How Can the Blockchain Benefit You?

How Can the Blockchain Benefit You?

The blockchains popularity has soared in the last few years. From only being used as a public ledger for cryptocurrency after its inception in 2008, the blockchain can now be used and incorporated into lives, changing the way we do daily tasks. The blockchain is not only an alternative to traditional currency but also centralized banking and various other transaction methods. It is changing the way we perform financial transactions for the better and has countless other benefits as well!

To put it technically, the blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers for maximum security. Now that we’re done with the jargon, let’s talk about how this benefits us:

  1. Cloud Storage

Most of us are incredibly reliant on data stored on the cloud. It stores our data on remote servers for us to access anywhere. By using the blockchain and excess hard drive space, we can increase our storage capacity by 300! The world currently spends over a whopping $22 Billion – yes that’s a billion with a ‘b’ – on cloud storage alone. This application of the blockchain would significantly reduce the cost to store data for users and companies while also opening a revenue stream for average users.

  1. Smart Contracts

The Ethereum Project in 2013 spread the word for using the blockchain for making a contract smart, but what exactly are these smart contracts?! In simple terms – self-automated computer programs that can carry out the terms of any contract. It is basically financial security held in escrow by the blockchain and is given to the intended user based on future events and computer code. These applications have no possibility of downtime, fraud, censorship or third-party interference. Imagine renting a bicycle that unlocks a smart lock after both parties agree to some terms of a contract! Now wouldn’t that be convenient?

  1. Payments

Since the blockchain has its roots deep into cryptocurrency, doesn’t it make sense to use it as an application to compensate employees? Of course, it does! The blockchain, when used as a Bitcoin-based payroll service, will circumvent the costly fees associated with transferring money internationally. Not only that, it reduces the time it takes for funds to move from bank to bank. Payments via bitcoin can save you or your employees time and money! Living in a world where we often hear the phrase “time is money” – imagine the savings we could benefit from.

The above are just a few ways in which we can benefit from the blockchain. Ready to incorporate it with your business? Get in touch with us at https://adbsystems.com.au/