Blockchain technology is a great new emerging technology that can benefit the way you carry out business transactions. But because this new technology is currently tied to those in the tech world, it can be seen as a strange and enigmatic thing to business owners. Blockchain technology is not currently used much by the public, or by non-technology oriented businesses. Let’s break down some of the confusion about blockchain technology, and look at some basic facts that can be useful to better understanding the potential benefits it offers your business:

  • Blockchain lets you make business transactions without the need for a third-party go-between.
  • Instead of having a third-party keep a history of your transactions, rather a key is used to encrypt transactional history.
  • This kind of transaction means the backing of a physical currency isn’t necessary.
  • Blockchain technology has led to the rise of digital currencies like Bitcoin.

Now that you know a little more about blockchain technology, let’s look at the main benefits it offers businesses today:

1. Efficiency

No third-party channel or the need for document authentication means faster transactions, saving your business time. And we all know time is money.

2. Security

Your financial information may be guarded by your bank, but that doesn’t mean it can’t be hacked. With hacking becoming so prevalent in today’s world, businesses are increasingly turning to blockchain technology for the security of their transactions.

3. Modernity

Many companies missed the boat when it came to utilizing social media during its rise at the beginning of the 21st century. This time around, businesses are embracing blockchain technology to stay modern and keep ahead of the curve.

Companies like Nestle, Walmart, and Costco have begun collaborating with IBM to track the global food supply chain, working to improve its safety. Whichever way blockchain technology ends up being related to your business, it’s important to begin educating yourself now about the ins-and-outs of this technology, so you can benefit from any potential advantages to be had.

If you want more in-depth information about how blockchain information works, you can check out BlockGeeks.com’s informational guide, which includes visuals and other useful explanations.

With so much information about blockchain technology out there, implementing that technology within the context of your own business can feel like a daunting task. Information Technology experts, are there to work with businesses to help get them to where they want to be while using the latest technology. Most IT Pros are able to assist businesses with a variety of technological areas, including cloud services, IT management, and security services. In the 21st Century, businesses must now deal with a host of technological advances, and having an expert help can be a great way to reap the benefits of technology without having to deal with any of the hassles. As discussed earlier in this article, with new technology comes new security risks and challenges, so having an IT team behind you and your business can help you better tackle these issues. Blockchain technology isn’t going anywhere anytime soon, so don’t be the last business on the block to start integrating new technologies. And of course, if you’re interested in hearing or learning more about blockchain technology, and how it can help you or your company… contact David 😉