Blockchain improves our lives significantly as it ensures transparency, carries small transaction costs, facilitates smart contracts and Internet of Things. In today’s world, it is considered as a magic pill.
Industries like financial services, banking, healthcare, energy, education, and many more are racing to begin Blockchain adoption; the technology behind Bitcoin that assures to improve efficiency in numerous processes, plus create new business opportunities.
What is the significance of Blockchain?
Blockchain allows anyone to buy or sell anything they’d like to anybody else in the whole world, without anyone in the middle imposing rules or fees on them. It creates openness, so the promise for society and the average consumer is that it will give us a new level of freedom, empowerment and reaching others without having intermediaries in the middle to control or by taking a fee or tax from us.
Incorporating Blockchain into businesses will allow us to control our identity. Every consumer will be able to be anonymous, public, private or whatever they want.
The Blockchain arrives as a new layer that goes on top of the Internet. It sits right on the Internet. It’s on par with the web. But in the long-term, it has the potential to be of the same magnitude of the web as space, as this new layer that’s going to be very important on top of the Internet.
The reason why the Blockchain has gained so much praise is that,
- It is not owned by a single entity, hence it is completely decentralized.
- The data is cryptographically stored inside.
- The Blockchain is immutable, so no one can tamper or delete the data that is inside the Blockchain.
- The blockchain is transparent, so the data stored in it can be easily tracked.
We believe in the potential of the blockchain and we believe that the majority of the businesses are adopting it. However, it doesn’t mean that every business needs to have it in the first place. Don’t decentralize just to join the herd.
A BUNCH OF REASONS TO INCORPORATE BLOCKCHAIN INTO EXISTING BUSINESS
Multi-level payment protection
Blockchain can help to prevent payment scams providing a few levels of protection:
- Smart Contracts make it possible to ensure that all parties follow the same rules;
- Public ledgers are tamper-proof which means it's quite difficult to alter or double-spend altcoins;
- Decentralization in itself makes it hardly possible to be a "king of the hill" as there's no central point of a scam/failure;
- All transactions within a network are transparent so there's no opportunity for a scammer to cook the books.
Better enterprise cooperation
Today, collaboration tools are changing the nature of knowledge work and management inside organizations. But there are clear limitations to today’s set of tools, as we still need central intermediaries to establish trust and coordinate much of the potential. In turn, a blockchain-based system allows a partner/employee to have a profile that could be 100% controlled by the owner. This can make your network more flexible and private.
Better chances of new business values
Blockchain technology allows co-operating with other business owners without affecting their original business purpose.
No more waiting for transactions
Your own blockchain-based system allows saving lots and lots of precious time. Dealing with your customers/partners without middlemen makes it possible to avoid waiting for days (or even weeks) for transactions.
No middlemen
No more special trust-building parties including banks, realtors, and lawyers for your business. A blockchain in itself is nothing but a peer to peer system which means transactions are only between you and another business owner- a partner of yours.
No one can access your data except for you
Blockchain uses encryption technology to protect crucial files from violation. In addition, blockchain technology allows for creating storage clouds at a cheaper rate.
Using a smart contract
Your business can automatically enforce pay-for-performance agreements with your employees as a part or all of their monetary compensation based on their performance.
Basically, Blockchain makes the IT system more trustful. These days blockchain offers a secure and efficient way for many business owners to interact with each other and their customers. Just give it a try and see: blockchain can penetrate your business in more ways than one!
Blockchain is clearly shaping up to be the next major tech craze, as the robust new technology continues to make inroads into digital business models. With a little planning, companies can position themselves to be ahead of the curve for implementation.