Being not a brand-new technology, the blockchain has gained momentum since 2020. Starting from that time, multiple companies have commenced taking advantage of blockchain-powered solutions to achieve greater results. Experts strongly believe that over the next decade the growth will only continue. Our task today is to figure out what benefits blockchain is able to provide your business with.
# Impressive security
Thanks to blockchain technology the security level of transactions gets much more improved since there appear to be a couple of mandatory requirements to carry out a transaction:
- All the network participants shall agree on it;
- As soon as a transaction is being completed and verified, it is to stay unchangeable.
The blockchain serves to guarantee enhanced data confidentiality, cos such a system turns out to be extremely difficult to hack. When it comes to the choice of payment gateway solutions, the security issue is becoming one of the key priorities.
# No need for intermediaries
Don’t you agree that dealing with mediators is kind of annoying? There are situations when we can’t avoid them, for instance, when selling and/or purchasing a property, carrying out financial operations, etc. However, blockchain solutions provide great opportunities to eliminate those professionals.
# Outstanding speed
Clearly, security is much more critical than timing, however, it’s still pretty vital with regard to the business. Due to blockchain solutions, transactions will take only a few minutes to get completed.
# Cost cutting
No matter whether you have a limited budget or not, a chance to reduce expenses is always a good thing. The fact that no intermediaries are required in the process will allow you to vastly save on commission fees.
# Multifaceted application
What is great about blockchain is that it’s applicable in multiple diverse areas, say, financial market, healthcare, real estate, insurance, retail, food industry, education, IoT, entertainment, and more.
# Favorable conditions for trusting relations
With respect to business, trust plays a key role, because when partners don’t trust each other, it’ll be close to impossible to agree with each other about different issues. The application of blockchain minimizes the risks of being deceived to be sure of your partners.
A key benefit blockchain offers a company is the possibility to track the history of specific transactions. Such an option is quite valuable, don’t you agree?
# Realtime synchronization
No matter how many network participants are involved in the process, the data will be synced immediately without any delays, which is vital for a business.
As you can see now, the benefits blockchain provides are truly essential. However, nothing is perfect, so there’s another side of the coin we shall reveal as well.
Certain specialists would mention tough scalability. The thing is that for the time being, blockchain technology isn’t as scalable as desired, but most likely, that will change in the future.
Moreover, one shall remember the so-called “51%” approach. The operation of a blockchain system is ensured by means of dedicated computing capability together with specific processing power. The problem appears when more than 51% of the power drops to a single gadget since in such a case network integrity could be easily violated.
Additionally, mistakes are pretty possible. The tricky part is that what is considered to be a benefit under some circumstances might turn into an issue. For instance, the fact that blockchain records are unchangeable could be a problem when a transaction was made wrong, so it won’t be possible to get canceled.
However, one shall remember that the above-mentioned issues are only matters of time that will definitely be resolved in the nearest future.
Blockchain technology for your business
We shall distinguish the key ways of applying blockchain to your advantage:
- Using disjunctive payment means. The very first thing that comes to mind is the application of blockchain to conduct diverse cryptocurrency payments.
- Managing personnel data effectively. The implementation of blockchain tools will be of great help for your HR personnel. Those solutions will make it possible to access and track data on every staff member, simplify the process of searching for and hiring new employees, properly protect the information on every person who works for you, and much more.
- Running marketing campaigns. No company can survive without marketing activities. How to adequately promote your goods and services otherwise? Blockchain instruments will make marketing efforts much more successful, cos they can monitor clients’ behavior and other data to strategize effectively.
- Creating digital profiles. It’s about personal identification that, in fact, is applicable in multiple industries, starting from the medical area to the financial market. It’s a critical aspect for the sectors that require regular identification of clients for safety reasons.
- Running a company with trust. Blockchain’s ability to increase trust between business partners means people won’t have chances to violate the terms of deals due to specialized algorithms. Dedicated smart contracts will ensure contracting parties conscientiously execute the terms.
- Voting. Polling and voting are of great use for organizations to receive answers to specific questions. Also, they’re applied to figure out clients’ opinions on specific goods and/or services. Wondering how blockchain is related to it? Why are we talking about voting while discussing blockchain? It is pretty clear. The thing is that the solutions in question are able to guarantee the credibility of the voting process because it’s actually impossible to fake and/or amend blockchain components from outside.
- Protecting the copyright. How frustrating it is when you work on your brainchild to find it plagiarized later! It’s critical to take corresponding measures to have your intellectual rights protected. To prevent any unfortunate outcomes you could take advantage of blockchain technology to keep your creations unavailable for copying by any outside persons. Those solutions allow you to always trace the actual original author.
What does the future hold?
We can now say with confidence that in a few years’ time everyone will have a chance to carry out microtransactions. Blockchain peer-2-peer lending networks shall see the world, and all kinds of investors will get a chance to take part in projects they’d like. Moreover, those systems will also allow entrepreneurs having tight budgets to raise the funds to realize their projects.
Experts strongly believe that by 2025 blockchain shall turn into a part and parcel of the world economy, thus, maybe it makes sense to utilize the time to get ready for the consequences.