MNCs use Ethereum for multiple purposes, from supply chain management to replacing customer databases with decentralized data. In addition, Ethereum is giving them the tools to build a distributed ledger of verified transactions, setting up a decentralized tech stack for data sharing and software development.
Moreover, MNCs find practical uses for Ethereum technology beyond their specialized use cases. For example, an MNC in the consumer goods industry uses the blockchain stack to aggregate supply chain data that users can use to make informed manufacturing and distribution decisions.
A telecom provider has used its Ethereum-based blockchain platform to develop an environment in which mobile phones can securely exchange messages and value-added services with other devices over cellular networks – potentially turning those handsets into smartphones that act as mobile wallets or provide other advanced value-added services.
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Ethereum offers the opportunity to create decentralized apps:
Ethereum is providing these companies with an off-the-shelf decentralized app (dAPPs) development platform that can lead to a more efficient and cost-effective solution for their needs than building one from scratch. In addition, MNCs are finding great value in leveraging Ethereum’s security features: intelligent contracts and privacy features built into the core protocol. It is especially true in supply chains where provenance and visibility are critical to their operations.
A multinational consumer goods manufacturer wants to use the blockchain token infrastructure to manage the digital identity of its products along the supply chain and ensure they can’t be tampered with. The company uses Ethereum technology as a backend platform to create an immutable ledger to record product data information and make it available for audit. It’s also planning to use Ethereum for its physical supply chain, for example, in tracking shipments between its facilities.
Ethereum offers a level playing field to all employees:
Ethereum is giving an edge to the MNCs as it allows them to share data and software development and employees to share their knowledge across offices in different parts of the world. In addition, it makes the working environment agile and dynamic.
Collaborating with others allows team members to contribute to their work output faster. The easier MNCs access a talent pool in multiple geographies at a fair price for all parties involved, the more business will be conducted by people globally. An MNC with global operations is aiming at using Ethereum technology for its team member engagement program that brings together its global workforce into a familiar learning environment.
Ethereum helps MNCs to increase their international reach:
Many companies are now trying to enter the Chinese market in one way or another. It is a massive opportunity for companies worldwide as China’s market is growing exponentially. But while they need to learn how to enter the Chinese Market, they are using Ethereum to solve this problem. Smart contracts ease the process of getting your products into the market and selling them through blockchain technology.
Each company has its objectives and requirements, but its primary goal is clear: They want to make everything transparent to ensure that its products are safe. Therefore, the data it deals with is correct, and there is a potential solution.
Ethereum helps MNCs in managing their risks:
We live in a very uncertain world with too many risks that can negatively affect our businesses. But with the help of Ethereum, you can reduce many security and fraud-related risks by using smart contracts. For example, smart contracts will ensure that if you get what you have paid for, or if someone is supposed to deliver something without fail, it will happen seamlessly as long as the rules are met. If not, the money will be refunded automatically without any problems, and all of these are possible with the help of Ethereum.
Ethereum is strengthening the reputation of MNCs:
The reputation of your business is not just about your products, services, and brand; it is also highly influenced by your employees. The employees of your business are the ones who work with you and get to know you more than anyone else, and they can spread the word about how good you are. So if your company has a bad reputation, it will be hard for you to get new customers coming in. By using Ethereum, an MNC can use smart contracts to give value to the people who work for them by rewarding them. However, the user will also damage their reputation if they don’t deliver their promises.
MNCs can use Ethereum for global payroll complex:
One of the reasons that companies are trying to use Ethereum is because of its global nature. Even though you don’t have many employees, you will still try to hire them in the future. So Ethereum helps companies efficiently manage their payroll and ensure that they are paying enough for their employees, which can cause bad publicity for your company in the long run.
Ethereum is helping MNCs in improving productivity:
Using Ethereum as an accounting tool means that managers can measure how productive a worker is and how effective he is at completing his tasks quickly and efficiently. It will help an MNC to improve productivity by having its other workers work more efficiently using smart contracts.
