IT Stuff: Blockchain 4 Business
The Blockchain is a wonderful solution to a lot of problems. What puzzles me is why companies have not yet embraced this technology. There are a lot of advantages to using Blockchain technology in a business environment. The question is do the pros outweigh the cons?
Blockchain offers real long-term opportunities for businesses. We have come to a point where we need to change how our economy works.
We need a more practical and future proof way of doing things. The blockchain can play an important part in this. But to succeed we need a clear understaning of the possibilites. We need to know what the blockchain is capable of and what the limitations are.
The Blockchain technology offers businesses numerous advantages and opportunities. Most important probably are an improved cash flow and reduced transaction costs.
Because the blockchain is a distributed ledger for transactions and data this will help companies be more efficient and they will be able to fine tune their processes. No more exporting data from one system to another and another...... All departments will have access to the same data pool.
Another benefit is that because of the decentralization of data, companies will have more redundancy than ever before (think of redundancy as a backup when your main systems fail).
Blockchain technology will also help prevent fraud, it will no longer be possible to hide assets or change financial data.
The benefits of Blockchain for Businesses
Decentralized network
Smart contracts
Open Source
Security
Reduced transaction costs
Reduced fraud
Redundancy
More efficient business processes
Improved cash flow
But there are also things that the business has to be wary of.
Companies need to get a clear understanding of how the Blockchain works and what the limitations are. Employees need to have the skills to implement and maintain the tech to build a trusted architecture.
The technology is still misunderstood by many and operates radically different from what we are used to. This might impact customer service and not everyone is ready to embrace the Blockchain. The Bitcoin/Blockchain has a reputation for being used mainly outside legal and government frameworks.
Things that need to be taken into consideration
The Blockchain has a (undeserved) bad rep.
There are specialized skills needed for implementation and maintenance
Customers will for the most part be unfamiliar with the technology
There might be legal and political barriers
Companies have a lot to gain with adopting the blockchain technology. Our economy is changing and companies will have to prepare for those coming changes. With Blockchain networks they will have the means to be on the cutting edge of things.
However the idea of cryptocurrency and decentralized networks is still very difficult for the mainstream to comprehend. Companies will need to be prepared to take full advantage.
The pros outweigh the cons really, all I see are opportunities and challenges, if companies rise to these challenges they can become much more that they ever hoped to accomplish.
The future is here and WILL NOT and CANNOT be stopped. But it will be more of an evolution than a revolution.
Read more about: Business and Blockchain | Blockchain application for Businesses | How Blockchain can help your business
Be sure to also check out Cryptocurrency Mining For Dummies - lesson 1 and 2 by @gregory-f.
A lot of companies are still yet to discover blockchain technology. I think everyone(all the business owners out there) are still to recommended to use it. But we are certainly moving in that direction =)
Great post @xervantes.
True, at my IT company we are more and more leaning towards implementing the technology but alas it has a cost and we have to convince the top management of the benefits.
Do you think Blockchain technology will be useful and or practical for typical "brick and mortar" retail?
It depends, I think at first Business-to-business will benefit the most. But blockchain will also be practical for typical retail as the technology becomes more household. But only after the big boys have adopted the technology. The most obvious use will be payment of course, buying and selling goods will become much easier and at a lower cost.
thanks. I'm putting together a business plan that will be a new approach to an existing type of retail. I was curious if I could/should incorporate blockchain.
It would be nice to keep the bankers out by not accepting credit and debit cards.
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great post and this line
The future is here and WILL NOT and CANNOT be stopped. But it will be more of an evolution than a revolution.
is so true I believe
Yes man, the crypto revolution can't be stopped. Although I do believe that government and companies will have their own regulated solutions.
yes I think your right, create their own to try and dilute the open ones
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For large companies especially they are slow to adopt. To switch to blockchain it will be a huge expense. The tansition is not always seemless. People would have to be trained. The techmology is not yet prooven (though lots of companies are doing small scale tests). Most companies arent technology companies meaning that someone needs to develop packages for automobile, mining, oil, chemical, banking companies like ripple.
Thats the reason companies will want centralized blockchain companies. When something doesnt work they will want somone who they can call and chew on.