When businesses adopt blockchain technology, they will profit from immensely. The focus of blockchain is on the banking and financial sector at the moment mostly because blockchain can speed up money transfers and minimize associated costs.
Here are some reasons blockchain technology will benefit your business in the nearest future.
1. INTEGRITY AND TRANSPARENCY
These are most important reasons to adopt blockchain technology and use t as a unique selling point of your business. Blockchain technology takes transparency (and consequently integrity) in business to unprecedented levels. Public blockchain technology makes a completely transparent ecosystem possible because, transactions are open to the public especially the parties involved at any time.
This is another reason to get rid of third parties, which is always a positive development.
2. NO “TRUSTED” THIRD PARTY GATEKEEPERS
When businesses adopt blockchain technology, it will create a business ecosystem that gets total rid of the need for the traditionally trusted gatekeepers aka the financial institutions.
Trust is the basic foundation of all human dealings and it is the most valuable commodity. Blockchains make multiple parties not to need any middleman’s intermediation to minimize counterparty risk.
This is an absolute necessity for the future of business as a whole.
Blockchain is actually a peer-to-peer system. This means transactions are between you and another peer or party. Because this is a two party dealing only, it could be a real game changer. Imagine sending your parents or family money from anywhere in the world and paying cheaper transaction fee that traditional banking or financial institutions charged.
Blockchain technology can also potentially get rid of the need for lawyers, real estate agents and banks when transferring a deed or property title. This will save fees and save time from days to hours or less.
3. GIVING USERS AND CLIENTS CONTROL
The most important reason to adopt blockchain technology is that blockchain gives power to users or clients to control their information and business transactions. This scares many businesses because it may not be the best option for them in terms of the shift in right of control. Notwithstanding, businesses that do not understand and get used to the handing over of control to users, will find themselves in a precarious situation in the nearest future.
4. RAPID, TIME-SAVING TRANSACTIONS
Can you imagine sending or receiving money from anywhere on the globe in a few minutes? What of receiving a signed contract or title deed in just 24 hours? Whatever the situation, when businesses adopt blockchain technology, the decentralized and the P2P system lets you settle any digital wallet transaction rapidly instead of waiting for days or even weeks.
We live in Nigeria and sometimes, transferring money to clients or suppliers abroad via the various banks takes 2 days under certain circumstances. The correspondence between financial institutions in Nigeria and America in the last business we did with a client abroad was rather slow.
The cumulative time that will be saved due to the speed of execution of financial or business transactions using blockchain technology can be used to be more productive and accelerate the growth of the global economy especially in developing countries like Nigeria.
The banking and financial sectors are slowed down by cogs in the wheels in verification, clearance and settlement. Adopting blockchain technology will eliminate these concerns.
5 SUPERIOR DATA QUALITY
Irrespective of the industry businesses actively do data collection and processing is most important. This is because there is the need to ensure the genuineness of data and using it to find problems, needs, or improvements.
The unfortunate reality is that traditional solutions don’t necessarily sort out this type of process. Adopting blockchain technology will make massive impact in this area.
This is because any data stored on the blockchain is complete, consistent, and almost 100% accurate. The blockchain makes sure that recorded data cannot be changed after input – a major benefit of blockchain technology.
6. PREVENTION OF PAYMENT SCAM
Adopt blockchain technology your business will be free from potential future payment scams. Blockchain can prevent future payment scams via the use of “smart contracts” to protect buyers and sellers. This will end situations where you order a product and the seller(s) fail to deliver. Also because all transactions are recorded, no on can double-spend because a token or electronic currency spent once, it can’t be used again. No fraudulent company will be able to “cook the books” like it was done during the Enron Saga. They won’t be able to cheat customers because every transaction once recorded cannot be, will account for every dime. price gouging will be no more in business. Blockchain is so secure that besides transactions being entered into the ledger, transactions between two parties require the unique signature to authorize the transaction. Without the signatures and third parties, tokens cannot be altered.
7. INCREASES STORAGE
While cloud storage is a wonderful development, you don’t have any control over the storage infrastructure. Now, we don’t know about you but that is scary if the unimaginable happens.
Storing our data in the hands of Apple, Dropbox, Facebook or Google for us as always been a concern since we value our privacy and what some things private. When you adopt blockchain technology, you will have an encryption key to get access to your data. This means you can be certain that no one else can access them apart from you (or whoever steals your key).
8. USER REWARDS
Every customer or user loves reward programs. Blockchain can help take loyalty programs to an unprecedented level by letting customers trade points among themselves since those transactions would be in the public ledger. This would open up the possibility of using points from different vendor platforms. Imagine, using some of your airline flier reward points for your next uber ride or on Amazon.
Will your business adopt blockchain technology? If not, why don’t you see reason why you should adopt blockchain?