Companies of all sizes and niches are making the jump and start accepting crypto payments or using tools like NFTs for marketing and promo. It seems it’s only a matter of time before blockchain becomes one of the standard platforms for doing business.
It’s true that with the rise of blockchain consultancies, it’s never been easier to get started.
- There’s a checklist at the end of the article for those of you who are considering that.
Otherwise, this article will give you some creative ideas on how and why to start working with blockchain. There are many ways to incorporate blockchain technology into businesses, and it can benefit in more ways than one.
Blockchain in business: The Basics
Blockchain technology is used as the base of most cryptocurrencies, as it provides a secure and permanent record of transactions and changes. Blockchain holds all data without the possibility of third-party interference and allows transaction tracing, if you document your movement well.
And then, unlike a database system, blockchain is immutable. As explained on Investopedia, this means that all data entry is irreversible.
So, if you create an NFT of a legal contract, you are sure to have the exact and untampered document no matter through how many hands it has passed before it reached you.
Why Incorporate Blockchain Technology?
Right now, adopting blockchain technology means most of all a great way to network and get new opportunities for your business.
For large corporates, the value is in forming closer partnerships: Using blockchain, businesses can communicate and work with one another through shared blockchain data.
For B2C companies, it allows companies to accept a wider range of payments. Companies able to accept cryptocurrency as a payment method can potentially expand their customer demographic. With the easing in regulations for businesses in some countries, the barriers to entry are lowering as you might not even need a license to run a crypto company.
Lastly, the transparency of blockchain records is also quite appealing to many businesses. Having access to an irreversible record of transactions will allow them to better account for business expenses and view their transaction histories. Companies also have better opportunities to monitor their records under one roof which can aid with business optimisation.
But even more importantly, blockchain technology provides the tools for businesses to automate a good part of their accounting and administrative activities via smart contracts.
Smart Contracts for automation and cost cutting
Smart contracts are digital records of a transaction stored on a blockchain ledger.
Blockchain technology allows smart contracts to be written and settled directly on the blockchain and will go into effect immediately as long as the preset conditions are satisfied.
This is one way in which blockchain technology cuts out third-party interference and creates a more direct and transparent way of executing business. Not to mention that automating administrative tasks cuts your expenses in the long run.
Blockchain business specialists like GlowLabs make it easy for businesses to get started integrating blockchain technology into their daily practices. They focus on expanding revenue and growing businesses in digital spaces.
As all business consultants, blockchain consultants will also help identify a target market and will help with choosing the best hardware and software tools based on your company’s needs. That will make sure that your company is getting the best of blockchain technology can provide to it.
Checklist: Incorporate blockchain technology into your business
This is a useful checklist to go through if you’re considering integrating blockchain technology into your business, but are not quite sure about any specifics. This checklist will help you get a clearer picture before you hire a blockchain business consultant.
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The first step in incorporating blockchain technology into a business is to identify the need for it. Ask yourself, what will this bring to your business, or how will it help a company reach its goals?
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There are a few ways to begin incorporating blockchain technology into a business. What is the way in which you want to integrate blockchain? As mentioned earlier, as little as getting a crypto wallet will allow companies to accept cryptocurrency as a payment method. The set up gets much more technical with smart contracts.
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What are some of the technical uses of blockchain you are not sure if you can use? For example, blockchain also allows for increased digital storage. According to Entrepreneur, businesses and individuals spend over $20 billion annually on cloud storage. Blockchain technology can offer a secure storage for a much cheaper price.
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Consider some of the less obvious ways. For one, if your business has a loyal audience, a good opportunity may be to incorporate blockchain technology by releasing NFT collectibles, where NFT stands for non-fungible tokens. Releasing NFTs is a marketing strategy beneficial to both parties and primarily aims to increase capital for businesses.
Final Words on Blockchain Technology Integration
Through blockchain technology, businesses can function in a more cost-efficient manner and create a direct connection with their clients or with one another.
With blockchain’s wide range of tools and uses, it is a viable option for businesses of any size: There’s payments, automation, data storage and plain promo.
Blockchain technology can seem intimidating and complicated, but it doesn’t have to be. Small, simple steps of integration make it possible to incorporate blockchain technology without drastically changing the day-to-day functioning of your business.