Customers’ first thoughts on hearing the term “blockchain” tend to be about financial products, where a distributed ledger tracks transactions involving cryptocurrencies like Bitcoin. But different types of companies utilize the technology in different ways. Those in the real estate industry may find it useful for keeping track of transactions involving property, while those in government and healthcare may be interested in it as a means of storing documents securely.
However, blockchain is now the most practical solution for monetary operations for companies. Here are 6 compelling arguments for why your company should embrace blockchain.
Cost
Online payment processing is attractive to many firms due to its convenience, but the associated expenses may significantly reduce earnings. Payment processing providers like PayPal or Shopify add 2.9% to your total and an additional 4.4% if the purchase is made from a country other than the United States. Due to Bitcoin’s removal of banks as an intermediary, service charges are also eliminated. If you like, you may forego any payment at all. If there is a cost, it’ll be far less than the 2 to 4 percent charged by most financial institutions for wire transfers.
Better Assistance for Customers
With Bitcoin’s rising profile, more buyers will be looking for merchants to make purchases with. Customers have the freedom to use their bitcoins like they would any other currency, but merchants that make it simple for them to do so may see a boost in sales. Customers you wouldn’t have otherwise won over may easily find you by using the search tool that Bitcoiners have at their disposal to find merchants that take the cryptocurrency. The more flexible payment choices you provide your regular clients, the better.
Prompter Dealings
Bitcoin is frequently mentioned as a way for companies to speed up their payment processing. Among other benefits, it allows more payment options for customers. They will think about paying online rather than sending a check after seeing your invoice. The availability of Bitcoin as a payment option might prompt the customer to check their balance and find they have some funds left over. This will eliminate any potential lag time caused by them waiting for funds to clear before they could pay you. Having said that according to Bitcoin buyer trading platform “with the rise of the cryptocurrency markets also came the rise of scams within these markets and companies”, so investors should be mindful of the potential dangers in these markets.
Innovation
The adoption curve is a common topic of discussion among experts when discussing the introduction of new technologies. Bitcoin and other cryptocurrencies are at the bottom of that curve, while blockchain technology is at the top. Many buyers have yet to grasp what it is, much alone see the relevance it has for them. Nonetheless, there is a cost associated with being first. People who are unfamiliar with understanding what cryptography is or how it functions will probably ask you to describe it frequently. To make informed financial decisions, knowledge of blockchain is essential. To effectively discuss new technologies as they emerge, you and your staff must become as knowledgeable as possible.
Successfully Defeat Opponents
There are several ways in which adopting blockchain technology can put you ahead of the competition. One benefit is that people will see you as a forward-thinking business that values its clients. The blockchain technology your company provides might make a huge impact. On the contrary, it might be the deciding factor in a prospect’s decision to work with you rather than a competitor. A negative impact may become apparent as more companies implement the change. Your competitive edge will dwindle.
Defense From Attack
Any system might theoretically be breached at any time. Blockchain, on the other hand, provides security not available in conventional financial transactions. Your company and your customers may save your Bitcoin encryption information in a wallet that is completely distinct from the rest of the network with the help of Bitcoin hardware wallets. This prevents it from falling victim to hacking attacks and malware that plague software wallet. However, there are Bitcoin software-based wallets accessible that offer an additional degree of security for individuals who choose this method.
Conclusion
The development of blockchain technology is ongoing. Your company doesn’t have to make an immediate investment, but you should still learn as much as you can. Keep in mind how it is impacting the corporate sector. As a result of this, you won’t fall too far behind the times. Even more so if other people decide to start using the technology years before you do.
