• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • CONTACT US
  • ABOUT

The Fortunate Investor

Investing, Business & Personal Finance For Wealth Builders

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » The Impact of Blockchain on the Business World

The Impact of Blockchain on the Business World

December 24, 2018 By Kevin | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

While many simply know about it in the cryptocurrency industry, blockchain technology is capable of so much more than that.

The Impact of Blockchain on the Business World

A blockchain is a digital ledger of electronic transactions that cannot be modified. Sure, it was originally created for Bitcoin, but it can be helpful to businesses, as well. It can help businesses and companies in a variety of different industries in many different ways.

There are even companies and services, such as Smart Block Strategies, that can help you innovate and see how blockchain can help your business in particular. This article is going to take a look at a few ways that blockchains and blockchain technology as a whole can have an impact on the business world. It could change how business is done all over the planet.

Greater Security and Safety

Greater Security and Safety

With more and more data and information being held online and more work being done online than ever before, security is a growing concern for many companies. There have been billions and billions of people across the planet who have had their data compromised or stolen in recent years. These breaches can cost companies not only millions of dollars, but also their good name and reputation.

As a result, it is more important than ever to use every security option at your disposal to ensure your company is secure. Blockchain technology is more secure than traditional record-keeping systems in place because every transaction is encrypted and information is stored in many different locations on different network computers, which makes it much harder to compromise.

Much More Transparency

In the past, there hasn’t been a lot of transparency in business, which can allow for a lot of shady or potentially confusing things to occur. Thankfully, blockchain technology is helping make all transaction histories much more transparent. While everyone can see each transaction, they cannot be edited or changed without the entire network agreeing to it and making the changes.

This helps limit the ability for shady situations to occur and stops people from “fudging” numbers or lying about anything from sales, to users, to volume or anything in between. In addition to that, this also proves valuable for future reference as you will be able to track and verify every single transaction to make sure they are accurate or just if you need to view them.

Cost Reduction for Companies

In business, reducing your costs in any way you can is very important. Unfortunately, there always seems to be a variety of things that you need to spend on, which can make lowering costs a real challenge. Thankfully, blockchain will be able to save a lot of companies a lot of money.

Usually, when deals are made or transactions are sent, third parties or middlemen will be required to make sure everything is legal and by the book. But with blockchain, you don’t have to “trust” the person you are doing business with, because the blockchain will provide transparent access to all transaction records. This means companies can spend a lot less on these third party services to facilitate deals.

Increased Efficiency and Automation

how blockchain technology impact on the business world

In business, there are many things (such as client agreements, supply chain management, trade agreements) that feature long and inefficient processes. Not only do these cost your company a lot of money, hours, corporate liability and the threat of human error is also always present.

However, using the blockchain technology can help develop smart contracts, which can cut down delays, ensure accuracy and make sure both sides are happy and have completed access to the transactions. In addition to efficiency increases, blockchain can help automate certain business processes such as purchasing and shipping. All in all, blockchain can help reduce time waste, without sacrificing accuracy.

Hopefully this article has helped you see just how impactful, important and influential blockchain technology can be in the business world.

  • About
  • Latest Posts
Kevin
Kevin has been a professional writer in personal finance and business topics for over 20 years.
Latest posts by Kevin (see all)
  • How To Be Financially Wise As A Business Owner - September 14, 2021
  • How Best To Invest In Property - September 9, 2021
  • 6 Jobs For Those Of You Who Love Being Behind The Wheel - August 19, 2021

Primary Sidebar

Popular Articles

save business money go green

Cut the Cost of Running Your Business By Going Green

Unless you have been living under a rock for the past five years you will know just how important … Read More about Cut the Cost of Running Your Business By Going Green

4 Office Services Every Business Should Have

Successful businesses are built on the quality of the office. Without a productive environment, … Read More about 4 Office Services Every Business Should Have

Start Growing Your Small Business Right Now

Start Growing Your Small Business Right Now

Start Growing Your Small Business Right Now If you feel like you’re running out of time with your … Read More about Start Growing Your Small Business Right Now

How To Make Your Real Estate Ventures A Lot Smoother

How To Make Your Real Estate Ventures A Lot Smoother

Anyone who has entered the property world will know that it’s a pretty lucrative business if you get … Read More about How To Make Your Real Estate Ventures A Lot Smoother

every investor

7 Current Economic Policies Every Investor Should Know About

The rate at which the U.S. economy has grown over the past decade has been unprecedented. However, … Read More about 7 Current Economic Policies Every Investor Should Know About

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
INSTAGRAM
YOUTUBE

Copyright © 2022 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service