Liberation from antiquated systems can be a healing experience
The survival rate of businesses across all sectors are recording all-time lows that USA Today reports that as many as 25,000 stores in America will shut down this 2020 due to the impact of COVID-19, based on a Coresight Research. And many more are expected to follow.
Whatever business you are engaged in, it is essential to shift gears and adjust to the current pressure of realities around if you want to survive. One such adjustment is to go the way of the blockchain.
Blockchain is a very powerful emerging technology that we have not fully harnessed yet. And many small and medium enterprises have not understood the impact it can create on their operations, not unlike economic giants. Too few still have found how beneficial blockchain is to their lines of businesses that they cannot live without it. All that the average knows is its synonymity with Bitcoin and other cryptocurrencies. Well. It’s high time we go above average.
Processing of Payments
The most basic way to be introduced into the blockchain culture is by opening your business doors to Bitcoin and altcoins at your point-of-sale system. The decentralized character of the blockchain eliminates any traditional intermediary that charges high processing fees. Accepting cryptocurrencies as payments or to pay employees with as salaries become a simplified and cheap process. You can also invest in the coins you use by buying bitcoins and grow it to maturity. This is a great way to protect your business assets and exponentially profit from them.
Data storage nowadays rely on the cloud that made it easier for data to be easily accessed while securely stored no matter the size. Though the cloud is a very effective server, its singularity poses a risk of being breached one-time big time and all your documents are compromised. Blockchain is made up of thousands of servers to gain access to that makes hacking your accounts virtually impossible.
Utilizing Smart Contracts
Traditional contracts have perpetually included expensive third parties in order for it to be a fair and trusted document that is executory and enforceable. The invention of smart contracts on the blockchain will render third parties without further use. Smart contracts become a trustless system that, once verified, will never be tampered or censored. What takes days or weeks to finish can be now be done in seconds with an authentic same contract visible to the contracting parties.
The Internet of Things
The IoT is a network of smart devices that automatically transports in real-time electronic data to the surface to aid in informed decision-making. This interconnectivity and interoperability will drive your business to a more competitive edge as any needed information is fed for consumption at any given time to generate effective strategies.
Managing the Supply Chain
The beauty of blockchain use in the supply chain is the transparency and traceability of every component’s source needed in the creation, growth, and manufacture of a product. This transparency guarantees the authenticity of the product as the same as advertised and marketed as it is displayed on the shelves.
Taxation and Transfer Pricing
Tracking the fiscal chain of events between trading companies recorded on the blockchain will allow for correct taxation, and proper profit splits.
Employers will be saved the time and burden of a taxing background, checking a job candidate of his or her work history, qualifications, and other credentials. The unalterable blockchain data records the proof of claim a person may possess regarding skills, expertise, and line of work. Of course, there may be regulatory limitations as to the record of information one may allow himself to. But it comes with it the unalterable truthfulness of personal records that may be needed to authenticate an individual’s claim he says he is.
A lot can still be said regarding blockchain but for the time being, credence may lean more to use cases as adopting blockchain can be expensive to handle and maintain, including which blockchain company can be trusted and knowingly implement the technology to the client’s given business structure.
Since 2008, 80,000 blockchain projects have flooded the crypto space. Today, only 8% survived and were actively maintained. That means 92% were abandoned after an average of 1.22 years of existence.
But this does not mean that we better look the other way or bide our time till blockchain matures to widespread use. It might be too late by then. Our business is on the line. It would be beneficial to educate ourselves about how blockchain can be possibly integrated into our business, even just in a department that needed it most. Blockchain is a backend technology that can simplify the complexities of existing systems without even telling your customers how it works. It’s just about business going as usual with unusual intangible perks.