Close to ten years ago, Satoshi Nakamoto, the creator of Bitcoin, released a paper that described how money could be decentralised, through Bitcoin. At the time, not many people grasped the potential he was describing, nor the technologies he was referring too. Nakamoto provided a new way for people to collaborate across the globe, all through the power of blockchain technology. In this article, we’ll dive into some of the ways blockchain technology will play a role in your business in the years to come.

What is blockchain?

Think of blockchain as a database that grows infinitely, with a number of key attributes:
– Firstly, anything stored on the database can never be removed.
– Secondly, no one owns or controls the database, and everyone has access to it.

Blockchain has enormous potential for business and will impact the way they operate in many ways:

1. Contracts

 Blockchain will revolutionise the way companies engage with each other. For companies to transact and do business, there needs to be an element of trust involved. This trust is usually in the form of a contract that both parties agree on and sign. Unfortunately, these contacts are often broken, leading to lawyers, court cases and a lot of time and money.

With blockchain, we’re seeing the rise of smart contracts, which consist of software code that exists on the blockchain network. Smart contracts cannot be edited after they are deployed, which ensures neither party can exit the deal without completing what they’ve agreed to. This reduces any chance of a contract breach and saves both parties a lot of resources in the process.

2. Payments

Blockchain is ideal for any transaction that takes place between different countries. With blockchain, you can transfer money anywhere in the world within minutes, as opposed to days or weeks. With blockchain technology, these payments are made without intervention from a third party, such as a bank, which ensures the process is swift and efficient. As we become more globalised, the ability to make global transactions in near real-time will be music to the ears of companies who have dreams of global expansion.

3. Hiring

Finding the right employees for your business is a time consuming and expensive process. However, imagine if the information of potential candidates was readily available for you to consume. This could result in faster and more efficient reference checks, as the candidates information would live on the blockchain. Employers could review their digital trail and determine whether they are right for the job or not. This process could work both ways; with employees able to access information on a company to determine whether they believe it’s the right place for them to work. They’d have an insight into the reputation of the employer and the way they treat and manage their employees.

4. Cloud Storage

Almost every organisation is utilising the cloud in one way or another. From large enterprises to small start-ups, the cloud offers immense benefits that organisations of all sizes can take advantage of. Blockchain is playing a role in decentralising cloud storage, enabling people to easily collaborate across the globe. Instead of having files on a centralised location, you can have it stored on devices all across the globe.

Data in a decentralised storage location will be even more secure than if it were in cloud storage. With cloud storage, your data has many backups, however with decentralised storage it can be located on a larger number of devices, which improves dependability of your data and files.

5. Improved governance

All of the solutions that run on top of blockchain are composed of many different parts, all operating together seamlessly. Through smart contracts and other features on blockchain, there will be the right amount of governance with no hierarchy involved. With blockchain, organisations may eventually have no bureaucracy, with all decisions decided through a voting poll on the blockchain. Every decision could be in the form of a smart contract, which everyone would use to cast their vote.

Final Thoughts

As seen from above, there are many areas of business where blockchain technology could be adopted to improve the way we operate. All of these benefits provide new ways for strangers to collaborate better together. From employees, to partners to business leaders – everyone in every aspect of business will be impacted by the inevitable rise of blockchain technology in the years to come.