● Add use cases. Make some time to think of possible ways of using blockchain in your business. This will help you to better understand main pros and cons of your concept.
A bunch of reasons to rely on the blockchain
Making decisions needs a sort of motivation. The same with relations between blockchain and business. With this in mind, we give you the whole bunch of reasons to use the advantage of a decentralized business exchanges network. Here's what you get:
● Multi-level payment protection. In most cases, blockchains can help to prevent payment scams providing a few levels of protection:
1. Smart contracts make it possible to ensure that all parties follow the same rules;
2. Public ledgers are tamper-proof which means it's quite difficult to alter or double-spend altcoins;
3. Decentralization in itself makes it hardly possible to be a "king of the hill" as there's no central point of a scam/failure;
4. All transactions within a network are transparent so there's no opportunity for a scammer to cook the books.
Sure thing, a ledger can't prevent you from each and every scam attempt. Still, blockchain technology offers more chances to avoid many risks in comparison with your current infrastructure.
● Better enterprise cooperation. The Harvard Business Review states: "Today, collaboration tools are changing the nature of knowledge work and management inside organizations. But there are clear limitations to today’s suites of tools, as we still need central intermediaries to establish trust and coordinate much of the capability.” Fair enough.
● In turn, a blockchain-based system allows a partner/employee to have a profile that could be 100% controlled by the owner. This can make your network more flexible and… private!
● Better chances of new business values. Blockchain technology allows to cooperate with other business owners without affecting their original business purpose. Ernst & Young calls it an "industrial mash-up."
● New markets and more platforms to offer your products/services. Explain, "With blockchain, data and [the] rights holders can store metadata about any substance, from human cells to powered aluminum, on the blockchain, in turn opening up the limits of corporate manufacturing while also protecting intellectual property," write Tapscotts. "New markets could enable buyers and sellers to contract more easily in an open market."
● You can forget about middlemen. That's it! No more special trust-building parties for your business. A blockchain in itself is nothing but a P2P system, which means, transactions are only between you and other business owner — a partner of yours.
● Modern technologies make it possible to get rid of third-party individuals including banks, realtors and lawyers. Moreover, they can make your business cost-efficient and more profitable.
● The Internet of Things (IoT) likes blockchains! With blockchain technology, you can use the advantage of an automatic go-to registry for the ownership and maintenance for everything within the Internet of Things. Comfy, isn't it?
● As far as blockchain stand for complete, accurate and widely available data, you can get informed about your partners' business decisions and monitor all of your company happenings in real-time. Making payment, product shipping or getting info about your customers is no longer a problem.
● No more waiting for transactions. Your own blockchain-based system allows to save lots and lots of precious time. Dealing with your customers/partners without middlemen makes it possible to avoid waiting for days (or even weeks!) for transactions. We also talked about this in our article about bitcoin exchange business. Everything happens here and now.