Digital currencies have transformed the financial markets tremendously. Innovations never imagined before, job opportunities, etc., have come up. Blockchain, which refers to digital ledger whereby transactions made in the subject company are chronologically ordered and made public, has acted as a catalyst for these changes. Litecoin, Dogecoin, and other major cryptocurrencies, all fall under blockchain. Below are some more ways blockchain will impact the business world.
The world is in an era where the fluid nature of the internet allows for all types of data manipulation. You have excellent blogging account, yet somebody writes a book on the same and gets away with it. You create new software, someone signs the rights for it, and you are back to the gutters. All these happen because there has been no real proof of ownership. The blockchain for your business is the solution to theft of ideas. You can use blockchain technology to prove ownership of assets by building your ideas on blockchain or synchronizing the two. Anyone who seeks to profit from your creativity will not access your program. Only you will have decryption keys to your innovations.
In business dealings, if you want to send legal documents, you sign the hardcopy then scan it for emailing. The method works but is very tedious. Blockchain uses cryptographic signatures. Your signature will be an encryption only you can code. The unique signature assures the recipients that you are the source of the mail or shipments. With such technology, all your paperwork will beat the deadlines. Cryptographic signature especially applies in areas such as managing shift changes, sending, receiving, and other supply chain related activities.
Bitcoin was the first innovation based on blockchain. In 2008, Satoshi Nakamoto introduced bitcoin. The reception was poor in that technological era. It’s only years later that people understood bitcoin and its building block, blockchain. After much experimentation, retailers started accepting bitcoin payments. Blockchain helps rid you off of the central banks’ tyranny. This is beneficial to your business. You will not need to go through currency exchanges or any other clearinghouse. Also, its price model is much lower in comparison to other service providers. With digital wallets becoming more popular, the smart move is to cut out the middleman and increase your business earnings.
Security in Coupons and Promotions
Just around the festivities, people get a cash rush. They either have to earn it or spend it as expected; most businesses run at these opportunities. Some give gift coupons, give one free when you buy one, etc. the problem comes in double spending. Some people will get the prize here and demand the same price elsewhere. The blockchain hinders any double transactions. Using its public ledger and time stamping, once you transact, the operation is not repeatable. The ledgers will detect any attempts to reuse the coupon and cancel the transactions. Blockchain will help you authenticate your promo codes and coupons. In loan applications, you need to give liability. A client using one item as a Liability for different loans will be a thing of the past with blockchain implementation. It’s also an efficient way of tracking and managing limited items.
The blockchain is still in infancy. Still, entrepreneurs are coming up with new ways to use it. In the future, blockchain will find use in student verification in schools, tax collection, etc. Decades from now, the possibilities are endless. New blockchain businesses will emerge. Blockchain security is impeccable. You can have a private key for an individual idea or public keys for a group innovation. Unlike the common passwords, there is no ‘forgot your password’ policy. You will need a data backup. Otherwise, not even you will access the document. With such security measures, blockchain is setting up a revolution.