Everyone in the business world today is talking about Blockchain technology and how innovative it is. It’s provided with a way for us to make simple and effective transactions and send money anonymously online without any stress. In every way, Blockchain is the technology of the future.
Blockchain is a public network database that stores data in the form of tiny cells called blocks. These cells are joined together in a chain network. While it is best known for its association with bitcoin, Blockchain has lots of other practical uses that could help you and your business.
However, despite how groundbreaking Blockchain is, it may be hard to imagine how exactly it could benefit you in the day-to-day running of your business.
Why Do We Need Blockchain?
So, you know what Blockchain is, and you know it’s important. But what makes it makes it so significant, and why are so many industries suddenly implementing Blockchain into their businesses?
Blockchain is built on three principles: transparency, immutability, and decentralization. It’s these three principles that make it stand out from other networks. Transparency implies that a Blockchain network is a public network. Data stored on the Blockchain can be viewed by anyone on the network. This allows for accountability in the workplace.
Immutability implies that data recorded in the Blockchain cannot be falsified. This further adds to the level of accountability Blockchain provides.
Lastly, decentralization implies that a Blockchain network cannot be controlled or run by a single person or network, instead it is spread across multiple networks and servers. This makes it nearly impossible for it to be hacked.
These three features are greatly lacking in almost all businesses and Blockchain provides that easily. This type of technology is useful and needed for businesses of all kinds.
Practical Ways Blockchain Can Grow Your Business
Now, it’s time to implement Blockchain into your business. But how exactly will Blockchain assist in the growth and development of your business? While Blockchain is mostly known in the technology and finance industry, its uses spreads across a variety of industries and businesses.
Here are five practical ways Blockchain technology can assist you in growing your business.
1. Bitcoin Technology
Any business looking to implement Blockchain into their business should consider implementing bitcoin as well.
Bitcoin provides an easy way for businesses to make transactions, and process payments online. Because of the Blockchain technology behind bitcoin, the money used cannot be traced. This removes the possibility of fraud or theft.
If more of your transactions are performed online, this makes for a more efficient workplace. More businesses continue to go into bitcoin as it is yielding lots of money. Money made during these transactions could be converted from bitcoin to naira, once the transaction is complete.
2. Blockchain in Finance
Finance businesses benefit the most from Blockchain. Blockchain helps you keep detailed records of all your business transactions and makes them easy to find.
Blockchain users can also make use of smart contracts. These are preset instructions that can help you perform transactions and monitor databases without the need for third party interference.
Finance businesses should consider making use of Ethereum Blockchain as this is the most developed and efficient form of Blockchain online. Ethereum manages your database effortlessly and efficiently.
For those unsure about how to buy ethereum in Nigeria, it can be easily found and purchased online on the Vertex Market.
3. Blockchain for Entrepreneurs
Small businesses are less likely to have a very large workforce that can tend to the needs of the business. Blockchain can help tend to these needs for you.
Bookkeeping and other necessary paperwork can be done easily on the Blockchain network. This helps maintain a stable catalog of your sales that can never be lost or erased. This is much more efficient than regular databases and networks.
Entrepreneurs and small business owners could decide to join the online bitcoin trade and start buying and selling bitcoin online. This will ensure a steady flow of cash is coming into your business daily.
4. Blockchain in Healthcare
Blockchain is a real solution to security issues in the healthcare industry. Doctors can use it to keep track of patient’s health diagnoses, and illnesses. The purchase and distribution of drugs to the public can also be more closely monitored using Blockchain databases.
In addition, the need for paper documentation in the healthcare industry is almost nonexistent with blockchain technology at the forefront. The efficient organization Blockchain provides could also be used to keep track of patients with rare sicknesses or diseases without a cure.
5. Blockchain and Real Estate
The real estate business is another industry that has been revolutionized by Blockchain technology.
With Blockchain, buying and selling of commercial buildings has never been easier. Sellers can organize the building into what’s for sale, and what not for sale, including the cost, neighborhood, and everything else the buyer needs to know. All this information can be stored on the Blockchain database for easy access.
Documents involved in real estate such as lease statements and other reports could also be placed on the database, along with information about the investors and the agents.
Not only does this make the real estate business more efficient, but it helps save precious time and money.
These are just a few practical ways Blockchain can help your business, the list is truly endless. Every day, Blockchain continues to prove itself as a top tier technology, with new upgrades and innovations coming out daily.
Any industry that values accountability and keeping records will definitely make use of Blockchain. Businesses that often struggle with fraud such as the finance sector, government, or even voting polls will need Blockchain to ensure full transparency and accuracy.
Business leaders continue to invest millions into Blockchain to remain at the forefront of this new technology that is quickly taking over the business sector.
The benefits are truly endless with Blockchain on your side.
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