You may not know what blockchain technology is just yet, and the name isn’t the most exciting one to come down the pike. It sounds like a strange piece of equipment as opposed to something that could revolutionize the way business is done. You may be slightly aware of its connection to Bitcoin, and it’s possible that you might have a sour taste in your mouth about it because of that, due to some of the negative press that cryptocurrency has received.
But what blockchain is, and what it has to potential to be, shouldn’t be ignored by anyone who wants to stay ahead of the newest business technologies. In short, blockchain removes the barriers that prevent people from transacting directly with one another. You might have used a version of this technology when you’ve edited a document that is accessible immediately by others who can see your changes shortly after they are made without you having to send them in an email. The business implications of that basic idea are gigantic.
Blockchain technology is the driver for the business, and Vladislav Artemyev CEO and Co-founder of Scorum says it’s the next big thing for a reason. “What you have here is a technology whose applications are practically limitless,” he says. “And what makes it so special is that it really puts the power into the hands of the users, the common people using the internet instead of the titans of industry who control everything just by being conduits and facilitators. With blockchain, those elements are already in place, leaving nothing in the way of you dealing with and doing business with others just like you.”
Decentralizing and Demystifying
One of the common complaints of people from the working class for time immemorial is that they distrust the inner workings of big business and large companies. Banks, credit card companies and the like have received a bad rap, often justifiably because of shady dealings that seem aimed more at stuffing their coffers than legitimately helping their customers. If you fall into that category, the blockchain will appeal to you.
Blockchain technology essentially eradicates the need for that centralized institution that handles all the money and executes the transactions. And the best thing about it is that there is transparency at every step because users can see everything that is transpiring with their money, whether it outgoing or incoming. This takes any mystery out of where your money is going. If you’re a business owner and want to appeal to customers who like these ideas, you can attract them by finding ways to incorporate blockchain into your operations.
There are practically no limits to the ways that blockchain can transform not just e-commerce, but also internet activities in general. No matter how it is used, it essentially takes, two or more users who may be in far-flung locations and puts them essentially in the same digital room without anybody overseeing their doings. This is a huge boon for people who are concerned about governments or businesses spying on their activity.
The financial ramifications are obvious, but the social bonuses also can’t be denied. It’s something akin to the comparison of talking to someone over a dusty, staticky radio that tends to dilute and obfuscate the message versus talking to someone who is sitting right next to you. The filters are removed by the blockchain, and that means that you can trust the message in a way that isn’t quite possible when you have to go through intermediaries and third parties.
The Blockchain Future
The technology behind blockchains is in place; it is now just a matter of how it will be applied henceforth. Bitcoin may have been hit an early roadblock, but it is rebounding to the point where its stock is once again robust and desirable. And more and more companies understand that the inherent transparency of the technology will help them lure in those in search of that kind of openness in their daily dealings.
Each day brings another huge chapter in the blockchain story. Maybe your company will be the one that writes the next one.