based system where it's an existing one or a whole new one, maybe you're using one that's just specific to your companies are you creating your own maybe for an Ico you can help reduce costs, and these costs can be reduced through a layman Nathan fees that are associated with international payments. So wherever the whether you're paying a vendor or you're paying employees, because they could be contractors, this can help reduce those costs. It can also help reduce, to use time taken to transfer money as well. So whether that's transferring again to an employee to a retailer or to some sort of company that is doing business with you, maybe they're selling new equipment, or it could be within your own company you're sending maybe you have a global company, you have bank accounts and branches all over the world and you want to send money to each of the different branches you want to move money around.

That's that's perfectly legitimate. They'll help reduce the time and reduce the cost which is fantastic especially when it comes to over C. So oversee payments in this modern climate that we in many employees our contract basis and crypto as we mentioned, crypto will improve the overall payment system. You could even use it to help automate payments you using smart contracts that can automatically be executed when a condition is met. So, perhaps when a client has finished work or their contract and you will also reduce hassle switching between clients and having to you know, reset up payment methods again with the new clients, so, reduce hassle switching client as well. And this has benefits for the actual client, the actual company. I thought at the end of the day, they have to go through all of the things just on the other side.

So if it's reduced for one client, or one party, it will most likely be reduced for The over though for employee payments, there are several advantages. There are all there are also advantages in tracking and it's quite a broad term. So let's go a bit in depth in what I mean by tracking. So you could track quipment and machinery because all companies have some sort of equipment. Many companies have machinery some companies are more than others. And especially in larger companies, larger companies that are World Wide equipment can be and is transferred and used abroad for this will help the logistics side of all of this making sure how much they have of something whether it's something big or small, whether it is at any particular moment in time and even help track if it needs repairs as well.

So, it also and I just mentioned provide a up to date record of how much equipment as remaining and this could be used to automate the replenishment the replan land Nish, Rick, spelt that wrong D re management of the equipment. So maybe it's just something small you track how much you have left, it appears that the it's the quantity is low. And as a result, it just gets automatically reordered and you know exactly where it is as well. So that is amazing concept. So what else can blockchain provide can also help with auditing. So what aspects of auditing coming out with it can help track employee activity, whether it's their work progress or maybe they are traveling For the company where they are at any particular moment in time, not really to keep an eye on them, and make sure they're doing the work, just maybe from a security and maybe even a health perspective, just to make sure everything is going Oh, okay.

And if anything were to go wrong, they know where they were, when they will last track. So it's not always just to spy on them. And just to make sure they're always doing the work, it could just be for the safety of the employee. So you can help track employee activity, whether that's their physical activity, or lack of saying what they are actually doing. You can also improve content. And this allows you to see see exactly where the money is going into the company money because at the end of the day, As the company gets larger companies start issuing company credit cards or the methods of payment and employees will spend money.

So you'll be able to see where it's going also from a higher level as well. So not just a micro level, a macro level, where the the same CFO or other members in the financial department, how they are spending money where they're spending money are they doing effectively are they doing on time, so this will help keep a audit trail of the accounting. So where the money is going, and who is spending it, who is spending it. So your help you see if somebody is spending it that actually shouldn't be spending it, because at the end of the day, you don't want that maybe they're a new employee. You have some sort of system in place that prevents new employees from spending money until they get let's say, a certain level of security clearance. And this will help eliminate that little problem.

So this just has been a quick lesson on the use cases of blockchain within business in general. Feel free to check out the other lesson for more specific use cases. If you have any questions, feel free to reach out. And as usual, thanks for watching, and I look forward to seeing you in my next lesson.