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7 Ways to Embrace Blockchain for Business Transformation

Blockchain began with the groundbreaking invention of bitcoin that grew to dominate the online trade. But it has become something much larger than bitcoin, and more businesses and industries have begun to realize the potential Blockchain holds to transform technology and business as we know it.

Our present internet, though vast, holds a lot of limitations. Blockchain has the capacity to surpass those limitations and do more.

Blockchain technology holds lots of untapped opportunities that many businesses are yet to tune into. You definitely don’t want to be left behind in this global transformation Blockchain is bringing about. To assist you, here are 7 ways you can use Blockchain technology as a tool for business transformation;

Higher Profit Levels

Blockchain speeds up transactions and ensures that other business proposals are completed as fast and efficiently as possible. All business processes are done digitally and the need for third-party interference is removed.

Through this, money that would formerly have been spent on lawyers, attorneys, or spent performing manual transactions will then be going into the company’s funds. This means that your business will be making more money by investing less. 

Introduction of Smart Contracts

Smart contracts are self-reliant contracts where information from both parties involved in the contract is written in code form. This contract is then stored on the Blockchain server which means it cannot be altered or removed.

This way, all the terms and conditions involved with each contract is already digitized for everyone to see. This negates the need for lawyers or any other third party interference.

If anyone violates the terms of the contract, the services are given back to the remaining party. If the contract is fulfilled as expected, both sides continue freely.

This helps remove the cost of lawyers and attorneys, and also makes the process of preparing contracts easier and more efficient.

Easy Payment and Online Trade

This is where bitcoin, a very popular Blockchain application, comes in. The decentralized nature of Blockchain, and bitcoin by extension, makes it the perfect payment method for small and big businesses alike.

With Blockchain, there is no need for third party interference during payment, and no need for billing contracts, invoices, and other associated documents. Businesses can now send and receive money online seamlessly using bitcoin. This speeds up online payment.

Companies involved with online trade have also hit a jackpot with bitcoin. Companies can buy and sell services online using bitcoin as an accepted payment method. After the trade is finished, bitcoin can easily be converted into regular currency from BTC to NGN.

Increase Cybersecurity

The one feature that Blockchain excels in the most is protecting your security. Its key features; decentralization, transparency, and immutability make this possible.

The decentralized nature of Blockchain means it can never be owned or controlled by a single entity. This means that information stored in the Blockchain server cannot be hacked or controlled.

Transparency means that every document shared in the Blockchain server can be viewed by everyone on the server. This makes people more cautious about information uploaded on the server. This means that information about to be entered is usually double-checked and verified to remove any security threats.

Immutability ensures that information entered into the Blockchain server cannot be altered. This removes the risk of hackers and security breaches on our documents or databases.

All this adds up to make the Blockchain network one of the most secure networks in existence.

Attract More People to Your Business

Adopting Blockchain technology into your business could go a long way in helping attract new customers to your business. Companies and businesses that accept bitcoin and other cryptocurrencies as a form of payment are often advertised in articles, social media, and sometimes on TV.

This will attract lots of new customers to your business. Businesses that would like to get started in bitcoin and other cryptocurrencies can purchase it easily only on the vertex market.

In addition, using Blockchain as a service provider allows users to engage more with your business and access their personal information. The transparency a Blockchain provides breeds a sense of trust between users and your business.

Improve On Present Business Functions

Overall, Blockchain technology can help your business work faster, safer, and more efficiently. Everything’s better with Blockchain at the helm. Transactions are processed faster, documents can be uploaded easily, everyone has access to the server, users can view information about themselves easily, and much more.

In many ways, Blockchain presents us with a more developed and advanced version of the internet. This type of technology is inherently useful to all businesses, no matter the type, and it’s an investment that you should definitely consider.

More Educated and Qualified Employees

A business is only as good as its employees. Blockchain demands the need for qualified employees that understand the nature of Blockchain and know how to run a Blockchain network. As Blockchain is still a relatively new technology, present employees will have to be trained on what Blockchain is and how it can be used to transform your business.

Also, Blockchain removes the possibility of fake resumes and portfolios. As Blockchain candidates often have to present practical resumes, it’s not easy for candidates to fake this. This opens up the workplace for more qualified employees that can operate with a Blockchain network, and use cryptocurrency well.

Conclusion

Business leaders have an opportunity to exploit Blockchain while it remains a relatively new technology. Investors and big companies are already cashing into Blockchain, and the bitcoin trade to see how it can be used for the growth of their business.

Entrepreneurs, solopreneurs, and business leaders could all benefit from Blockchain and its benefits. New businesses looking to get started in Blockchain could easily search up how to buy ethereum in Nigeria and begun running their own Blockchain application.

It really is that simple. Experience all the benefits Blockchain presents, and begin your business transformation with Blockchain technology.

Sunil Kumarr

Sunil is an Indian Blogger, a contributor that likes writing & covering topics in General for 5 more years now.