Seven Unexpected Blockchain Uses That Will Improve Business
By Forbes Finance Council
Blockchain is the new darling of the technology world, and it's easy to see why. Its transparency, reliability and decentralized nature make it the clear choice for securing intellectual or virtual assets like cryptocurrency.
But, blockchain's uses extend far beyond security, and experts believe we've only just scratched the surface of this technology's full potential. As the tech world continues to speculate about blockchain's future, we asked members of Forbes Finance Council to discuss some unexpected applications of blockchain that will positively impact businesses.
1. Reducing Carbon Footprints
Blockchain is an electronic ledger technology that has many applications, including cryptocurrencies, like Bitcoin and Ethereum. The concept behind this provides a basis for technologically sound and secure payments without leaving behind a paper trail. This new form of managing transactions makes way for industries to facilitate merchant-customer interactions while reducing the carbon footprint. - Ibrahim AlHusseini, The Husseini Group
2. Internet Of Things Security
Keep an eye on blockchain integration with Internet of Things technology. Incorporating the security of blockchain with IoT devices will give customers a new level of security and comfort. This should lead to faster adoption of concepts like “smart home” technology and has the potential to spur growth in the IoT space. - Ismael Wrixen, FE International
3. Contract Fraud Reduction
Expect to see a reduction in fraud. Blockchains are going to digitize the world. Contracts are going to be embedded in digital code and stored in transparent, shared databases. Every agreement in this world will be protected from deletion, tampering, revisions, etc. - Justin Goodbread, Heritage Investors
4. Secure, Real-Time Payment
Blockchain will allow for real-time payments, which will result in faster speeds of service from every aspect. For example, wire transfers usually take three days, and that can represent a huge deficiency for a business. With blockchain-enabled instant payments, they can move on to other things much faster. - Chad Otar, Excel Capital Management, Inc.
5. Supply Chain Efficiency
Blockchain will enable companies to communicate with vendors efficiently, viewing available inventory in the vendors' warehouses and tracking that inventory as it moves through the supply chain, all the way to delivery of a sales order to their customer. - Ben Taylor, SoftLedger
Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
6. Credit Accessibility For Small Business
Blockchain will undoubtedly have a tremendous effect on trust in business transactions. While external auditing is rarely done for small businesses, the ability of blockchain accounting software to provide transparency to third parties will allow for easier access to capital for these businesses without the large expense of audits or the large premium charged for uncertainty. - Vlad Rusz, Vlad Corp. USA
7. Clarity In Business Agreements And Transactions
Blockchain helps to clarify and document business transactions. Things previously done on a handshake will be codified and subject to the smart contract the parties have agreed to. Once the smart contract is fulfilled, the counterparty will be paid. Think about a world with no more accounts receivable float or collections calls. You do what you agreed to, and the payment is released. - Matthew May, Acuity