Do You Need to Integrate Blockchain Into Your Business?

 Praveen Kumar
  Jul 04, 2018

Blockchain technology, at first came along with the cryptocurrency- Bitcoin. That's why it is common to see many humans confuse blockchain technology for Bitcoin. They are both different.

The Blockchain technology has moved past the stage of being solely used by cryptocurrencies to one that is now integrated into many fields of life. Check LTC news today to find out more.

The Blockchain technology has been deployed in the agricultural sector and is now being used by some farms in the UK to optimize the process of turning farms into smart farms.

The financial sector is currently incorporating blockchain technology into their systems to make them more efficient and immutable.

The health sector is not left out from the innumerable benefits that the Blockchain exudes. Instead of using the traditional database that can easily be hacked into, hospitals are now integrating blockchain technology. Health records and information are as priceless as credit card numbers or social security numbers and have been known to be targeted for hackers, who then sell them in the black markets.

Blockchain technology will one day find itself integrated into the voting system, researchers have thought.

The fact that it is a public distributed ledger that cannot be tampered with hence is immutable, makes the technology one that can change the ways things are done in your business venture. With Blockchain, efficiency can become your watchword.

Your business is sure to be better with blockchain technology than without it.

Let's look at the following ways blockchain technology can transform your enterprise.

Making Payments and Transfers

Blockchain, as a means of the payment system, is the most popular usage of the technology. This is because the blockchain technology started its sojourn with cryptocurrencies.

How is this feature beneficial to businesses? Traditional means of payment is prone to been hacked, and this has been seen in case of bank accounts being emptied out in seconds. To make payments across borders, a lot of processes are involved, which are both tiring and expensive.

Incorporating the blockchain in your business allows you to easily transfer funds from one country to another in minutes and in a secure manner. Instead of coughing out outrageous fees to enable you to transfer funds, blockchain does it efficiently at a very cheap price. The payment or transaction is done quickly because there is no third party involved.

This can be very useful especially when you have workers all over the world or your business is of the international sphere.

With Blockchain technology, you can easily handle your payroll or transfer funds.

Smart Contracts

The term, 'smart contracts' has been used a lot by crypto enthusiasts, and there is a great tendency that you must have heard of it. The smart contracts technology is one that automates the agreements reached by different users.

Let's say you want to enter an agreement with your vendor. Your vendor promises to supply a number of goods, and you agree to pay immediately the vendor supplies the goods. Instead of rushing off to a lawyer, you can easily draft a smart contract, fill in the conditions of the contract, and submit it to the smart contracts technology. The remaining process becomes self-automated, carrying every condition you listed out on the contract.

This is done automatically and quickly because there is no intermediary. It is far cheaper when compared to hiring a lawyer that gets paid by the hour.

Sometimes, getting a traditional contract signed takes a long time because a lot of signatures may have to be appended.

A lot of companies have incorporated this feature into their system. Banks make use of smart contracts technology in their syndicated loan market.

Blockchain Technology Can Function as a Notary

This technology can easily be used as an affordable and quality notary service. These days, platforms that use blockchain technology to notarize a digital creation's proof-of-ownership has been created. The blockchain records the timestamp and other information of the image or even video, which can back proof-of-ownership claims if a dispute case should stir up.

Blockchain Technology Can Be a Great Distributed Cloud Storage

For businesses, cloud storage is an important technology.

Blockchain technology can allow your business to easily store data or records using a secure cloud storage. Since the business world currently expends more than twenty billion dollars on cloud storage, this should tell you that a unique technology that can allow cloud storage to be done in a more secure manner, should be embraced.

Blockchain Technology Can Be Used in Loyalty Programs and Creating Gift Cards

A lot of retailers make use of gift cards to reward their loyal clients, and to draw more clients into their league of loyal clients. Many times, these retailers can't trace where their gift cards are, or who used them, or when they were used. These retailers can't track the progress of their gift cards or loyalty programs brought to their businesses.

Retailers are also saved the cost of paying middlemen by making use of the unique verification capabilities of the blockchain.

Blockchain Technology Can Be Used in Protecting Digital Identity

Cases of fraud are common in a lot of businesses. It is estimated that more than $18.5 billion is lost annually.

This means that once three dollars is spent, one dollar goes to fraud.

With blockchain technology, digital identities can easily be managed and tracked, thereby reducing fraud. Its immutable quality means that data or information recorded on the blockchain cannot be tampered with.

Many traditional systems make use of the password system to gain access to information on a system that can be deemed insecure.

Authentication systems based on the Blockchain use public key cryptography to ensure identity verification is done safely.

The blockchain identity authentication allows only the user with the right private key to out transactions. This technology can be used to secure your business from hackers or unauthorized personnel. Only the one with the private key can have access.

Do You Need to Integrate Blockchain Into Your Business?

Praveen Kumar

Praveen is a well-rounded blogger who has a wide variety of interests and specializes in doing in-depth research for digital marketing. He notorious Write, Editor, Blogger. Love to blogging.

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