The revolutionary Blockchain technology came into the world with Bitcoin cryptocurrency. But, today it is used for much more than just Bitcoins!
What is Blockchain technology?
Think of Blockchain as a digital ledger or a system of recording information that is open to the general public. This information is user-generated and auto-distributed to the entire network of computer systems, which makes it impossible to alter or hack.
How is Blockchain helpful for business?
Blockchain technology offers many solutions for a business. It does hold a high initial cost of development, but that can be easily tackled with a business loan. Listed below are the advantages of this technology for your business:
As mentioned above, a Blockchain is necessarily a type of distributed ledger. In other words, unlike traditional ledgers, all the network participants can access the same version of transaction histories and documentation.
Changing a single entry requires consensus from the entire network, and even then, it requires subsequent alterations of all other entries. In a business, it implies added consistency and uniformity. So, all the involved individuals become accountable, and transparency is achieved.
Traditional physical, paper-based business processes are prone to human errors and often call for middlemen/third-party mediators. With Blockchain, you can optimize various operations like accounting, etc.
For instance, real estate businesses can use Blockchain for property management processes. With this tech, they can maintain a single, transparent system for ownership records.
Reduced operational costs
With Blockchain, you can eliminate most third-party mediators, thus saving on unnecessary fees and time spent on task completion. Simply put, a Blockchain solution will essentially optimize your business processes that will add up to additional savings and reduced operational costs in the future.
A Blockchain ledger presents an audit trail whenever the exchange of goods is recorded. So, you can trace back the origin of a commodity in an instant, and also check every stop that it made on its journey to you. To put it simply, with Blockchain, you have access to improved security, along with an authenticity check.
To sum up
Blockchain may be on the pricier side of the spectrum, but it can be exceedingly helpful for your business. Besides, you have the flexibility to customize the Blockchain as per your business requirements so that you can target your areas of interest.
Want to incorporate Blockchain technology into your business operations, but falling short on funds? Turn to a lender of repute for business finance. Loans for business cover technology costs, along with many other aspects.
What’s more, due to the aftermath of the pandemic, business finance is available at incredibly competitive business loan interest rates.
However, before applying for a loan, we recommend you check your potential monthly installments using a business loan EMI calculator. Doing this will help you decide the amount and tenure you can comfortably avail.