When people think of the blockchain for business, they usually think of big enterprises that do things like international shipping using it to streamline their lading and logistics.
Though big business is taking advantage of the benefits that the blockchain is providing them in terms of cost savings, efficiency and security, there are also a lot of ways it can be used for a much smaller activity. Even your small business can use blockchain technology to help you bring your business to the next level.
In this article, I will go over how you can use the blockchain to streamline your business to compete and grow.
1 – Accept cryptocurrency payments
The most obvious and immediate way to implement blockchain technology is to accept Bitcoin and other cryptocurrency for your payments. WHen a client has a few options to pay they will often stick around as customers.
It is easier than using a traditional credit or debit card payment processor and costs a fraction as there are very few fees. It is easy and quick to buy Bitcoin in India so your customers will love having that as an option.
There are many people who don’t use traditional banks, so this gives them a way to pay for your product or service easily and securely.
2 – Secure data storage
Data is king right now and there are loads of thieves looking to take it from you to use for their own benefit. Cloud storage is very popular as it is cheap to use and easy to access when needed. However, it has a serious flaw in that it can easily be hacked.
Instead, use the blockchain to store your data and you have increased security. It works exactly the same as cloud storage so you don’t have to get used to a new system. You wouldn’t even know that you are using the blockchain.
Since every transaction is registered on the chain, it keeps the data safe as the blockchain is on millions of computers instead of one server. This makes it almost impossible to hack.
3 – Smart contracts
Since the transactions are all immutable, meaning they can’t be altered, this is an excellent way of creating contracts and documentation with clients or others that is easy and secure.
Think about creating a timestamp for a copyright that you need for your intellectual property. If it is one the blockchain it can’t be disputed and is accurate and safe.
When you make a digital signature, it cannot be used without you knowing or the document itself can’t be altered after the fact. This makes it very economic to do your important paperwork as it doesn’t need to be done in person or with a notary for the same type of security.
It is easy to forget that the blockchain serves far more purposes than just a way to buy and sell cryptocurrency. There are so many applications that can be used that have nothing to do with Bitcoin as a currency and can be used for your business needs.