You may have been hearing a lot about cryptocurrency over the last few months. However, what many of you may not know are the potential ways in which coins like bitcoin could forever change the way you do business.
Legally Binding Contracts
While some cryptocurrency has no immediate use, some of them offer the ability to send legally binding smart contracts. Normally when one wants to sign a contract with a vendor they would have to go through a lawyer and discuss changes with both parties before finally agreeing to sign. Smart contracts make this process a little simpler. Smart contracts are digitally signed agreements that execute immediately once all the terms have been met. Once submitted, the contract cannot be altered, and copies will be hosted across the entire blockchain so that it’s completely accessible at any time. This allows the contract to be monitored by the entire blockchain and ensures the service gets finished.
Keeping Track Of Inventory
Many small businesses spend day after day recording every event in a shipment. Because Blockchain cannot be altered, its ability to keep records of online transactions are incredibly helpful. Every time you receive inventory or make a shipment, it can be recorded on a blockchain. These recordings cannot be altered, and allow a trustworthy way to keep track of goods coming in and out of a company.
While the value of cryptocurrency fluctuates every minute, the value of buying and selling using blockchain technology still remains. When you use cryptocurrency to make transactions, the fees are slim to none. While big-time credit card companies will charge up to 5% per transaction, crypto exchanging is close to free, although some exchange services will have a small fee. Another benefit to using bitcoin as means of selling is its ability to lower transactional disputes. While credit cards may bounce, crypto works similarly to cash, and there are fewer chances for complaints with charges.
While the question whether cryptocurrency will become mainstream still remains, there is no doubt that the technology can make life a lot easier for any business.
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This post was written by Spencer Farman