Since cryptocurrencies were first introduced, they’ve be disrupting industries with new currencies and ways to invest. But blockchain is valuable for far more than just cryptocurrency. The blockchain is a decentralized ledger that records transactions in way that is both accurate and secure. Blockchain can potentially be used with anything that can be expressed code, giving it unlimited potential for business applications.
Part of what make blockchain so useful is smart contracts. Smart contracts don’t require a lawyer, notary, bank, or any other middleman because they’re secured and authenticated by blockchain. The smart contract is defines and enforces an agreement, and any penalties for failing to hold up your end, and cutting out the middlemen could potentially save industries millions of dollars.
In 2017 the market for blockchain was $411.5 million, and its expected to keep growing with more startups every year. For business applications, blockchain access can be restricted to a private network, rather than than the public blockchains used by most cryptocurrencies. This would make the blockchain accessible to only approved personnel and offer a multitude of benefits.
With private blockchain, companies would be more secure from single point of entry hacks, as their data would exist across multiple nodes and couldn’t be hack from a single weak point, usually a phishing scheme. The decentralized nature of blockchain also acts as a internal backup, preventing accidental data loss or deletion. Companies would save money by using blockchain and smart contracts, reducing the amount of time spent verifying transactions and following up on missed payments.
Regardless of your industry, blockchain has potential benefits for your business. The goal now is to figure out which applications work the best in which industries. As blockchain is still in its infancy, its limitation have yet to be discovered. Learn more about blockchain’s potential across multiple industries in this infographic.
Infographic source: Opinion Blockchain
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Author: Brian Wallace