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How Blockchain Can Be Implemented in Your Business?

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Ever since the first product of the Blockchain technology, Bitcoin, hit the market in 2009, it has been a topic of debate among the traders and investors. Some say this technology is not at all reliable, on the other hand, some belief, it is a technology that will take the businesses to the other level.

And with time, Blockchain was able to cope up with the people’s expectations. Blockchain technology is now the only technology that is considered to be alternatives to the traditional fiat currency, old transactional methods, and independent from the central Banks.

It has been more than a decade after blockchain technology was first introduced to the world. And today, you will find most of the technologies used in the business are based on the blockchain technology.

How Businesses are using Blockchain Technology?

Blockchain technology is a one-way road. That means, only encryption of the information can be done. Once the information is stored with the help of blockchain technology, it cannot be edited or deleted by any means. Following this principle, many applications were invented to run the business.

Let’s have a look at them.

  • Smart Contract

Smart contracts are the digital contracts that are coded with the help of Blockchain technology. Hence, once the terms and conditions of the contracts are coded in the smart contracts, it cannot be changed or deleted. And when the time comes the contracts implement themselves. The automation of these contracts makes then praiseworthy. Smart contracts are mostly used for making future deals. But the terms of the deals are deciding in the present and are stored in the contract with the help of the blockchain technology.

  • Cloud storage

Do you know that the cloud storage that we use uses blockchain technology? No wonder, you were giving an expression that you didn’t know about this. Well, now you know that the Cloud storage system is all thanks to the blockchain technology.

Considering the fact that the world spends more than $22 billion for cloud storage, there is a huge industry waiting for us to take advantage of.

  • Supply chain Communication

We are talking about business. And to run the business successfully, communication is very important. Without clear communication among the employees and managers, work may put itself on hold. If you miss out on even a single piece of information, it can create inconvenience in the supply chain communication. To handle these kinds of circumstances, businesses have started using blockchain technology. Blockchain networks share the same information to every member present in the blockchain network. This helps in uninterrupted supply of information.

  • Paying Employee

As we know that Blockchain technology has Cryptocurrency as one of its product, one can always use this to their advantages. There are many businesses that pay their employees in Cryptocurrency. bitcoin profit app is one of such platforms which helps the businesses to pay their employee in Cryptocurrency.

  • Electronic Voting

We all know that most of the countries use different means to pile upvotes in their favor. There are some researches going on to make the blockchain a medium for the electronically votes. This may sound impossible, but hey, technologies are there to make impossible things possible. Electronic voting is still in its early phase and engineers are doing their best to make this run perfect. 

Conclusion

Blockchain has really flourished over the past decades. Today, Blockchain technology is used in various fields of work and taking businesses to another level. The way blockchain technology is evolving, you can hope to see it in every field of work in the upcoming future.

Disclaimer: This is a paid post and should not be considered as news/advice.

Akshay focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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