How Blockchain Can Benefit Your Business

If you want to give your business the best possible chance of succeeding, you need to ensure you get your finances and accounts in order. For some people, this is not too much of an issue. For others, it’s a very big problem.

Some people are naturally not all that great with numbers, which is where accounting software factors into the picture. Accounting software such as SlickPie is designed to make it much easier to balance your books and get your accounts in order for each financial year.

Some business owners also choose to hire professional accountants to make the process easier still. Lately, there has been a lot of talk about cryptocurrency and Blockchain.

To some of you, Blockchain may mean nothing, but don’t worry, because that’s where we come into the picture. Blockchain can benefit your business in a variety of different ways. Here’s a look at what it is and how it can help.

What is Blockchain?

Before we fill you in on just how amazing Blockchain can be for your business, first we need to let you know exactly what it is. Basically, Blockchain is best described as being a secure electronic ledger that is evenly distributed.

It helps connect together numerous parties in a secure and honest network and facilitates the transfer of information and assets. Initially, the Blockchain was created to help make Bitcoins legitimate forms of electronic currency.

After the financial crisis less than a decade ago, people began being far more careful with their money and began looking for safer and more secure alternatives to storing it in a bank. The Blockchain was a fantastic solution for numerous reasons. It functions by recording each digital transaction using cryptographic technology to store the details in a chain sequence.

Once a transaction has been stored in the chain, that it is, it is impossible to be duplicated or removed. Each computer on the network will hold this data so they will know exactly what was spent and when. As the Blockchain grows and more and more people make online transactions with it, the more secure it becomes.

How can Blockchain benefit your business?

So, as you’ve now been brought up to speed in regards to what the Blockchain is, here are a few ways in which it will benefit your business:

It’s very traceable 

One reason why Blockchain is so useful is that it enhances traceability. Being able to track goods in supply chains is very useful for business owners as they can trace where individual components may currently be. From here, info regarding these components is then relayed from, or to, the new owner so they know exactly where it has come from and where it has gone.

It’s efficient

Another reason why you should consider hopping on the Blockchain bandwagon is due to the fact that it has been proven to be so efficient. With each transaction completed, there is no intermediary and all info is digital.

This helps speed up the process and makes it that much more efficient. Making and settling transactions can be done in seconds, with no time wasting and no messing around.

Blockchain also allows users to utilize what is known as ‘smart contracts’. From here, commercial actions are automatically triggered based on the chosen criteria laid out in the contracts in the first place. If you’re looking to streamline your business, this is incredibly useful. It also helps you to cut costs and to save time as well.

Blockchain is incredibly secure

With cyber criminals now becoming more advanced than ever, it’s important to ensure that we take the necessary steps to protect our businesses, and indeed, the personal details of our clients in the process. This is where Blockchain really shines. You see, within the Blockchain, every single transaction that takes place is verified using highly sophisticated cryptography.

This means that users can authenticate transactions and ensure that they are genuine. Just to help show you just how secure the Blockchain is, currently many military organizations across the globe are actually using versions of Blockchain tech in the defense industry, to help ensure all data is safe and secure. If it is good enough for the nation’s military, Blockchain is certainly good enough for your business.

Great for feedback

In business, feedback is very important, and again, this is where Blockchain proves so useful. As mentioned, Blockchain tech allows users the ability to trace transactions, assets, and much more besides, every step of the way.

This means that manufacturers and designers alike can get an insight into how smoothly various processes are going and can, therefore, make any improvements if they’re required.

It looks good on paper

Finally, the last benefit associated with Blockchain technology for your business which we’ll be looking at today is the fact that it looks good on paper. If you tell your customers and potential investors that you are utilizing Blockchain technology as part of your business plan, this will help improve your reputation and it will help make you appear professional in the process.

The safer people feel with you, and the more professional you look, the more likely people will be to spend their hard-earned money with you. By investing in Blockchain technology, you can rest assured that people will take far more notice of you than they did in the past, simply because of how great Blockchain looks on paper.

So, that brings proceedings to a close. As you can see from the above, Blockchain can offer you a whole variety of benefits and can really help take your business to the next level. In terms of accounting software, Blockchain is certainly well worth looking into.

 

 

 

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