Cryptocurrency is rapidly changing a role in business. Companies like IBM have already adapted bitcoin technology into their ecosystem, investing millions in the cryptocurrency market. According to Forbes, the best practical examples of blockchain that can impact your business today include:
Contract Management and Smart Contracts – As a public ledger, Blockchain validates and records all transactions, making it a reliable and secure system. This will pave the way for “smart contracts” for almost any sector – such as health, insurance, or entertainment – that holds some form of digital asset or security, such as private account information.
Payment Processing and Currency – It does not require a third party or central authority for making peer-to-peer transactions.
Supply Chain Management – It allows for immediate status updates and increases the security and visibility of the supply chain.
Asset Protection – Miners authorize all transactions, which locks the record in the ledger and prevents them from being hacked. Mining is a resource-intensive process where transactions are added on the ledger (blockchain) of past transactions.
Personal Records & Password Management – IDs, Titles, Deeds and other important documentation may be shared on a public ledger.