Why Modern Businesses Need Blockchain

Summary

• Blockchain offers a plethora of benefits for businesses.
• The current centralized system has several exploitable flaws.
• More solutions exist these days to help businesses make the transition.

When many people think of blockchain, their minds would go to cryptocurrency, which is perhaps the most famous offering of blockchain thanks to the popularity of tokens like bitcoin and ether. However, blockchain proponents are aware that there is far more to this technology than just cryptocurrencies.

In reality, blockchain is one of the most disruptive technologies in existence and has massive developmental potential, especially for businesses. Blockchains create irrefutable ledgers of information and this means that for any business that engages in any form of record-keeping or worldwide data exchanges, blockchain technology can come in useful.

The Many Faces of Blockchain

The applications of blockchain in businesses are being more explored these days across several sectors. One of these is data storage as data that is put into a blockchain is irrefutable and permanent. For any business that wants to store large amounts of data such as sales records, customer information, inventory, and so on, a blockchain-based system means that this information can never be lost or falsified by anyone.

For businesses that make use of the supply chain, blockchain has been proven to be an effective system for management, having already been used by firms like Carrefour. With blockchain, the lifecycle and supply chain journey of virtually every unit of product can be tracked and the data behind it stored effectively.

Then there are massive security implications of making use of blockchain technology. Centralized systems that are not based on blockchain are often subject to malicious attacks by third parties. This has happened to both private companies and even government institutions who have been subject to phishing attacks, hacks, and so on.

Blockchains, however, are decentralized by nature and as such, an attack on a businesses’ blockchain-based operating system would be much more difficult. With all these benefits in mind, many more businesses are making the switch to blockchain-based networks, from the medical industry to entertainment.

The Blockchain Roadblocks

While on paper, it should be incredibly easy to simply implement blockchain technology in a business without a hitch. In reality, the transition to blockchain is far more complicated for a number of reasons. First, moving a businesses’ entire operations or even one aspect of it to blockchain usually takes time as many blockchains solutions are not but for quick scaling. Then there is the issue of determining which information should be put on a blockchain system which is often widely transparent within an organization and also making use of off-chain security solutions as well.

Finally, there is concern about a business potentially growing out of the need for blockchain or their blockchain-based solutions being unable to adapt to the changing business landscape. These days, however, new options are coming up that address most of these concerns for business owners.

Take BLOCKS, a blockchain solutions company create specifically to help businesses make the transition to decentralized technology while addressing the common problems associated with doing so. In terms of speed, BLOCKS allows for cross-chain solutions to be quickly implemented, which means that the switch to blockchain technology for a business is made much faster.

BLOCKS is also industry agnostic and creates solutions for different businesses based on their industry instead of a one-size-fits-all approach. As such, the solutions provided by the company are less likely to be grown out of and will be more adaptable to change. It is also open-source and this is in a bid to make the adoption of blockchain by businesses even faster and more accessible. Two companies have already started building with BLOCKS: publicly traded company, HUMBL who is implementing a suite of solutions; and blockchain credential verification company BizSecure who is working on securing Government contracts that will be powered by BLOCKS.

In terms of financial transitions, BLOCKS offers cross-chain solutions for accepting payments and the transitions that will take place across these systems will be low or no-fee in nature. This further reduces the costs associated with businesses’ adoption of blockchain. For data storage, it also allows businesses to verify data across public and private registries which will save time and effort on their part.

The Future of Business?

Blockchain is very much here to stay, including in the business world thanks to the plethora of benefits that it offers. This switch to blockchains for business, however, will be aided by the solutions being put in the market that will make sure that businesses can embrace blockchain swiftly, economically, and with more convenience.