By Sandra Quinn
If you are in business, no matter what sector or industry, it is time to consider incorporating blockchain technology into your daily dealings in order to increase efficiency, productivity and more.
Fraud is a concern for all businesses and blockchain technology offers an indisputable protection from this through a number of measures and blockchain technology can be used in a number of different ways and we thought we would take a look at some of them;
- In the property and real estate sectors, a lot of the background work is in establishing where a buyer’s money comes from, where it’s going and where it was before – a paper trail essentially, which can be very long winded and complicated. The blockchain eliminates this by making old school escrow and underwriting a thing of the past, as the blockchain can show this trail of money and also prove that it has not been changed or tampered with.
- Let’s bring blockchain technology into the seller’s market. At the moment, when you buy something online from someone, unlike physically buying something in a store, you are handing over your hard earned cash long before you receive your purchase and you are very much exposed, vulnerable and open to losing your money and receiving no goods in return. With the blockchain, the payment is held until the item is shipped and this protects both the buyer and seller. The seller does not face the risk of not getting paid, while the buyer is not facing the risk of losing their money.
- Bringing our examples into the realm of precious gems for instance, verifying authenticity can be an issue, but no longer thanks to the blockchain. With goods being shipped from all over the world to and from the most remote of locations, the geographical distances between a manufacturer or source and the seller is even more vast than before. Through the blockchain, companies can verify the legitimacy of every part of the supply chain process helping both the buyer and manufacturer, as the authentication of a project will never have to be questioned.
- Cryptocurrency and bitcoin could be incorporated into world of payroll by paying international workers in this way, which would save time and money for both the employer and employee.