Blockchain technology is typically used to discuss cryptocurrency, but it has other applicable use cases beyond digital currencies. It’s an innovative solution that can change the way certain industries work. How can a small or medium-sized business make use of blockchain-integrated technology in a strategic way?
Understanding the Blockchain
Looking past the geek speak, blockchain technology is essentially a highly secure and transparent system to keep track of digital records.
Blockchain works as a digital ledger where every agreed-upon piece of information or transaction is recorded as a “block.” Once the block is added to the chain, it undergoes cryptographic sealing, making it impossible to alter or delete without altering or deleting every other record in the chain. For this reason, blockchain establishes a high level of trust and clarity for all involved parties.
With this basic understanding of blockchain tech, it’s easy to see some of the possibilities take shape.
Practical Ways to Use Blockchain Tech
How can the blockchain be used by an SMB? Here are just a few examples:
- Greater trust and transparency - Businesses depend on consumer trust, so any technology that promotes transparency can be a powerful tool to consider. Blockchain technology can help manufacturers and consumers alike track fulfillment through each stage of the process, boosting accountability, simplifying recalls, and cultivating trust.
- Streamlining agreements - Businesses will always have to deal with contracts, but smart contracts can embed the terms of the agreement directly into blockchain code. This means that the digital contract can automatically execute when certain conditions are satisfied. One example is a payment that is automatically released when a shipment is verified through a tracking system.
- Fortifying data security and integrity - Blockchain offers powerful protection for sensitive information. With its inherent decentralized structure and strong encryption methods, it’s practically impossible for unauthorized individuals to alter recorded data.
- Convenient and streamlined payments - Traditional payment systems have a bit of lag time, especially for cross-border transactions. Blockchain technology makes payment processing faster and more efficient.
How Can Blockchain Help Your Business?
While blockchain tech is helpful for certain industries and types of businesses, it’s not necessarily relevant or useful for all.
Still, there are certain types of applications, like security and customer support, where the blockchain could thrive. We want to bring these developments to your attention so you can make the call on whether or not you want to explore these technologies further. If you’re curious about what you can do with the blockchain, or any type of IT or technology-related initiative, we’d love to hear from you and help you carry out your goals.
To learn more about business IT and how it can empower your business to reach its potential, give us a call at (954) 575-3992.
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