Blockchain is hurtling into the mainstream, and it’s easy to envisage a not-so-distant future where it forms an integral part of almost all businesses.
Blockchain may have gained fame due to its role as the underpinning technology of Bitcoin, but its potential uses extend far beyond the world of cryptocurrency. Its ability to improve privacy, increase security and help build decentralized networks has made it the talk of the town in recent times, although many businesses remain unaware of the great promise this technology holds.
Blockchain is hurtling into the mainstream, however, and it’s easy to envisage a not-so-distant future where it forms an integral part of almost all businesses. So how can businesses today keep ahead of the curve and use blockchain to their advantage?
Accepting Cryptocurrency As Payment
It’s no longer possible to ignore the meteoric rise of cryptocurrency. With Bitcoin currently sitting pretty at close to $6,000 in value (up from a sixth of that a year ago), it’s clear to see that this is likely to have a big impact on the way money is exchanged in the future.
Blockchain technology underpins cryptocurrency and is responsible for its truly decentralized nature by storing details of all transactions on digital ledgers that can’t be altered by any third party.
There are a ton of reasons for businesses to get on board the crypto train, not least of which because it signals awareness of digital trends and a forward-thinking outlook. It also allows for far lower transaction fees — less than 1% compared to 3% with credit and debit card payments.
In addition, it makes cross-border payments smoother, easier and cheaper by removing the need for currency exchange.
To start using cryptocurrency, businesses need a digital wallet (which can be set up fairly easily) and some way to process payments. Fortunately, there is plenty of software available to help businesses through this, and a lot of it can even be used with brick-and-mortar businesses.