The world is evolving at the speed of light and the emergence of new technology trends are shaping a different future - meaning businesses must quickly adapt. While business had a rather standard and traditional perspective before, in today’s dynamic world, corporations or niche businesses such as Handmade Writing are increasingly implementing new, tech-savvy approaches.
Everything from data collection, storage, and management, to online transactions or communicating back to the customer, is nowadays processed through digital platforms or systems, created with the air of simplifying our tasks and providing a safer, risk-free business environment.
Blockchain – The Future
One of the popular and commonly-discussed topics of today’s technological innovation is the birth of blockchain. It is difficult to remain unaware of the topic as it is one of the most well-covered in dominant online content platforms. In Forbes Magazine’s list of 23 Trends That Will Shake The Business World in 2018, blockchain takes a firm third position and is expected to enter industries other than banking - taking over a number of different sectors to increase security as well as the maintenance and transparency of data.
What is Blockchain in reality?
Before looking into the spread of blockchain and how it can be implemented in your business, it is essential to gain a realistic idea of what it actually is. Yes, blockchain is closely associated with the digital currency industry but is certainly not limited to it.
Reuters explains the term as a database shared with a range of computers, forming a network. The specific thing about blockchain is that - once data enters the chain – it’s impossible to change or delete it - as the next entry always links back to the first. Simply put, blockchain is a peer-to-peer network, enabling and storing online transactions. No centralized control is required and the middleman requirement is no longer necessary.
Why Consider Implementing Blockchain to Your Business?
We’ll step away from the common misconception that blockchain only serves the digital currency world or other financial companies or institutions. Forecasts show the blockchain market is to exceed $3 trillion by 2024, certainly making it a top trend of the future. This trend has quickly made its way into a large variety of industries and businesses are starting to get more creative with its use.
RubyGarage have created a useful infographic depicting the benefits of blockchain in different industries. For example, media giants have used blockchain to limit the spread of false information and increase the chances of writers reaching audiences in a peer-to-peer format. The concept has been used for trading waste quotas, helping local restaurants in Atlanta distribute leftovers to charities.
Blockchain has also been used in the medical industry to resolve problems with electronic medical records; by energy management to omit the need for intermediaries for new energy initiatives; or by the real estate industry for making records and transactions visible to all.
As seen from the infographic, blockchain can be applied to almost any industry known, providing benefits such as:
- Saving time and lowering costs
- Improving business and data security
- Increasing transparency to involved users and third parties
- Top quality records keeping with an eternal saving of information
- Limiting the threat of fraud
- Allowing the use of smart contracts
- Improving privacy
- Decentralization and no need of a middleman
New Technology Integration
The introduction of blockchain to your business must be carefully researched and prepared in order to limit the potential threat to disrupting normal operations. We’ll share a few tips on preparing for blockchain integration that will help make the new technology integration smooth and easy to comprehend for the business.
1. Research the technology solutions
There are a number of available technologies on the market that state they’re applicable to the blockchain. However, failing to see the actual implementation and use of the technology leaves a black and white image of its pros and cons. Speak to partners or other companies in your industry to get feedback on their blockchain implementation to avoid making the same mistakes.
2. Choose your partner carefully
If blockchain is something new to your business, the chances are that the people you employ will not be blockchain experts. You must select the best blockchain partner who will have the expertise and know-how to successfully implement the technology to your business without impacting normal operations.
Depending on your industry and requirements, you could look into companies such as Amazon, IBM, and Microsoft, who provide blockchain as a service and have a number of case studies showing how they have used to technology to create new innovations.
4. Testing the technology
This may require a substantial investment as in most cases, working with a qualified blockchain expert will be an expensive endeavor. Discuss with your chosen professional the opportunity of testing and tailoring different blockchain implementations to examine what will work best for your business. This way, you will surely come up with a personalized and efficient blockchain implementation that will bring you closer to your goals.
Although blockchain is often viewed as a new and untested concept, the reality is the majority of businesses around the world have either already partially adopted the technology, or are considering use. By 2021, expectations are that 25 percent of the Global 2000 companies will have implemented blockchain. The technology has already proven its benefits and is yet to uncover its full potential as more and more businesses exploit its power.
Note: this blog article was written by a guest contributor for the purpose of offering a wider variety of content for our readers. The opinions expressed in this guest author article are solely those of the contributor and do not necessarily reflect those of GlobalSign.