I am assuming most people have heard of blockchain by now. Many experts believe it will have a major impact on the global economy; some even say it’s the next big thing since the creation of the internet. Everyone in the financial industry and other major industries is buzzing about it. So what is blockchain and how can it benefit your business?
I am Martyn Eeles, an England native, working toward the success of my clients since 2010. I hope I can give you a better grip on Blockchain this time.
Blockchain is a digitized, decentralized, public ledger. Basically it is a continuously growing list of records, called blocks, which are linked and secured using cryptography. The Harvard Business Review describes it as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”
First of all, it can improve the security of transactions. The beauty of blockchain technology for small businesses is that it is a distributed ledger meaning there is no middleman or company who owns the data set. The information is listed across a distributed network, the beneit for this is that everybody in the network can validate the accuracy of the central ledger using their own key. This puts all users in complete control of all transactions and information which helps businesses to avoid malicious attacks.
Secondly you will have faster access to funds as well as little to no fees to pay. Currently credit card processes will charge between 2-4% for using their service, and bank transfers can take up to 5 days. With cryptocurrencies you can be paid within a few hours. Since cryptocurrencies are not tied to any governments or regulatory agencies, there are no borders to consider. Meaning you can avoid international exchange rates or transaction fees.
Currently there are over 100,000 small business in the U.S that are using blockchain technology, to enhance their business and grow at a more rapid pace.
If you want to get ahead of your competitors blockchain could be a solution for you.
While Blockchain was designed to serve its digital master, by using its benefits, it can be used to serve your needs. Can you envision a use for Blockchain in your business? I would enjoy having that discussion, please feel free to contact me.