Many business owners are asking me, what can we do with blockchain?
It is so because blockchain has become a buzzword that we hear from everywhere. Alas, few understand what really blockchain is and how they can integrate this new and fancy technology into their business.
The aim of this post is to answer some of the most important questions that you, as a business owner or an executive, might have. Questions regarding blockchain technology and how your business can benefit from it.
At the end of this post, you should be able to decide whether to integrate blockchain to your business or not, regardless if you are a successful business or in the idea stage.
- What is blockchain?
Essentially blockchain is a distributed ledger, a peer to peer network, where every peer has all the information about the network and nobody can lie about the state of the network.
If somebody tries to cheat, the network is going to verify the information via its verification process ( consensus algorithm) and if the peers agree that the person is trying to cheat they will not include the information in the blockchain.
It is important to notice that nobody can change the previous records, one can only add new records to the chain. This is why we say that the blockchain is immutable and we can trust its records.
To put it in a simple way, since we know that no one can cheat the network by saying I’m having zillions of dollars, the peers can trust each other. So trust is the first essential part of the blockchain.
The second part is transparency. Yes, you got me right, the blockchain is transparent. At early years many told that they can pay with Bitcoin and nobody will be able to track them down the road but nowadays we know that it is not a fact but an uninformed assumption.
The third essential part is of blockchain technology is traceability.
Since everything on the blockchain is linked, hence the block-chain, one can easily track things moving on the blockchain.
Just to wrap up the first important part of this article. The blockchain is a new type of accounting ( known as triple accounting ) and its main advantage over the previous type of accounting is Trust, Transparency, and Traceability.
2. Ok, I got why blockchain is cool but is it a right fit for my company?
If you answer with yes to the following question, then most likely your company can benefit from integrating blockchain technology into your business process.
Is your company dealing with things that the customers/ partners need to trust you about?
Should your customers or partners trust you with their funds, the origin of the products you supply them with or simply the fact that you have the number of stocks that you are promising to ship by the end of the day?
If your customers/ partners can trust you without even knowing you then they might decide more easily to do business with you.
3. How can I boost my business with blockchain?
As you have seen trust is essential in business and trust is an essential element of the blockchain.
Integrating blockchain to your business process is building trust, trust brings new customers and your business is growing.
Beside integrating blockchain technology into your business, you can think of boosting your business with an ICO (initial coin offering) or an STO (security token offering).
What is ICO and what is STO you can learn in details in my next post.
If you have a great idea — but you not sure if blockchain technology can be integrated into your business, Get in touch with us at email@example.com.
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Also published on Medium.