2018 was a breakthrough year for blockchain technology, the backbone of cryptocurrency. Many business owners are interested in seeing how blockchain can give them a competitive advantage over others in their industries. This decentralized platform could be great for your business. How could it help you get a competitive advantage?
One of the easiest ways to start utilizing this new technology in your business is by accepting payments from customers paid with cryptocurrency. The more payment options that you offer customers, the higher your chances of being paid are. Blockchain also allows you to skip the middleman for most transactions, which can free up the legal fees or brokerage fees you might otherwise have to pay. As cryptocurrencies like Bitcoin become more commonplace, you will also have an easier time completing international transactions.
Make High Volume Transactions Easier
Any business that deals with a high volume of transactions, like sales or client interactions, can experience a loss of speed when using traditional financial systems. Because it is decentralized, you can move more quickly through every transaction. Most blockchain systems are designed to facilitate fast, uninterrupted transactions, regardless of transaction volume. You’ll never need to compromise your security for speed again.
Build Better Contracts
Do you struggle to build successful contracts with your customers that are easy to enforce? “Smart” blockchain contracts are ideal for businesses that are automated or all-online. Businesses using the technology can complete the entire process of creating and orchestrating a legal agreement without the need for human intervention. There’s no need to stand around waiting for a signature, or waiting for someone to sign, scan and send paperwork. Instead, signatures and approval can happen in an instant.
Automate Outsourced Activities
If you use a variety of tools and AI services to conduct multiple conditions-based transactions, blockchain could be invaluable for a more seamless process. In the future, blockchain could also help to automate activities that you currently outsource to contractors and help to boost your bottom line. Cutting out the fees that you spend paying the middleman while increasing your productivity is a win-win.
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