Blockchain is one of the hottest topics across a variety of industries. Its ability to act as a decentralized ledger have quickly allowed businesses to find many useful applications. But just what are these applications and how can your business potentially benefit from it? That is why the following list of three ways businesses can use blockchain technology has been created. They are, in no particular order, as follows:
- Additional Cloud Storage
- It Can Employ Smart Contracts
- Payroll Improvements And Reliability
Additional Cloud Storage
Businesses are analyzing more and more data each year. As more data is combed through, businesses have access to better information that can allow them to make more informed decisions. This allows them to better discover market trends and provide customers with the best products. Unfortunately, storing all of this data requires some serious hardware that can be quite costly. Luckily, pairing blockchain with cloud storage technologies, businesses now have virtually unlimited amounts of storage to be used to improve business practices.
It Can Employ Smart Contracts
Many companies employ contracts to ensure that an agreement is kept. Unfortunately, these agreements can be broken in a variety of ways and lawyers can help companies get out of a binding contract by using loopholes. With blockchain, this practice will be a thing of the past. Blockchain can employ what are known as smart contracts. Smart contracts are set in stone meaning that they cannot be cancelled and there is no way to get out of them. This ensures stability of a company and ensures that all parties are operating in accordance with the agreement. As companies avoid broken contracts, they minimize their risk and maximize the probability of maintaining a profitable operation.
Payroll Improvements And Reliability
Blockchain is most often thought of or talked about in relation to cryptocurrency. While almost all employees are paid in something other than cryptocurrency, the underlying principals are still the same. Blockchain ensures that all financial transactions are carried out without any risk of fraud. A blockchain program can replace current payrollsystems which ensures that all employees are paid in a timely fashion and outside sources will never gain access to the private information of all the company’s employees.