How Blockchain Benefits Your Business Beyond Cryptocurrency

Blockchain was developed as a public ledger for cryptocurrency transactions, and it has become synonymous with bitcoin since its inception. However, blockchain’s distributed ledger format has many use cases beyond crypto and can benefit businesses in exciting new ways.

Cloud Storage

There are innovators in the market looking at ways blockchain can be used to expand cloud storage. Open-source, decentralized file storage solutions are in development that use file sharing, encryption and blockchain-based hash storage tables to store files on peer-to-peer networks.  The goal is to make cloud file storage cheaper, faster and more private.

Traditional cloud storage solutions are flexible, but they are not perfect – limited bandwidth or unexpected outages can restrict access to files and third parties have control over those files, including one’s ability to access their own information. Blockchain can solve these problems by distributing files to make redundancy well established while implementing more control over privacy and access.

Payroll

Blockchain’s roots are in cryptocurrency, so it stands to reason that it could be used as a means for paying employees – especially for companies with an international workforce. Incorporating bitcoin into those international transactions allows organizations to bypass expensive international transfer fees and save money on payroll without having to cut pay rates themselves.

Smart Contracts

Smart contracts give businesses the ability to exchange money, property, shares and more in a transparent manner without the costly expense of paying a middleman. Blockchain delivers a single ledger as a source of trust and removes roadblocks in communication and workflow. Traditionally, business operations stall amid the back-and-forth of contract negotiations, approvals and document processing, but blockchain can streamline the process thanks to its accuracy, transparency and automation capabilities.

Supply Chain

Products are rarely ever made by a single entity. Rather, a chain of suppliers provide different components to the company that assembles and distributes the final product. While supply chain management has become much more optimized and streamlined over the last several decades, one breakdown in the system causes the producer to take the hit. Blockchain is being leveraged to provide digitally-permanent, audit-friendly records to further streamline the process and keep stakeholders plugged into to the state of the supply chain at each step.

Are You Looking For New Ways To Leverage Blockchain? Contact Talon!

The only way for businesses to take advantage of technological advancements like blockchain is to have the right team in place. Companies will need to know where and how to source talent, and they must be prepared to offer packages to entice those professionals to their opportunities. If you are looking for top tech talent who can help your company innovate new ways to leverage blockchain, contact the tech recruiting experts at Talon today.