Cryptocurrency is no longer just an emerging wave of fintech. Now that more countries are getting on board with virtual currency and a digital economy, there’s a good chance you’ve heard of the blockchain. Initially, it was created to form the basis and digital record for Bitcoin, the cryptocurrency that’s seen its value skyrocket as interest in peer-to-peer currencies grow. However, tech companies have found that the blockchain has a far wider potential than was first apparent.
Here are three ways that blockchain technology can help your company.
It improves multi-user systems
In the past, file access was simple. One person could edit a document at a time. However, because information stored in a blockchain is replicated and updated consistently, there’s no limit to the number of users that can simultaneously be working on the same file. This improves data integrity and increases worker efficiency.
It’s more secure than traditional database systems
Historically, if a malicious third-party compromised your database, your business was essentially at their mercy. In contrast, the blockchain uses a peer-to-peer network to store small segments of data in several different locations, thereby preventing attackers from accessing anything usable.
Smart contracts save time and resources
Blockchain technology allows you to automate certain tasks based on specific criteria. Managing and executing tasks, such as sending and receiving payroll data, can be streamlined with minimal human intervention.
Blockchain is one of the biggest online innovations since the birth of ecommerce. As technological pioneers continue to improve it, it will become more widespread and easier to use.