3 Reasons Why You Need Blockchain for Your Business Right Now

Blockchain is one of the hottest technologies of this decade. When the anonymous person going by the alias “Satoshi Nakamoto” released blockchain in tandem with bitcoin, he or she probably never imagined that blockchain would become so widely used. At the time, the digital ledger technology was simply a means to an end for distributing and trading bitcoin.

Since then, the world’s been scrambling to put blockchain to use in a variety of ways. There have been countless innovations and improvements to blockchain and its source code. And it’s easy to see why — it’s flexible, secure, and distributed. It also promises anonymity. Tracking how, when, and how much of your cryptocurrency was spent is something governments still can’t do. But how does this concept have business applications? There are many reasons for implementing blockchain technology in your business.

Locking Down Logistics

For most manufacturers and other industries involved in supply chain management, a lot of details are untrackable and therefore unknown. Blockchain records every step of the process with data, which you can use for accountability, analysis, and optimization. A great example of this is London-based app developer Provenance. They provide custom solutions for businesses, consumers, and non-profits. More recently, Walmart announced plans to use blockchain to track its produce, from farm to store.

Secure Smart Contracts

An excellent application of blockchain is ethereum, a cryptocurrency that uses blockchain to run smart contracts. Smart contracts are agreed-upon transactions that can be recurring. This is useful for the renting industry, which requires payment every month. Blockchain helps cut out middlemen, minimize communication between the business and consumer, and helps keep the consumer’s information secure and private.

Streamline Pay Day

No matter if your employees come into the office everyday or work from halfway across the world, payday with blockchain is easy, secure, cheap, and fast. Even American Express is jumping on this niche opportunity; they’ve announced plans for a real-time B2B international payment system running on blockchain. Blockchain developers can easily customize their own business’s payroll by utilizing blockchain.

Blockchain Is Open for Business

Blockchain is difficult to understand, so it carries a stigma around it. But this technology is here to stay, in many different shapes and forms, and you should really think about how it can be used to save your business time and money. While the above reasons are all being implemented with great success today, there are hundreds of more potential ways to leverage blockchain that haven’t been utilized yet. If this article gave you any great ideas, you should get in contact with a blockchain developer right away — you may be onto something big.