Business owners all over the world operate outside the blockchain, facing daily problems that may not exist if the company migrates to use blockchain-based products and services. This is the kind of situation that led to the Internet revolution, companies have discovered that it could make their lives much easier. Although, as we know, the Internet brings with it a host of other problems, problems that can be solved using blockchain technology.
The problem is however that blockchain technology is not widespread and most of us do not know too much, so how do you know if your company will benefit from the blockchain? How do you know which products might work for you and how can business owners plan a blockchain migration in advance, when they do not even understand the technologies themselves?
Forbes, recently published an article that speaks to us through some of these problems, providing an interesting solution for a series of normal everyday problems that companies suffer, problems that can be solved with blockchain technology.
Do your activities share a central database with many other people and businesses? In that case, you may find that changes made by an entity are not reflected in the entire database, for a number of reasons, however:
"Everyone on a blockchain network has access to the same information." If that information changes and the change meets the rules of that specific blockchain, it is reflected on everyone else's version of the ledger. "
Does your business require a rigorous audit trail? Often in this case, the steps are lost and when this happens, the data is left false or even damaged. Not with blockchain technology though:
"Blockchain transactions are immutable and protected by cryptography.The transactions are stored in blocks and each block is connected to the previous one by a special cryptographic key, created by cutting the data of the previous block, leaving a verifiable verification trace until the first block of the chain. "
Does your company use written contracts between many parts? Contracts are boring and take a long time, with the blockchain, however, companies do not have to keep chasing contracts and signatures:
"Smart contracts are pieces of code placed on top of a blockchain to perform a function once certain conditions are met.We assume, for example, to exchange contracts for the sale of a house.Once both parties have submitted signed electronic contracts, a Smart contract could issue shares or funds without involving your real estate agent. "
Did you get the picture?
For most of us, it's quite clear how blockchain technology can help finance, but it has the potential to do much more than that. By helping and improving companies at any level, the blockchain will see growth and the services that are provided to us all on a daily basis will improve. Our work will become easier and our whole thinking can be changed by a technology that promises to solve so many problems on the globe.