5 Ways Your Business Can Benefit from Blockchain Technology

Technology has revolutionized how we learn, communicate, and even do business—often by offering us ways to work faster and more efficiently,

serve more people, or access more information than we would have been able to without it. One trailblazing example is blockchain, the fundamental technology behind digital currencies like Bitcoin, Ethereum, and Monero. Simply put, blockchain is a system that records, encrypts, and stores digital information in a decentralized database. This system is not controlled by any single institution, and it’s allegedly extremely difficult to alter or hack into it.

You’d imagine such complex technology would only be accessible to large companies that can afford to contract high-end developers, but this is not the case. These days, more providers have emerged to make blockchain-based tech available even to small business operations. Hence, more businesses of all sizes have begun to explore opportunities using blockchain technology to conduct more efficient and secure transactions.

Are you an imaginative entrepreneur looking for innovative ways to supercharge your enterprise? Might you be looking to start accepting cryptocurrency payments or trading XMR coins through a Monero wallet? Read on for all you need to know about how blockchain can elevate your business operations to the next level.

Greater Transparency and Traceability

In essence, a blockchain is a network of linked computer systems. Whenever a transaction is made through the blockchain, copies of the transaction information are recorded and duplicated across every computer system within the network. Hence, a hacker attempting to forge a transaction record would first have to quickly gain access to, and then digitally alter, every single copy of the record existing on the network.

Furthermore, the power to oversee and manage a blockchain’s networks is distributed across multiple participants rather than having it consolidated in the hands of a single individual or institution. This decentralization is often touted as one of the biggest advantages of blockchain. Because all network participants must confirm the validity of each recorded transaction, corruption within the system becomes less of a risk on the whole.

Increased Security

The particular encryption technology blockchain uses makes it far more secure than other digital record-keeping systems. All transaction records within a blockchain are time-stamped and cannot be legitimately edited once they’ve been encoded in the system. They are also individually encrypted through a series of complex mathematical strings. These security measures make it almost impossible for hackers to falsify, steal, or even change any transaction information.

More Efficient than Traditional Transaction Methods

Blockchain transactions are peer-to-peer. This means they cut out the middlemen commonly involved in traditional financial activities such as managing payments, selling or leasing real estate, and the like. Instead, buyers and sellers all over the world deal directly with one another through transfers of digital currency. Getting rid of middlemen—and, by extension, the often-confusing paperwork and additional fees they tend to require—makes blockchain transactions faster, more streamlined, and cheaper than traditional transactions.

Can Be Used for Smart Contracts

Many major blockchain platforms now offer to code and process smart contracts for affiliated businesses. A smart contract is an automated contract that is programmed to verify and enforce itself when the conditions of the agreement are met. To use a concrete example, a simple smart contract might stipulate that someone buying an apartment must pay the seller a certain amount before they would officially be recognized as the apartment’s new owner. This agreement would first be recorded in a blockchain ledger. Afterwards, the subsequent payment and transfer of ownership would also be processed securely through the same blockchain. As stated above, the transactions making up this smart contract would not involve any third parties like lawyers, banks, or real estate agents, eliminating additional bureaucracy and extra fees.

Besides real estate, other examples of smart contracts blockchain users can avail of include supply agreements, partnerships with vendors, and even contracts of service for employees. These smart contracts, like any information stored on a blockchain, cannot be manipulated once recorded. They thus offer a greater measure of protection to the customer and the offering business alike than traditional contracts.

Offers Safe and Affordable Cloud Storage

Offers Safe and Affordable Cloud Storage

Cloud storage is undoubtedly another significant way modern technology has revolutionized the way we work. The convenience of being able to store important data on the internet, where it can be accessed from multiple devices at any time, costs businesses billions of dollars annually according to current research. The good news is that in recent years many service providers have begun to offer reasonably priced blockchain storage programs. These applications open up another option for small businesses and personal users to store their information in a highly secure place for a fraction of the usual price.

The many benefits of blockchain technology undoubtedly make it an appealing potential investment no matter the size or specific nature of your business. Given this technology’s increasing accessibility, there’s no better time than the present to explore the ways you might make it work for you. For all you know, embracing blockchain could be just what you need to take your enterprise to new heights.