Small business owners are realizing that blockchain is a game changer. Just how much of one remains to be seen.
Nonetheless, understanding blockchain technology is becoming increasingly important for business owners across the world.
That's because blockchain offers a number of secure transaction solutions for businesses. Stay tuned for a few examples!
The Importance of Understanding Blockchain Technology in 2018
It's true that we are likely still years, if not decades, away from a time where business owners will need to integrate their POS systems with bitcoin compatible technology.
But cryptocurrency isn't the only implementation of blockchain.
A number of industries and businesses will be affected by blockchain integration in a way business owners don't fully understand.
Blockchain allows business owners to securely exchange important information and instantly validate who owns it.
This is huge. Think about what that could do for the healthcare administration industry in terms of applying HIPAA laws, or the writing industry in terms of intellectual property.
The possibilities are endless with blockchain technology. Here's what we know today.
Smart contracts are contracts made from blockchain technology. A few things that are important for business owners to understand about smart contracts are as follows:
For example, if an MLM uses smart contracts to grow legs of its business, the contract can ensure that once a new membership fee is processed payment is issued to the right sponsor.
Secure Transactional Platforms
Blockchain offers a secure transactional platform, which is why it's such a good foundation for a currency.
But Bitcoin aside, a secure transactional platform can come in handy for a number of businesses, especially those who deal in information.
The medical industry is one example of a vertical outside of the financial industry that could benefit from software that uses blockchain technology to send and receive.
This could provide new opportunities for medical professionals to securely reach clients with their information.
When it comes to solving the problem of intellectual property on the internet, blockchains secure transaction ledger also answers the call.
Companies like Steem.io offer solutions for publishers to monetize their content.
On Steem's engine, they can do that securely while protecting their intellectual property or "Proof-of-Brain", as Steem calls it.
Transactions today rely on consumer trust. For instance, if you're going online to shop for an item, you have to trust that the seller is going to ship it, and you have to trust that the output is what you are expecting.
With blockchain technology, trust is decentralized. It no longer relies on the consumer to put full trust in the seller.
Instead, the blockchain ensures that the transfer of money is based on certain validated I/O conditions.
For instance, an incoming order could trigger a shipment process. The input is the order and the output is the shipment.
The Future is Blockchain
We know blockchain is coming and businesses are going to have to go through a digital transformation to accommodate it. But in order for businesses to get to that point, understanding blockchain technology is imperative.
For more information on how the blockchain can power your business, visit us here.