But blockchain is much more than just a ledger for Bitcoin and other cryptocurrency transactions. In fact, blockchain can actually change the way we do business – for the better.
CoinmamaHowever, that’s not what we are talking about today. Today we are going to talk about the benefits of blockchain for businesses. But before we jump into the benefits of blockchain for a business, let’s discuss what blockchain really is.
In simple terms, blockchain is an electronic ledger that is used to track transactions in sequential order. It is used to connect multiple transactions, from multiple parties, into an easy-to-follow record book.
As the ledger increases in size, so does the complexity of the digital keys and the time and power necessary to verify the transaction. But this also ensures that the blockchain is secured and accurate.
Again, no one really expected blockchain to be used for anything other than – . In fact, it was built as a way to decentralize our lives and make everything more self-regulated.
of sense.
Increased Efficiency
think three to five business daysWhat if you could (i.e. )? Would that speed things up? Absolutely!
Contracts signatures, milestones, revisions, can all be included in blockchain transactions. Instead of three emails, two mailouts, one revision, two more mailouts, everything could be handled in one location using blockchain.
either in resources and/or hours workedMost every business dreads the end-of-the-year financial reports and the inevitable audits that come with them. So, wouldn’t it be better if the audits could be expedited or removed altogether?
Most of the time, these records of transactions are located in a database, possibly on an old computer, where finding the offending record could take days or months.
Using blockchain, all of these issues could be resolved in a matter of minutes as everything is recorded – .
And finally, businesses need security. In fact, they spend a lot on making sure that their systems are secured from outside access, their credit cards are protected, their computers are protected, and the list goes on.
no malicious changes and/or hacksUsing blockchain, you could do just that. As the information could only be changed using private keys, the information would not be confirmed until it was verified on the blockchain ledger. Once verified, the information could then be changed and recorded into the record.
You wouldn’t have to worry about document and contract integrity as everything could be managed using the blockchain. Would that save on time and resources for a business?
As you can see, blockchain has a lot of potential. Bitcoin just happened to be the first implementation of blockchain technology. And then other cryptocurrencies jumped into the foray and the blockchain technology came into the limelight.
But, to help them with their transactions, whether the transactions are financial, contractual, or other records of communication and/or changes.
Cryptocurrencies like Bitcoin are here to stay, but so is blockchain technology. And while fluctuate (sometimes wildly), the blockchain technology remains constant.