3 Benefits of Blockchain Technology to your Business
November 22, 2022
So what exactly is blockchain technology, and how does it matter to my business? This is a question being asked by companies worldwide as they notice the speed at which blockchain technology is gaining traction.
Technology can be daunting and overwhelming, but it doesn’t have to be. Come with us as we look at this technology and how it can help your business.
What Is Blockchain Technology, Exactly?
Blockchain technology started with Bitcoin. It’s a way to make and store records of transactions without the need for a central authority. But blockchain has the potential to be much more. Instead of just tracking financial transactions, it can be used to track anything that needs a record of ownership, from land titles to medical records.
How Can Blockchain Help Your Business?
1. Securely share records
Blockchain technology uses a digital signature feature to conduct fraud-free transactions, making it impossible to corrupt or change the data of an individual between users without a specific digital signature.
2. Supply Chain Management
Because blockchain records are literally a “chain,” you can easily trace a record’s history block by block.
Let’s take the Accra Poultry Project as a hypothetical example. Blockchain supply chain management can offer a step-by-step verification procedure to track eggs. This will prevent illegal trades across the region.
3. Smart Contracts
The blockchain ledger is the underlying framework that stores the smart contract.
When transactions are carried out on the blockchain, these transactions are executed based on predetermined conditions set by smart contracts. When those conditions are met and verified, such as an exchange of cryptocurrency for the delivery of goods at a port, the payment is automatically made in bitcoin or fiat money, or the goods can continue on their journey.
Blockchain technology provides businesses with all the benefits explained above, from securely sharing records to smart contracts. This technology can be complicated to understand, learn about, and implement since there’s so much information regarding the topic. However, we at Metaport have made it our mission to break it down for you so you can understand the concept and use of blockchain technology in your personal life and business.
Why not take our blockchain course to master the subject now? You’ll be able to conquer blockchain in no time.