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\u201cBlockchain\u201d may sound like something that goes on a vehicle\u2019s tires in icy weather or that perhaps is part of that vehicle\u2019s engine. Indeed it is a type of technology that may help drive business worldwide at some point soon \u2014 but digitally, not physically. No matter what your industry, now\u2019s a good time to start learning about blockchain.<\/p>\n
Secure structure<\/p>\n
Blockchain is sometimes also called \u201cdistributed ledger technology.\u201d It was introduced in 2009 to support digital \u201ccryptocurrencies\u201d such as bitcoin. Entries in each digital ledger are stored in blocks, with each block containing a timestamp and providing a link to the previous block.<\/p>\n
Typically, a blockchain is managed on a secure peer-to-peer network with protocols for validating blocks. Once data is recorded, no one can change it without altering all other blocks \u2014 which requires approval by most network participants. Blockchain proponents argue that this process essentially authenticates all information entered.<\/p>\n
Various uses<\/p>\n
The financial industry led the way in recognizing blockchain\u2019s potential, foreseeing that users could execute transactions without relying on banks and other third parties. Another potential application is in the M&A sphere. Buyers and sellers could shift due diligence documentation to blockchain, so financial and legal advisors wouldn\u2019t have to spend as much time poring over so many different and disparate records. The M&A process could thereby be completed more quickly.<\/p>\n
There are also many industries that could employ blockchain technology to conduct quicker and more secure transactions or simply track data more efficiently.<\/p>\n
Take manufacturers, as well as virtually any supply chain business: Blockchain could provide safeguards against errors, fraud or tampering. This functionality could bolster trust among supply chain partners. Over the long run, blockchain may even eliminate the need for third-party payment processors.<\/p>\n
Another example: the health care industry. Blockchain could be used to better secure electronic health information, improve billing and claims processing, and enhance the integrity of the prescription drug supply chain. All of this could positively impact the health care insurance market for every employer.<\/p>\n
Ahead of the curve<\/p>\n
Most business owners don\u2019t need to scramble to incorporate blockchain-related technology right this minute. But you might want to get ahead of the curve by learning more about it now and pondering some ways that blockchain could affect your company. Let us know if you need further information or other ideas on the future of business.<\/p>\n
\u00a9 2018<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cBlockchain\u201d may sound like something that goes on a vehicle\u2019s tires in icy weather or that perhaps is part of that vehicle\u2019s engine. Indeed it is a type of technology that may help drive business worldwide at some point soon \u2014 but digitally, not physically. No matter what your industry, now\u2019s a good time to … Continue reading “Blockchain may soon drive business worldwide”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-688","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=688"}],"version-history":[{"count":2,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/688\/revisions"}],"predecessor-version":[{"id":690,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/688\/revisions\/690"}],"wp:attachment":[{"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.excelsisaccounting.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}