Are you thinking of a way to evolve your business and make it ready for the future?
Think about Blockchain technology. In this article, we’re going to give you the inside scoop, including what Blockchain is all about and practical steps you can take to profit from this in your online business.
Evolving your Business
Evolutions are necessary, in life and in business. From manual management to digital tracking, business management has also been through evolutions over the years.
As cyber fraud and online transaction scams became rampant, there came a need for a more secure way to make business transactions. And Blockchain is the way.
Since its inception, it has changed the scope of online businesses and digital transactions.
The system uses a series of digital technology to create a trustworthy environment for business transactions. Transactions made on it are not only secured but are also permanent. Because of this permanence, various businesses across the globe have adopted the system for their business activities.
Dean Schlenker at Cyber Controller was quoted saying “The Blockchain Technology and Cryptocurrency is the future and we have been designing and coding blockchain websites for over 5 years now as we see this as the way to service up services and product customers with hack proof coding”
What is Blockchain?
Blockchain is a system of records keeping in a secured and reliable digital environment.
Imagine a “very large notebook which everyone can read for free and freely, on which everyone can write, but which is impossible to erase and indestructible.”
Information stored on the blockchain is impossible to change, hack or manipulate in any way. Simply put, the system is a form of the digital ledger which stores all transactions that are carried out on the internet at a single point.
Individual records on a blockchain are referred to as blocks, and the whole record lists are the chains, hence, the name “blockchain”.
How Can You Use Blockchain for Your Online Business?
The system permanently stores blocks after blocks. This makes it difficult to edit any block because you will be required to edit all other blocks that come before it, which is impossible.
This is why many online businesses opt for blockchain when a sensitive transaction needs to be made.
The system can also be used as an alternative to wire transfers and other digital transaction platforms since it does not charge your business when you make huge transactions online.
There is also no cause for alarm regarding the span of transaction. Online business owners should opt for blockchain technology when there is a need for saving time and energy for making digital transactions.
Now, here are practical ways you can use blockchain tech on your online business that is sure to increase your bottom line.
9 Money-attracting Ways to Use Blockchain for Your Business
1. Set up unbanked banking for instant and faster transactions
There are several ways by which blockchain adds value to businesses and one of the most common methods is through unbanked banking.
Customers who do not have bank accounts can easily create an instant account online with a blockchain platform. This helps you as a business owner better build your business and increase your revenue generation.
Another way blockchain can add value to your business is through the lowering of processing time. Since everyone loves to spend less time on transactions, blockchain makes it happen.
And it only takes seconds for transactions to be completed. Hence, your business will be much preferred than others due to the value-added blockchain technology adoption.
2. Boost financial security
Cyber fraud is easy with wired transactions and bankable accounts. But with a blockchain technology that is impossible to manipulate, there is a considerable reduction in the risk of cyber fraud.
The system also helps your business to get fortified in terms of digital security, as there is absolutely no need of sharing personal or business information while performing any digital transaction.
It also allows you to track your business account and all transactions with a single access point detail.
3. Keep and share records efficiently
Bookkeeping is one of the main reasons blockchain came into the business world. With the automatic record of every transaction on the network, the system can reduce the stress of this process.
Now, you can simply keep an eye on the transaction records, and also share them easily with your business partners without having to make manual records.
The technology also uses its dynamic network connection to make separate recorded files available for different businesses.
4. Raise capital with Crowdlending
It is easy managing a crowdfunding campaign with blockchain technology. There is no designated currency for the system, and it is also quite easy to calculate when transactions are made.
Businesses across the world have begun using the technology for crowdlending and raising funds to run the company.
It is safe and stress-free for making transactions on the decentralization network, which is why it is ideal for gathering revenue during a crowdlending campaign for your business.
5. Optimize supply chains
Blockchain technology can also handle the transit of goods and services to final destinations. The system reduces the stress of using other means to track supplies.
Inefficiencies and guesswork will also be eliminated when tracking goods. Because the technology allows you to verify where the goods are on the supply chain.
Using blockchain for the supply chain also offers easy and simplified control of your business.
6. Collect electronic votes
The system allows coordination between the boards or stakeholders of a company.
The analytics of block intervals, transaction sizes, and fee schedules help to reach a democratic decision for your company. The system will also provide a pool of resources to make important decisions regarding your business.
7. Ensure quality with Blockchain technology
In business, mistakes are very common, regardless of how much you try to avoid them. And it is often difficult for any business owner to pinpoint the mistake to a single source.
However, the blockchain system uses its pool of resources to trace mistakes to their point of origin. This makes business management easier and also saves your business a lot of money.
8. Pay employees easily
It is generally advisable to opt for a more convenient option when paying international employees. The difference in currency or residential area can cause a delay in payment or even a reduction in the total transaction valued due to charges being deducted. But this is eliminated with the blockchain system.
Cryptocurrencies such as Bitcoin and Ethereum are better options for paying employees. Not only is the process much faster, but there is also no extra cost for your business because the technology does not charge your business for any transaction made.
9. Store information in secured cloud storage
Blockchain technology reduces the cost of storing data for your business. By using this decentralized system, cloud storage can be used for storing important information online at no extra cost.
If there is a need to store large files, the system is also useful as bigger storage space can be purchased at a reduced price.