You might have hesitated to delve into the topic of blockchain before, but there’s no delaying it anymore. Nowadays, the blockchain has become an important part of the online world, the business sector, and global innovation. This technology is set to revolutionize the way we do business and approach the modern lifestyle itself, so it only stands to reason that future-oriented leaders should start identifying opportunities in the blockchain.Today, there are numerous applications of blockchain and the cryptocurrency technology in the business sector. From minimizing operational expenses to building a better content marketing strategy, and all the way to enhanced customer privacy to diversifying your revenue streams – the blockchain can help take your business forward. As a digital ledger of transactions and information that is distributed and decentralized across a vast network of computers, the blockchain offers better transparency, privacy, and security to businesses and their customers. But that’s only scratching the surface of the overarching potential of this technology.
If you want to personalize and humanize your website while enhancing security and performance, and if you want to take your business forward in 2021 and beyond, then be sure to consider implementing these blockchain tips. Here’s what you need to know.
#1 Increased speed and efficiency
Speed and efficiency are two of the most popular perks that the blockchain technology brings to the table for companies and users alike. The blockchain is used to trade anything from contracts to money and from intellectual property to information in general, all in a safe and efficient way.
Because this is a secure, decentralized ledger where information is recorded and controlled by the users, there is no need for third-party platforms, mediators or middlemen in any process or transaction. The result is a faster, more efficient system for processing transactions that makes funds and goods available almost instantly to anyone around the world.
For businesses and especially Ecommerce websites that need to process vast volumes of transactions and user information safely, the blockchain can make all the difference. Not only does the blockchain negate the need for third-party payment platforms, but it also ensures that the user’s information is kept safe and anonymous.
The technology allows companies to automate transactions and payment processing to cut unnecessary costs even further, and make user’s experience on site more rewarding and efficient.
#2 Protecting the user’s data and privacy
In the modern, overly competitive business world, safeguarding the user’s data on websites and in business overall is paramount to survival. You can’t expect to protect your company’s image or motivate buyers to keep coming back if there is a chance of sensitive data leaking out into the public.
Likewise, it only takes a single successful cyber-attack for sensitive data to leak, and potentially ruin your brand’s reputation for good. Needless to say, this is not the way to keep customers at your side or build social proof. To prevent a business-busting scenario, you need more stringent website security and cybersecurity measures for your business in general.
On the one hand, there are many powerful cybersecurity measures you can leverage, but there’s also the blockchain. The blockchain technology keeps the user’s data safe and anonymous, and it’s one of the safest record-keeping systems in the world.
Given the fact that information is stored across a network of computers that make the blockchain system, the user’s information is kept encrypted and immutable at all times. What’s more, it’s important to note that all transactions must be agreed upon prior to recording, ensuring that no transaction can occur without the consent of both parties.
For both companies and users, this means that all data is safe and encrypted, and that nobody can exploit the businesses, the customers, or other users on the blockchain. For websites handling sensitive data and processing payments, handling these transactions through the blockchain can significantly enhance security.
#3 Diversify your revenue streams
Of course, one of the biggest reasons why companies and websites that accept payments and process financial transactions are using the blockchain is to diversify and enhance their revenue streams.
Now that people around the world are increasingly using bitcoin mining to build financial stability, they need a way to pay for goods and services using cryptocurrencies. For companies and their websites, this is a golden opportunity to start accepting cryptocurrencies.
The best way to diversify your payment options and accept cryptocurrencies safely is to leverage the blockchain technology.
The blockchain platform allows you to skip all the extra steps and simplify the transaction process with a single network and a single peer-to-peer transaction.
This means lower fees for your business and the user, which allows you to generate more competitive prices for your products and services.
The blockchain also opens up the opportunity for your business to expand into cryptocurrency mining as well, and capitalize on the rise of different cryptos in the years to come.
#4 Utilizing the right blockchain plugins
Every WordPress website needs the right set of plugins to operate properly and achieve a higher level of efficiency. In fact, you could say that the success of a WordPress website from a technical standpoint very much depends on the quality of the plugins you use, so all the more reason to invest in the right ones.
Among a slew of amazing options out there that include plugins that enhance the performance, security, and aesthetics of your WP site, you will find the blockchain plugins.
These plugins range from data feeds that connect directly to your WP site to provide quick data on cryptocurrencies, all the way to plugins that connect your blog directly to a blockchain.
The benefits of using these plugins are numerous, and you should use them according to your goals. For example, if you’re looking to reach a wider audience and get rewarded for your blog posts in the blockchain, then you might want to use a plugin that connects it to the platform.
The users will then upvote your content and the platform will reward your business with a specific token that the plugin is targeting. This is one of the ways you can get more money coming to your website.
On the other hand, you can use a plugin that allows you to automatically stamp all content on the blockchain.
This means that you can claim first knowledge and first ownership of any content you put out, ensuring that you were the first to know about it and create it.
This is a simple yet effective way to protect your intellectual property forever, and it’s a plugin that many content-based websites will use in the near future.
#5 Reduced costs and financial expenditure
We mentioned before that the blockchain technology is helping companies around the world minimize financial expenditure. Now more than ever before, it is important for business leaders to find ways to cut costs in order to keep their companies afloat in these trying times.
While typical bank transactions and third-party payment platforms always take a certain percentage of every transaction, the blockchain cuts costs through peer-to-peer transactions. This means no middlemen and no financial institutions that can lay claim to a percentage of your payments.
What’s more, the blockchain facilitates data analytics and provides the same information to everyone through a single, immutable version of the blockchain. This means that you can rest assured that payment processing and authentication is easier and more efficient than ever before.
#6 Keeping track of receipts and warranties
One of the common challenges that Ecommerce leaders face is tracing receipts and warranties consistently and efficiently on their websites and in their data repositories. While you can solve this problem with the right plugins and data management tools, you can also leverage the power of the blockchain.
Acting as a real-time ledger for all transactions, the blockchain allows you to store every receipt and warranty as a block and access them at any time. The blocks are safe and encrypted, and they can’t be changed, which protects your store as well as your customers.
This also allows you to create a better and more efficient ticketing and support system for your entire WP structure, further streamlining your processes.
#7 Better supply chain communication
Last but not least, it’s important to remember that supply chain management is an essential part of business success nowadays. It’s also one of the most complicated processes for online stores and growth-oriented businesses.
To streamline the management of your supply chain and improve the communication between partners and systems, you might want to leverage the blockchain. The technology allows you to handle record-keeping with ease, monitor all supply chain processes, and track the products from their origin all the way to inventory and payment management.
Wrapping up
If you’re looking to boost the performance of your internal processes and take your online presence to the next level, then using the blockchain might be the way to do it. Consider adding blockchain to your list of investments in 2021 and you will be able to set a solid foundation for growth and expansion in the near future.