When Blockchain was originally created, it was tailored for the process of financial transactions – specifically using the crypto currency Bitcoin. It functions as a digital ledger that keeps an ever-growing list of historical transactions, also known as ‘blocks’, throughout any number of network connections. However, this sequential recording of events is also what makes Blockchain such a dynamic and flexible technology, extending its potential functionality beyond the world of finance
With the increasing threat of hacking, data loss and security breaches, blockchain is in many ways setting a whole new standard for all types of transactions and business interactions. Thanks to the level of security it can offer, blockchain allows organizations to not only place complete trust in their own data but to also extend that trust to customers and suppliers. This uncompromising trust is fast becoming a powerful competitive advantage for organizations that are adopting blockchain.
Contracts and agreements
Aside from financial transactions, contract handling has quickly become an area of huge potential business benefit with blockchain. Today we are seeing four specific aspects of how blockchain can improve security, productivity and profitability when working with contracts:
We will continue to keep a close eye on what’s happening in the world of blockchain technology and explore new ways that your business can benefit from its many uses. We may not know today what the next stage of blockchain will look like, but we do know that the benefits of this technology are much too powerful to ignore