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Blockchain and its benefits for business

 

Blockchain technology continues to be a new and rapidly growing sector of the market. With the growth in popularity of Bitcoin and other cryptocurrencies, blockchain has been used in other ways than just exchanging cryptocurrencies. As information becomes ever more digital, there’s been eagerness to find secure ways of transmitting it. For example, the medical field could benefit from blockchain technology.

There still needs to beUS more adoption of the technology, but large financial institutions have already been testing its effectiveness in trade execution and funds transmission, both with great success. An obstacle is the amount of power it takes to operate blockchain. It would take a great amount of energy to operate on the scale we’re at now, but as we continue to work out the issues, it could become a very useful tool.

In 2018, blockchain and crypto-related firms have raised nearly $3.9 billion in venture capital, according to Visual Capitalist. Blockchain is still in its infancy but its potential is clear across many industries, including medical, agricultural, and financial. Here are three examples:

  • Your business could use blockchain to create a secured supply chain. GNC reported that the US Navy must ship and move important parts for aircraft. Blockchain would enable it to track the parts every step of the way.  

  • The government is using blockchain to screen visitors without needing to transmit sensitive data.

  • Cryptocurrency trading. Blockchain allows for peer-to-peer transmission of assets. It is essentially impossible to hack the blockchain itself. However, if you store value on your computer, that is still vulnerable and must be protected as such. 

If you decide to use blockchain, it’s worth ensuring that your organization resides in a country or state which allows certain blockchain technologies and information transmission. In the US, some states are better than others for blockchain regulation; they include Texas and Tennessee.

Unsure if blockchain is right for you?

Here are some statistics that might help you decide. Currently 69% of banks are experimenting with blockchain and banks are investing in it for increased security and efficiency.  

If you’re unsure where to start with blockchain, look to outsource some of the process. SORQ has a dedicated team that can assist, from office registration all the way to introducing your business to banks. Adding a consulting company to your team allows you to focus your resources elsewhere and means you won’t waste time and energy on pointless tasks.

Blockchain technology certainly continues to benefit businesses. From security to transmission of information, look for this technology to continue expanding and the adoption rate to increase.  

 
Arthur Shah-Nazarov