10 Ways A Blockchain-Enabled Future Will Impact Business Owners
Blockchain technology is rapidly changing how consumers connect with one another and with brands. Where social media once reigned supreme for online connections, blockchain technology is quickly changing everything from P2P (peer-to-peer) to B2B (business-to-business) relationships. Understanding how blockchain technology is disrupting the online world is crucial for today’s business owners.
If you want a better idea of how blockchain technology will disrupt the ways we do business, then you should understand the following 10 tips.
1) Smart contracts will have a massive impact on business relationships in the future.
When transfers of property and information receive verification via blockchain-enabled smart contracts, there will be less need for middlemen platforms. Everyone from freelancers to e-commerce vendors will be able to sell their wares directly to customers, thereby relegating middlemen platform to the yesterday’s news pile.
2)Payments: Blockchain technology will have a significant influence on the payments industry.
When people can pay for products and services via blockchain-verifiable cryptocurrency assets, there will be less need for things like credit cards and debit cards. Business owners who start to integrate cryptocurrency payments into their payment processing structure will be ahead of competitors who hang onto ways of the past.
3) The banking industry is already experiencing upheaval thanks to blockchain technology.
Where businesses used to process all their financial transactions via their bank accounts, in the future companies will have the option of conducting many of the financial transactions on the blockchain. From blockchain-enabled financial exchanges for currency transactions to companies investing their profits into cryptocurrencies, the future of banking will be altered by the growth of blockchain technology.
4) The insurance sector is also experiencing rapid growth thanks to blockchain technology.
Imagine being able to verify your insurance claims via smart contracts. Or having your insurance premiums reduced thanks to verifiable data and reduced insurance payouts of fraudulent claims. For business owners currently purchasing everything from liability insurance to health insurance for their employees, the future is looking much brighter thanks to blockchain-enabled insurance.
5) Companies purchasing cloud technology services and SaaS (software as a service) products are also likely to be impacted by rapid growth in the blockchain space.
Major cloud companies like Amazon are already exploring opportunities within the blockchain cloud space as are up-and-coming startup companies hoping to change the future of SaaS and cloud technology. Expect to see rapid development in the blockchain cloud sector as companies and developers realize the potential of verifiable cloud technology.
6) Marketing and marketing technologies will change in a blockchain-enabled future.
How businesses connect with customers and the tools they use to do so will change drastically. If you look at the media firestorm surrounding the Facebook and Cambridge Analytica controversy, imagine the same scenario happening in a world where each entity controls its data and which companies have access to that data. If you want to dive into a blockchain sector with a distinct impact on the future of business, then immerse yourself in the blockchain marketing sector.
7) The real estate sector is also seeing significant disruption thanks to blockchain technology.
This disruption will influence everything from commercial property leases to how real estate transactions get processed and verified. Even if you’re a business owner not currently looking for real estate for your company, the technologies used and the prices you pay will be impacted by blockchain innovation in the real estate industry.
8) Identity management is one of the hottest blockchain sectors garnering investor interest.
How businesses verify the credentials of recruits, grant company access to data, and process transactions online will all be impacted by blockchain innovation in the identity management sector. Business owners who understand this upcoming change can prepare themselves for a future where all identities are verified and validated via blockchain technology.
9) There is increasing activity in the blockchain IoT space.
For companies using internet-enabled devices, e.g., printers, voice-enabled smart assistants, etc., the combination of blockchain verification and internet of things devices is especially exciting. Today’s IoT devices often have lax cybersecurity features (default passwords, etc.), so the ability to increase the security of IoT devices via blockchain verification can’t come soon enough.
10) Equity sharing and distribution also are feeling the impact of blockchain technology.
Imagine offering senior managers or long-term employees shares in your business, distributed and verified via blockchain technology. The ability to track those shares and monitor their value via blockchain technology and smart contracts is just one of the innovations happening within the equity sharing/distribution sector.
These are just 10 of many factors business owners should understand about a blockchain-enabled future. Failing to understand the numerous ways blockchain will change the future of business is mistake savvy business builders shouldn’t make. Now is the time to immerse yourself in blockchain technology and at least learn the basics of smart contracts and distributed ledgers. The more effort you put into learning about blockchain-enabled businesses, the better prepared you’ll be when disruption hits your company.