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5 Business applications of blockchain technology

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Written by   715
2 months ago

Oftentimes a lot of individuals think aside from blockchain technology in cryptocurrency, the next place you can apply this smart technology is in the Fintech business alone. But, in all honesty, I would love to tell you that blockchain technology can be completely employed in your business and organizations for the execution of a lot of tasks both finance and non-finance-related tasks.

Blockchain technology in our contemporary times is rapidly eradicating some ancient ways of handling financial matters. Today blockchain technology is suddenly becoming an alternative to traditional currency, centralized banking, and transaction methods that have made a strong impact on the system of handling financial transactions today.

In short, blockchain is a distributed ledger that maintains a continuously growing list of every transaction across every network distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done.

With the unique features of the technology, a lot of both small, medium, and large scale businesses are adapting to the activities of the technology in the following ways;

1. Storage purposes

Businesses and organizations do a lot of storage work. From information to transactions history storage. The implication of employing blockchain technology is that it helps in carrying out cloud storage of information and data.

Cloud storage is a model of computer data storage in which the digital data is stored in logical pools, said to be on "the cloud". The physical storage spans multiple servers (sometimes in multiple locations), and the physical environment is typically owned and managed by a hosting company. These cloud storage providers are responsible for keeping the data available and accessible, and the physical environment secured, protected, and running– says Wikipedia.

With the implementation of blockchain technology into business today, data and files can be stored and received anytime you need them– Thanks to blockchain technology.

2. Record tracking

Records tracking is the component of a records management system that ensures that you can locate records when you need to use them. Accurate recording and knowledge of the whereabouts of all paper records are essential if the information they contain is to be located quickly and efficiently.

Record keeping is an essential element of management. This activity is done more actively with the use of blockchain technology. Data can be recorded and retrieved any time you want them. One unique feature of this technology is that it does not make for data manipulations.

3. Payment purposes

The world is obviously going very digital in all ramifications. If your company is regularly involved in international transactions and business, implementing the blockchain technology into the business wouldn't be difficult thus making payments in Bitcoin as a lot of companies accept Bitcoin as a medium of exchange of value. Today in some countries like El Salvador, Bitcoin, and other cryptocurrencies have been legally accepted as legal tender.

It is, even more, cost-effective to make payments with Bitcoin than making payments with the regular fiat currency.

It is ideal for companies that make payments to international workers to do such using a block as it could serve as a cost saver to both employer and employee.

Bitwage’s founder and COO, Jonathan Chester says that by using a public ledger of all transactions in chronological order

you can see exactly where the money is throughout the process.”

4. Transparent Electronic Voting.

If you seek transparent voting in your company or organization, you have got to make use of blockchain technology.

Since the technology by itself provides a very safe and secure environment, it can make for safe and fraud-free voting, since it will be difficult to manipulate facts and figures.

5. Smart ventures

It is the blockchain technology that gave birth to what we refer to as smart contracts today. Even Though the term Smart contract has been used in the past, in 1993. Today,.and especially since the 2013 project that brought about what we refer to as the Ethereum Smart contract.

The Ethereum project was a decentralized platform that runs smart contracts applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”

Lead image is from Needpix

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Written by   715
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Comments

Yes, when you are in a place where you need to manage something given to you, record keeping is very much important. This is why the blockchain is important as one needs to save and get it at anytime.

Yes , you are right. In most countries Crypto has been legalized and this is the best making payments through cryptocurrency can ease stress and risks of making use of the centralized system.

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2 months ago

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2 months ago

That's it. The very important part is we can see how our money goes throughout the process.

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2 months ago

Hi Sir. Apologies I have not been active in the nomination. A lot happened lately.. 😊 also for some reason i was not notified to some of your articles.

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2 months ago

Not a problem dear. We all have activities that keep us busy. About not getting notified of my post, you can check if you are still subscribed to me. It has happened with one of my subscriptions sometimes.

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2 months ago