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Blockchain has long been a word of order that has been adrift throughout the technological space with little understanding for those who do not know it. However, in 2018 much more is understood about technology and the mainstream has finally begun to recognize its potential. With countless successful business cases due to the implementation of the blockchain, the technology has built a real reputation. Examples of integration have become evident in the less obvious industries rather than in the usual updates of the fintech companies. Revolutionary developments in the marketing and advertising industry, for example, have left many business leaders eager to integrate technology as part of their efforts.
However, blockchain is a very complex technology and it is important for decision makers to understand what it is, how it works and how it could affect a company before jumping on the "bandwagon bandwagon" and implementing it without research.
Blockchain was originally introduced in 1991 to prevent the tampering of digital documents. However, due to limited absorption, it was not until 2009 when the bitcoin entered the scene and launched the blockchain to where it is today. What makes the blockchain so revolutionary is its ability to encrypt and protect data once it has been registered; making tampering very difficult. This singular aspect makes the technology particularly interesting for many sectors that consider safety as a priority.
Despite the appreciation of the blockchain in recent years, many projects continue to fail, those who have set out to achieve their goals using the blockchain. It is no coincidence that the blockchain is not ready, the technology is very effective and works. The problem is therefore of who is responsible for the implementation, and this usually depends on the lack of understanding of their business needs and of the technology itself.
Improve collaboration with blockchain
First, a company should try to analyze its situation to identify the parts that need attention or reinvention. Collaboration within a company is usually an area of interest to be updated as companies continue to look for ways to innovate and increase employee productivity. In this case, blockchain technology has the potential to provide the perfect solution for advanced collaboration.
Blockchain does not interrupt databases, but interrupts the way in which databases are synchronized with each other. A single ledger of transaction entries means that both parties involved have access to the document in question simply. The coordination and validation efforts therefore become simple because there is always a single version of the records. By improving record collaboration without compromising security, the minimum improves workflow and productivity. After all, employee productivity is critical to a successful business, without organizations losing creative innovation that compromises their ability to remain relevant, competitive, and profitable.
Be sure with the blockchain
The next thing to consider would be the most threatening aspect for your business: data security. However, if the most threatening aspect is a cybernetic data breach that has the power to expose sensitive customer information, the blockchain would seem an ideal solution. Blockchain technology provides companies with complete control over how, when, what and who can access corporate data.
The blockchain technology, in this case, will allow a company to collaborate effectively and efficiently, securely sharing reliable data with full review and accountability without thinking twice. The trust of the company in managing the data of its customers will also prove to be profitable in terms of competition with competitors who may not have the same level of security on the spot.
Payment processes with blockchain
Blockchain technology gained notoriety because of the use of cryptocurrencies in 2009, when Bitcoin integrated technology to completely revolutionize the way currency is handled online. It is also a crucial point where blockchain has established itself as a major player in the industry and has since been well known for its integration. The third and last guide point therefore refers to the transaction of secure payments.
Once the payment process is completed in a company, this can open up new sources of liquidity for the business. A payment processor managed by blockchain would provide companies with almost instantaneous and diversified ways to use their cryptocurrency activities, allowing greater liquidity and a reduction in accountability. After all, simplified payments improve internal efficiency and automation. And as more and more companies adopt cryptographic technology and blockchain as part of their payment processes, the exchange between other companies will also become more effective and more streamlined.
Just like any innovation, little has been understood about the blockchain when it was first introduced, but since then it has been recognized for its ability to destroy other areas in a way for which it was not intended at all.
2018 seemed to be the year of this widespread implementation and "clamor", and it is important, as a company, to look beyond mania and understand what technology could really improve daily operations. The increase in internal collaboration, the protection of sensitive customer data and the process of secure payments are just some of the ways in which companies can assess their situation and decide if the implementation of the blockchain will be the technology for revolutionize the process.
Interested in listening to leading global brands discuss topics like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
