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Blockchain and Your Business: Learn the Basics

Blockchain represents the future of finance. While this change can be scary, it opens up fresh opportunities for small business owners.

Don’t think of blockchain as a passing trend, something that you roll your eyes at and implement just to stay current. This technology offers concrete benefits for your business.

What Is Blockchain and How Does It Work?

Blockchain’s most prominent use comes as the foundation of cryptocurrencies. This includes Bitcoin, Ethereum, and their many competitors.

The Benefits of Blockchain

The technology of blockchain has important implications. These go beyond just creating an online record-keeping process. As a small business owner, you can benefit from these advantages.

Distributed digital ledger capabilities

As we mentioned, blockchain products don’t pass through a central authority. This allows them to function in a “distributed” ledger — one that operates in a decentralized way. This distributed ledger technology (DLT) provides one of blockchain’s main innovations.

Trust-building through checks and balances

Businesses run on trust. This can be trust between you and your vendors, or you and your customers, or you and your employees. However, trust gets easier when you have the security of a checks-and-balances system. (Just think of the structure of the U.S. government for a point of comparison there.)

Safe/secure/low-cost payment solution

When you think of cryptocurrencies, this represents the main value. You can purchase items (or receive payments) in a safe and secure way. At the same time, you can eliminate many of the fees associated with things like wire transfers.

ATM alternative

Eliminate the geographical inconvenience of an ATM. As cryptos gain mainstream acceptance, they will provide an easy digital way to make payments. This broadening footprint will eliminate some of the need to run out to an ATM to grab cash.

How Blockchain Impacts Digital Banking

Blockchain doesn’t just change the way you deal with your customers. Don’t just think of this as an evolution of PayPal or other digital financial services. The technology goes beyond a new option for receiving payments.

  • Facilitates international payments
  • Secures transactions

Prepare for the Future

As a technology, blockchain is just starting to receive broad acceptance. According to an online survey presented by Statista, about a third of companies currently integrate this technology into their operations.

About a third of companies currently integrate [blockchain] technology into their operations.

That figure indicates room for growth. As a result, blockchain should not just be thought of as a technology for today. In looking to the future, it is important to consider what it could mean down the road, as well.

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