Business owners across the globe are operating outside of the blockchain, facing daily problems that might not exist if the business migrated to using blockchain based products and services. This is the sort of predicament that led to the revolution of the internet, businesses found that it could make their lives a hell of a lot easier. Though, as we know, the internet brings with it a range of other problems too, problems that can be solved by using blockchain technology instead.
The problem is however that blockchain technology is not widespread and the majority of us don’t know too much about it, so, exactly how do you know if your business will benefit from the blockchain? How do you know what products could work for you and exactly how can business owners plan ahead for a blockchain migration, when they don’t even understand the technologies themselves?
Forbes, have recently published an article that talks us through some of these problems, providing an interesting solution to a number of normal day to day problems that businesses suffer, problems that can be addressed with blockchain technology.
Does your business share a central database, with lots of other people and businesses? If so, you might find that changes made by one entity is not reflected across the whole database, for a number of reasons, however:
“Everyone on a blockchain network has access to the same information. If they change that information, and the change meets the rules of that specific blockchain, it’s reflected upon everyone else’s version of the ledger.”
Does your business require a tight audit trail? Often in this instance, steps are missed and when this happens, the data is left to be falsified or even corrupted. Not with blockchain technology though:
“Blockchain transactions are immutable and secured by cryptography. Transactions are stored in blocks, and each block is connected to the previous one by a special cryptographic key, created by hashing the previous block’s data. This leaves a verifiable audit trail all the way back to the very first block in the chain.”
Does your business use written contracts between many parties? Contracts are tedious and time-consuming, with the blockchain, however, businesses don’t need to keep chasing up contracts and signatures:
“Smart contracts are pieces of code laid on top of a blockchain to perform a function once certain conditions are met. Say, for example, you were exchanging contracts on the sale of a house. Once both parties submit signed electronic contracts, a smart contract could release deeds or funds without involving your realtor.”
Do you get the picture?
To most of us, it’s pretty clear how blockchain technology can help finances, but it’s got the potential to do so much more than just that. By helping and improving businesses on any level, the blockchain will see growth, and the services that are provided to us all on a daily basis will get better. Our jobs will become easier and our entire way of thinking can be changed by a technology that promises to fix so many of the globe's problems.