3 ways blockchain technology can help your business
Unless you’ve been in a coma for the last few years you will already know about the phenomenon that is Bitcoin. And you may not know it, but you’ve also had a crude introduction to blockchain technology.
A blockchain is a digitised public ledger that is fully open and transparent. It is a record of transactions that can’t be hacked, and it is maintained by the users of the blockchain, whose computers host it. Everyone has access to view every blockchain transaction in real time.
Small business owners will be familiar with the importance of secure financial transactions, and blockchain provides this with some awesome bonuses. Here are three reasons why you should be thinking about blockchain technology for your business:
1. Easy access to capital
Blockchain technology opens up the ability for anyone to access funds without the exorbitant banking fees and tiresome bureaucracy. Through a blockchain, lenders can approve financial agreements without any middleman, streamlining the whole process. Accountability is also improved, and transaction tracking is comprehensive.
2. Signing of smart contracts
A ‘smart contract’ in a blockchain enables two parties to form a binding agreement that doesn’t require third parties like a notary or registration authority. Smart contracts can streamline the process of proceeding with business plans, without the hassle of legal fees and written documentation. Smart contracts are set to revolutionise the industries of finance and real estate.
3. Improved customer loyalty
Small business owners can tap into the secure digital verification features of blockchain to streamline loyalty rewards programmes. Interaction between businesses and customers can happen with smart contract through the use of social media and digital wallets. This can speed up an otherwise time-consuming project for business owners, eliminating hours of admin time and cutting costs at the same time.
Blockchain technology is said by many to be the biggest new technology since the internet was invented. As mainstream adoption of the technology increases, and the many benefits it offers become more widely known, it is likely that the time will come when you can’t afford to NOT be on board. So think about getting in early, and reaping the benefits of blockchain technology while adoption is still in its early stages.