If you own your own business, you know the feeling of working countless late nights and weekends, only to find that at the end of the month your bank account doesn’t reflect the effort you put in. Many businesses don’t make money as a result of human errors, paying too many fees and procedural mishaps. What would your bank balance look like if these things didn’t occur? To make your business more fast, efficient and profitable – it’s time to seriously look into blockchain technology.

What is blockchain?

 Blockchain records digital transactions on a digital ledger that can never be altered. All records of information on the ledger are linked through cryptography, with all of it being public so that it can be verified with ease. Blockchain has potential to help make your business more profitable. Here are a few ways it could transform the way you work:

1. Smart Contracts

A smart contract is self-executing and has the entire contract written into digital code. All aspects of the contract are stored on the blockchain network and is a way to ensure both parties abide by the contract agreement. Because it is all automated, there is no downtime and no time delays due to intervention by third parties.

A smart contract will guarantee that you get paid, once you fulfill your end of the contract. In addition to this, you’re guaranteed the return of your goods or service if the other party tries to back out of the deal. This means there is no need for any fee-charging third parties to slow down the process and drain you of resources.

2. Hiring

A business is only as good as the people it hires, which is why selecting the right employees is crucial to success and growth. Hiring is not easy and can take a lot of time and resources. Thankfully, blockchain is here to make it much smoother.

Many individuals who apply for jobs will lie on their CV or even forge documentation to boost their chances of getting a job. They do this as they believe that the potential employer won’t have the time to confirm their qualifications. However this is changing fast, with employers now having the ability to verify records in an instant. With blockchain, an individuals academic and employment record can all be stored on the digital ledger. This enables employers to confirm an individuals CV in an instant. This will significantly reduce the time taken to hire new employees and also ensure you’re hiring the right person for the job.

3. Faster and fee-free payments

Blockchain first came to prominence with the rise of Bitcoin. So it shouldn’t shock you that Bitcoin and other types of crypto can be used to pay your staff. Making crypto payments through blockchain has numerous benefits for your business, especially if you have workers overseas. With blockchain, you can pay employees almost instantaneously, minus the ridiculous transaction fees that come when you use a third party provider.

By having all your payment records on the blockchain, you also benefit from easily being able to track and manage your cash flow and payments.

4. Understand your customers

One of the advantages of blockchain is its identity management capabilities. In the digital age we live in, all your employees and customers have a digital ID.  If all of this information is on the blockchain and readily available, it will significantly reduce the risk of identity fraud.

Given that records on the blockchain cannot be altered, it also ensures individuals can control their personal data. A record of transactions also ensures you and your customers have visibility of the history of your relationship and how you have engaged with one another. You’ll be able to easily identify loyal customers and understand more about their spending habits and needs.

5. Optimise marketing

Getting cut-through with your marketing efforts is becoming increasingly difficult due to consumers suffering from information overload. Whether it’s social media, TV or brochures, your customers digest a lot of information every day. Blockchain may be the answer to getting the cut-through your brand needs in a crowded marketplace.

Blockchain enables you to track the behaviour of your customers and then use that data to create and optimise marketing campaigns. Blockchain can also ensure that any traffic from your campaign is from real people, and that your not receiving fake information from bots.

Final Thoughts

Blockchain is gathering momentum, as business leaders across all industries become aware of its potential. So whether you’re a leader in a large enterprise or a fresh-faced entrepreneur, the time is right to harness the power of blockchain and leave the competition behind.