Businesses have always been adopting technology for the greater good. The evolution of technology has given us one of the more magnificent technology and that is blockchain. The implementation of blockchain technology can take your business to new heights. In this blog, we’ll let you know how you can grow your business with blockchain technology.
Blockchain
Its chain of blocks stores data and blocks that are linked in chains in chronological order. Blockchain stores different kinds of information and acts as a ledger for transactions in the case of bitcoin. Decentralized blockchains are immutable, this means that any data entered into them is irreversible.
Few Myths About Blockchain
Blockchain technology is one of the most advanced and powerful technologies we have in today’s world. There are plenty of myths about blockchain technology that only a handful of people are brave enough to work with. To get over it, let us discuss the myths.
1) – There is only one blockchain, which is the first myth about this technology. In reality, there are many of them, each has its own differences due to the purpose it has to serve. So, you can choose the system which will suit your business the most.
2) – The second myth on the list is that blockchain is a 100 percent secure system in the world. Well, it’s a fact that there is no 100 percent secure system in the world. But with blockchain, the benefit is the fact of hacking will be recorded and wouldn’t go unnoticed.
3) – Third myth is that blockchain is open to everyone! Nope, it’s not true. The fact is that blockchain is an open-source database to which all members have access. But access only is given to the stakeholders. Moreover, a private blockchain can be built on the tip of a public blockchain, providing access only to those users who need it.
4) – Next myth in the list is that blockchains are only used by criminals. The fact is that anyone can use it for both good and bad, but as mentioned above, blockchain records all actions, and no one can delete this data. All the transactions can be trackback.
5) – Fifth myth is blockchains cannot be used for business. In basic terms, blockchains were created to protect blocks of data, verify information, and record all actions. Since businesses create tons of data and blockchain is an irreplaceable technology for any sphere with sensitive data.
Advantages of Blockchain Technology
Every day, new blockchain business opportunities and plenty of blockchain startups are appearing all over the world. It all proves that this system is a bridge to the future.
The real-life blockchain technology businesses can take advantage of are as follows:
1. Payments
Companies can use blockchain for types of transactions, using blockchain for money transactions will exclude banks from this chain and their fees as well. It means you can send your money directly to a person you need to, without any intermediaries.
2. Smart Contracts
Blockchain technology can also be used in smart contracts. The platforms exclude the possibilities of delays, suppression, or any outside influence. It provides comprehensive financial security, monitors the terms of the contract, and is unbreakable.
3. Distributed Storage In The Cloud
No extra amount of hardware is needed to store more data and hence this decreases the expenditure and also saves plenty of time. So in case, your business operates big data, blockchain is a great opportunity to cut down your expenses.
4. Digital Identity
With the blockchain-driven system, it is much easier to track and monitor digital identities. The best part about this is that it does identity authentication, where blockchains are needed to secure the whole procedure.
5. Notary
To certified document in any part of the world, you have to pay some amount for it. With blockchain technology, you’ll spend comparatively less amount of money. If you deal with such certificates, this blockchain technology will help you stay afloat.
6. Gifts & Discounts
Various loyalty programs help you engage customers and show them you care. This blockchain can help you to avoid different types of scams and create unique certificates which would be easy to verify.
7. Internet of Things (IoT) based system
IoT devices collect megatons of data. With the implementation of blockchain technology, all this data gets processed and stored quite easily.
8. Chain of Supply
Usual software that manages supply chains is very fragile and in a case of a crash, you have all chances to go bankrupt. Blockchain records everything that happens, which means even in case of a failure or crack, you can always find out what happened and rehabilitate the system.
Conclusion
To sum up, you can grow your business with blockchain technology, its implementation will give plenty of benefits to your business. All the points mentioned above are capable of making us believe that blockchain technology is not only a trend, it is the way we all are going to do business in the future. The sooner we understand that the better position we can get with our businesses.
Are you looking to implement blockchain technology into your business? If yes, so, please feel free to contact us at support@aeologic.com
