Blockchain technology is something that many business owners in most sectors will have heard of by now. While they may not fully understand what it is, they will have probably questioned whether it can be beneficial to them and their operations going forward. Blockchain tech has already been incorporated by a lot of businesses around the globe from online gambling to healthcare. This is because of the variety of benefits that come with it, but what exactly are those benefits?
One of the first areas where blockchain technology can have a real impact is with auditing. Auditing is something that every company worth their salt does, and with a blockchain essentially being a permanent ledger of transactions and the like, it will make the whole auditing process run a lot smoother. All the data recorded will be accurate and it will all be in one place too, which will prove highly beneficial.
Businesses regularly make payments, both in and out. Blockchain technology was formed in the cryptocurrency world and these beginnings saw it used to help the whole transaction process run smoothly. Blockchain technology could therefore be used to pay for goods and to even pay staff members. Payments would be secure, instant and they would be completed at low cost too, which is especially ideal if your business has staff or is dealing with people around the world.
If you’re a company who sells products that must go through a manufacturing process, blockchain technology could again come in very handy. Certain products are likely made up of a range of components, and if one or two of these aren’t available at the time, it can throw out the whole process, while it’s your company who will end up taking the hit. Using blockchain technology, permanent records could be produced at each stage to show where things are at, keeping everyone up to speed.
Cloud storage has fast become integral to businesses around the globe over the last few years, with many looking to avoid clogging up hard drives unnecessarily. This has been a growing trend for some time now, as after companies have weighed the pros and cons; cloud storage always seems to make the most sense. Blockchain tech also has an influence here through a company known as Storj. They are out to provide companies who are using blockchain with secure, fast and affordable cloud storage solutions. The best part about this is that it’s ideal for all businesses, no matter how big or small they are, and it will help to drive down costs of storing data too.
It’s also become the norm for businesses to reward their customers with loyalty programs, or to provide them with the opportunity to buy items such as gift cards. These are often used digitally and blockchain technology can once again help to make the whole process more cost effective. This is because there will be no need for a middle man, with blockchain tech being able to verify the transactions in its own unique way, again helping to drive down costs.