Business Ideas

5 ways in which using blockchain can enrich your business

No matter what side of the internet you frequent, you have surely been exposed to the phenomenon of bitcoin. The idea of trading cryptocurrency without any physical, monetary trace that can slow you down has taken the world by storm, raising the price of a single bitcoin to over $16,000 in the process.

This has led to a new type of bookkeeping and accounting that if used properly, can help any resourceful business flourish on the web. Thus blockchain was born as a means to track all the transactions made between cryptocurrency trades across the world.

Image source: https://www.pexels.com/photo/ethereum-and-bitcoin-emblems-730569/

This cryptographic tracking system has made a significant impact on the business market with its emphasis on decentralized information and open sharing. What does blockchain technology mean for your own business, and how can you use this tool to significantly boost your revenue and enrich your business in Nigeria?

  1. Decentralized accounting

Introducing blockchain into your accounting and bookkeeping means that you can easily delve into cryptocurrency investment waters yourself. This means that a company doesn’t have to rely on local, contracted accounting in order to follow government procedures.

Whatever business or individual uses cryptocurrencies to trade on the web and conduct transactions as such will have their actions marked and memorized in the cloud. No transaction goes unnoticed in the blockchain, meaning that you can safely keep track of any and all transactions you conduct without having specialized staff on board doing so. Keep in mind that certain government regulations in Nigeria will still have to be followed, but the majority of the workload will fall down on algorithms and internet accounting.

  1. Promise of transparency

Blockchain technology was initially intended for cryptocurrencies and their online tracking. Once bitcoin gained traction it became far too easy to scoop up a large amount of coins and simply vanish from the grid. Blockchain aims to alleviate that by introducing a smart, transparent way of tracking transactions and presenting them to potential clients.

For example, if your company decides to do business with another company or a client with large expectations who needs assurances, calling up the blockchain ledger and presenting all of your transactions is as simple as snapping your fingers.

This allows for a much greater mutual understanding between businesses that aim to seal contracts amongst themselves but are apprehensive of working with someone of whom they have no concrete guarantees. Any and all transactions which used specific cryptocurrencies can be traced back to their origins and called up anytime you need to use that data.

  1. Little room for error

Investigating potential problems with your accounting, bookkeeping or money in general can be problematic. The paper trails can often be lost or mishandled, and you will always be left with a sense that you could have done something to prevent the error from happening. Looking for reliable sources that can help you keep a clean business and manage the books properly has never been easier since blockchain technology came to the market.

By implementing a decentralized, public bookkeeping method that will allow you not only to follow your own cryptocurrency (or other) transactions but also do the same for other businesses you will leave very little room for potential errors to occur. Even if mistakes happen, you will easily be able to trace them back to their point of inception and see what caused them. Running a business with a small margin for financial mistakes and the ability to amend any potential ones is the true significance of blockchain, no matter what type of business you are running in Nigeria.

  1. Stock exchange

You may not be considering stock exchange at this point in time, but the benefits of introducing such a system through blockchain can help your business in a significant way. People have the misconception that if you sell stock, you are essentially parting ways with your company – this is utterly wrong.

Selling, buying or exchanging stock for cryptocurrency can help you raise the value of your company, attract new local and international investors and make your company more approachable overall. Businessmen are far more willing to work with a forward-thinking business owner that implements blockchain in a smart way than someone who avoids global trends.

Just recently, Australia has introduced blockchain technologies into their public stock market, allowing investors and business owners to freely trade by using their favorite cryptocurrencies. What this could mean for Nigeria, the global stock market and Wall Street in the long run is anyone’s guess, but the multitude of benefits you can reap from putting your company’s stocks on the market through blockchain are numerous and lucrative.

  1. Peer-2-Peer transactions

Whether you are a local business with a niche market or an international company with clients abroad, transactions are a necessity you have to conduct. Transferring funds to and from different offshore banks with huge fees that go along with them can sometimes make it as if it’s not worth trading with certain clients. Luckily, blockchain technologies and cryptocurrency implementation alleviates much of the growing pains we have been accustomed to in our businesses.

By paying and being paid in cryptocurrency, you can effectively cut out the middle man (the above-mentioned banks) and conduct direct business with your clients with zero fees attached to the transactions. While it may sound too good to be true, there are already specialized applications out there like BlockCAT that allow you to create smart contracts between clients and conduct business in a fast and secure fashion.

Blockchain will never ask why you are transferring the designated amount of funds to or from a certain account or limit the amount of flexibility you have with your trades. Conducting relevant transactions and business contracts is the epitome of every successful business, which is why you should consider pioneering the technology among your partners and associates in Nigeria and lead by example.

In summation

What makes blockchain different from the accounting and bank management that we have grown accustomed to? The technology provides us with an unprecedented amount of freedom, transparency and possibility in conducting good business with our clients, but the question remains whether or not people are willing to give it a chance.

You can indeed implement blockchain into any number of different currencies and cryptocurrencies as long as you know where the string starts. Once you develop your own company logic for this type of tracking, the rest will be a cakewalk.

The general public will always be apprehensive of new technologies that can significantly impact the way they live and function as a society. Showing them that blockchain is nothing more than the next step in banking and transactions through personal example will lead to great change across the Nigerian and global market as a whole. Take a look at the possibilities of implementing blockchain into your own business and calculate the potential of expanding on the technology – you will soon realize that all doubt was in vain.

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