Being an entrepreneur today is more popular than ever before. However, being a successful business owner is tougher than you think. You will need to improve your knowledge and get familiar with the latest inventions in today’s world. One of the technologies that will certainly help your business explode in terms of profit is blockchain. +
If you are not familiar with blockchain yet, or you simply heard about it on the news, it is not the end of the world. You have come to the right place to find out what blockchain is and how does it work for businesses. You will get surprised after seeing all the benefits that will potentially be available for you.
What Exactly Is Blockchain Technology?
Let’s start this article with the basics. For those that do not know, a blockchain is a technological tool that records all the transactions to a digital ledger. However, a more inspiring fact is that all the transactions made with blockchain technology are highly safe. The reason for that is simple – hackers and other scammers do not have the opportunity to alter or change the transactions that you make.
Despite that, it is worth mentioning that blockchain is a decentralized type of technology. Because of that, all the data you plan to share with third parties will be available to all computers that participate in the network.
As you could conclude on your own, blockchain is an amazing tool that can ensure business improvement. Of course, we do not want to say it is magical; you will still have to take care of other things such as marketing, quality of products and services, etc. However, in terms of business functioning, things will be much easier.
Let’s find out together how your business can benefit from blockchain technology. The list of advantages below will certainly change your approach and way of thinking.
Blockchain Can Help You Hire Better Employees
Entrepreneurs often make a mistake when hiring new people. That is the reason why they often collaborate with hiring managers that have experience with these tasks. However, every individual can make a mistake. You can try to predict via certain questions who your new employee is, but it takes time to meet the personality and mentality of each worker.
As mentioned, blockchain technology is not magical. However, it can certainly help you hire the right employees. You will reduce the amount of time and energy that employee chasing requires for sure!
Candidates will try to impress you in different ways. Some of them will hire resume services to write their resume, others would use Photoshop to boost the appearance of the document, etc. Their effort to impress you is good, but it can often cause wrong selection.
However, what if there is a technology that can simplify the verification of the records that you receive. Thanks to blockchain technology, all the Cvs, resumes, past employment records and other documents will be stored in one place – a digital ledger. Thanks to the features of this advanced tool, you will easily spot the individual that has the best qualifications for a particular job position within your company. When you are only a couple of clicks away from this form of data, you can be sure the entire procedure is going to be a lot quicker!
As an entrepreneur, you will probably sign a bunch of contracts on monthly basis. However, the smart contracts that blockchain technology offers are a bit different than the usual ones.
As you could guess, they function directly with online technology. All the terms that you and other parties determine will be translated into a code. That code will appear on the decentralized blockchain network. Thanks to that level of protection, all the parties will have to complete the responsibilities stated in the document.
Most entrepreneurs are not quite sure whether they will manage to boost their profit out of smart contracts. The income of your company does not directly depend on the smart contracts. However, you can be sure that all details stated in the document will be accomplished. Despite that, whenever the other party does not complete its part of the agreement, the goods and services are going to automatically be returned to you.
In other words, you will protect yourself from courts, lawyers, and other responsible authorities. That will, logically, save a lot of your time and money!
Payments Will Be Extremely Quicker
There is a big chance that you have heard about blockchain technology for the first time in the crypto world. As most people know, Bitcoin, the most popular digital currency in the world, is functioning thanks to this technology. However, fortunately for all the entrepreneurs, it is not the only one that uses blockchain!
Generally speaking, you will manage to use cryptocurrencies as a payment option. That means that, as a blockchain business, you will easily pay your workers with BTC and other things, but you will also manage to receive and send crypto-based payments.
Banks and other financial institutions are not participating in these procedures. That is the reason why all crypto transactions are a lot quicker. You will easily receive and send payments with low transaction fees. Despite that, the funds will be available to you for a couple of minutes (eventually hours) in all parts of the day (banks have working hours).
So, How to Transform My Business into Blockchain?
After many years of “casual functioning”, it is not going to be easy to transform your business into the blockchain. That is the reason why your journey starts with knowledge improvement. Fortunately, there are many educational websites like btsr.io where you can gain a lot of useful pieces of information. With good theoretical knowledge, implementing blockchain in your business will be much easier.
Despite that, it may be necessary to educate your target audience. On the other hand, crypto payments will certainly attract a new group of people that will potentially need your products and services. In that case, you will not have to educate them, but you will need to change your marketing strategy to reach them.
Are you ready to become a blockchain business?