by Jerry Mooney
When a new technology is developed, it can often take a good few years before its true potential is unlocked by the right designers. It is a great challenge to be able to see a use for something before it is used for it, and most people lack this skill. With this in mind, it makes sense that a field like blockchain is only just being delved into by businesses, with its potential starting to shine through. Where exactly is this new tech being used, though? To help you out with this, this post will be exploring this area, showing you exactly where blockchain is fitting into modern business.
Currency Mining
Currently, cryptocurrency mining is the single biggest use for a blockchain, and is the reason for technology’s existence in the first place. By solving increasingly complex problems, hardware owners are able to generate money in return for computing power, and the whole system is recorded on a large peer-to-peer network. With data being handled like this, it is practically impossible for money to disappear unless it is as the result of human error. This makes this sort of currency a very promising investment for a lot of businesses.
Anti-Fraud Measures
Having a large network which can be used to monitor and assess transactions makes it a lot harder for crimes like fraud to be committed. When people perform scams or other fraudulent activity with money, a huge part of the job will be making sure that there isn’t any evidence for the dirty deeds. Of course, though, when you have a record of every single transaction around the world, it is impossible to cheat your way through the system. Money can’t be laundered, either, as the paper trail makes it impossible to make illegal earning clean.
Escrow Services
There are loads of large transactions which have to take place in the modern world with very little protection. When buying a home, for example, there will almost always be a period after you’ve paid when you don’t have the keys to your new place, yet. This could be a couple of days, making it important to keep the money secure. Instead of sending it directly to the seller, you can put it into escrow with a third-party company, only releasing the payment once both parties have agreed that the job is done. This can work in loads of other circumstances, too.
Investment Opportunities
With the world’s finances in tatters, a lot of companies are having to branch out when it comes to the work which they do. While it can take a lot of time, investment is a great way to make some side money as a company, and blockchain technology can make it all the simpler. Real estate blockchain companies, for example, are able to offer stakes in property for tiny amounts of money. Of course, those that invest the most will make the most back, and it will be worth thinking about this when you’re putting money away.
Accounting Support
Going back to the power of a blockchain transaction, it’s time to think about how this sort of tool can be helpful with accounting. It is almost impossible for a company to keep an entire year’s worth of receipts, spending, and other outgoings, with the odd document going missing. This can cause some serious issues when it comes to filing taxes, though, as you won’t have the right numbers to go from. To solve this for you, blockchain transactions last forever on a public database. This makes it incredibly easy to track down a rogue record, saving loads of stress during tax season.
The Future Of Blockchain In Business
Of course, in reality, businesses are only scratching the surface of the power of the blockchain. There are loads of other uses which could be around the corner, and a lot of companies are testing their own tools to take advantage of it. Below, you can find some examples of what you might expect to find in the future of blockchain in business.
Regular Transactions: At the moment, it isn’t easy to find a store which will accept currencies like BitCoin. As time goes on, though, you can expect to see this changing, with a lot of modern companies wanting to stay ahead of trends. The tools are there to make this job nice and easy for store owners.
Financial Security: With transactions being recorded on a public level, accountability is a big part of the blockchain. If people steal from you, you will be able to see exactly where the money has moved, and can follow it to its end destination. While this may not help you get the money back, it still acts as a preventative measure, and a lot of companies are starting to realize this.
Productivity/Communication: Being able to share information over a peer-to-peer network is a great way to make things faster. File changes, for example, could easily be monitored using a system like this, making it possible for groups to work together on the same pieces. Of course, though this technology has existed for a while, and using the blockchain for it is a logical step rather than an innovation.
File Sharing: Finally, as the last use for this technology, full on file sharing could also be a strong feature going into the future. For data which everyone on your network is interested in, having a blockchain set up would make it incredibly easy to keep everyone in the loop. Likewise, it would also make it nice and simple to keep tabs on who has seen the information being shared.
Hopefully, this post will start to give you a better idea of where blockchain technology is starting to be used in business. As time goes on, this sort of field is only going to get bigger, with more and more companies using the tools which appear as a result. Of course, though, something new could always come round the corner, and it is worth being ready for this, too.