In this article, you will learn how incorporating blockchain technology into your business can elevate it to greater heights. We’re talking about better supply chain management, zero delays, improved transparency, cut middlemen fees, decentralized accounting, and many other benefits.
Ask any goal-oriented business owner, and they’ll tell you that their goal is to minimize costs while maximizing profits. Technology advancements have been a significant incentive to this course, made running their tasks more efficient and improved performance as well. One good example is gaming businesses running famous slots, such as the Book of Ra.
One of such technologies that have redefined the business sector is blockchain. Businesses are adopting blockchain technology in their operations as an alternative to the old-school currency, thus reshaping financial transactions.
What is blockchain technology, though? In a word, blockchain is a transparent, distributed ledger that records transactions between two or more parties in a verifiable, efficient, and enduring manner. Without further ado, let’s look at some benefits of blockchain technology to businesses.
Peer-2-Peer Transactions
Funds transactions between clients and business operators have become easier with the new blockchain technology. Today, you can send funds in cryptocurrency anywhere, anytime, in a click of a few buttons. This cuts on huge costs because you’ll be saving on the fees that you’d otherwise have been charged for transferring the funds through an offshore bank.
You shall have eliminated the middlemen and still transferred the funds in a transparent, secure, and less costly way. If that’s not good news for international businesses, then what else is?
The gaming industry seems to have adopted the technology into their operations more than any other economic sector. Nowadays, if you’re a gaming enthusiast, there’s no need to make long queues at the bank to deposit funds to your account or withdraw winnings. Every transaction takes place on the phone or computer, even bonuses like free 10 euro can be monetized using blockchain technology.
Minimized Errors
They say that the error is human, but the blockchain technology definition disagrees with this statement. Business operations, like book-keeping, accounting, and anything that involves money, can be prone to mistakes when done manually. But thanks to this incredible digitized ledger, there’s no chance for important papers getting lost or mismanaged.
Blockchain technology applications are crucial for decentralizing the accounting system to record, transact, and track assets for multiple businesses. So, even if an error occurs, you can effortlessly follow through with every transaction and find the root cause.
The ability to operate multiple businesses with minimal financial errors is the dream of every entrepreneur. The cool thing is that blockchain technology is here to make that dream a reality, grab that opportunity as early as now, and see your business grow beyond measure.
Customized Marketing
The business environment is like a battlefield where only the strongest, or is it the smartest, competitors survive. One of the ways of creating a competitive edge over others is by improving your marketing strategy.
Among the numerous benefits of blockchain technology, it enables entrepreneurs to better market their products by tracking consumer behavior. This data is essential in the marketing campaign as it allows marketers to craft tailor-made messages that will trigger an emotional connection with the consumers.
Thanks to blockchain, marketers can quickly notice even the slightest change in consumer behavior and realign their marketing campaign accordingly. And another thing, marketers can use blockchain to project the proportion of traffic that will most likely lead to sales. Therefore, they can analyze their performance and make the necessary adjustments if needed.
Faster, Cheaper Payments
The interconnection between blockchain and cryptocurrency makes the process of making payments to your employees incredibly hassle-free. Particularly, crypto payments come in handy if you have overseas or remote workers. The best part is that you can complete a transaction in less than an hour, and without getting charged huge fees as in the traditional banking system.
Furthermore, paying your employees using cryptocurrency is an excellent way of avoiding disputes since every transaction is traceable, and no one can complain about not having received their remuneration. Also, there’s no chance of overpaying your taxes since blockchain records help you calculate the amount you’re eligible to pay beforehand.
Blockchain technology companies like BitWagehave already taken the mantle, and they’re now offering bitcoin-based payroll services. The company claims to dodge the enormous costs encountered when sending money internationally, and the time it takes for the funds to get from one bank to another.
Stock Exchange
Stock trading is a profitable venture that can become more lucrative and secure if blockchain technology influences transactions. Did you know that exchanging stock using cryptocurrency can increase your company’s value? But wait, that’s not all; a company that uses blockchain systems is more likely to attract local and international investors. It relays the message that you’re a forward-thinking entrepreneur.
To define blockchain technology better and bring it closer to the people, Australia’s stock exchange allowed its usage by the public traders. In essence, traders can use their favorite cryptocurrency to purchase or sell the stock. This move will make transactions more secure, less costly, effortless, and quick. Banks no longer have to pass through intermediaries as it was the case before incorporating this tech.
Conclusion
Blockchain technology will soon influence every aspect of business operations, it isn’t a question of if, but when. With the fast-paced digital transformation witnessed in the past decade, investing in blockchain technology is one of the wisest decisions you can make as an objective entrepreneur.
Blockchain gives businesses the chance to run smoothly, transparently, and securely. Moreover, you’ll build a healthy relationship with your customers and employees, since every party can rest assured that their payments will always arrive in a timely and convenient manner.
But being a new kid on the block, the public is still cautious about using blockchain technology due to the risk aspect. This should be a perfect opportunity for a business owner to educate the public that this amazing technology is a more straightforward way of banking and making transactions. In the long-run, you shall have not only created awareness but also gained and retained more customers.
How do you envision the acceptance and usage of cryptocurrency in the next decade? Will we see new uses of blockchain technology in the future? Share your thoughts below.
Author: Thomas Glare has been a blogger for more than 5 years now and specializes in researches regarding technology development and recent launches of new and unique gadgets all around the world.