Getting on board with the latest and greatest that technology has to offer for businesses can be a bit overwhelming. While you want to stay ahead of the trends, you don’t want to embrace and waste money on an idea that ends up being a fluke.
One new market strategy that is proving to be revolutionary, however, is the use of blockchains. There’s a complex explanation for its full purpose, but to keep it short, it is a tool to make transactions and transfers online without using a third party. Meaning, that instead of trusting a third party to keep your transaction history safe and accurate, you can seal “pages” of transactions with a secure key code.
This innovation was not immediately welcomed, due to the mysterious nature of it. Previously, only tech circles were aware and used this technology. Few non-tech businesses used blockchains, including people in the general public, while many stayed unaware of its existence.
Blockchains are used for a variety of reasons, and while some businesses may use it avoid leaving a paper trail, others are embracing the technology to gain improved assurance and privacy. It also makes it possible to exchange money without using any physical currency, a quality that helped put Bitcoin on the map, despite the controversy some see behind it.
Don’t be fooled though, because while Bitcoin may be the most well-known blockchain, there are several different blockchain based services on the market. Jeremy Epstein, CEO of Never Stop Marketing and advisor to blue chip Crypto projects like Zcash and OpenBazaar, made a comment stating, “Bancor is a decentralized cryptocurrency exchange that allows for intermediary-free transactions to occur and they are processing over $10 million worth of trades daily.”
Blockchain is being heavily embraced for its efficiency. It makes exchanges quick, simple and is moving document authentication to become obsolete. Companies are also able to feel like their information is safer and more secure, with hacking becoming relatively common. Plus, they don’t want to miss out on an innovation quickly growing in popularity.
Companies are using blockchains even at the most basic level. Real estate is now instilling Bitcoin as a payment option, creating an easier time for foreign buyers or those who want high privacy. For companies who rely on secure supply chains, their use of it is an inevitability. Walmart, Nestle, and Costco are already jumping on board to improve their global food supply chain safety.
So whether you’re still unsure or not when it comes to using blockchains, plenty of people agree that it is becoming the best craze for technology and businesses. While its purpose may be questioned, the innovation it brings quickly overshadows those doubts to work on becoming a permanent fixture in everyday society.