Three Ways Blockchain Technology Can Improve Your Business

Blockchain technology is changing the way people use the internet. More importantly, it offers you the opportunity to build a better business. For the unfamiliar, blockchain refers to a kind of digital ledger that publicly transmits and stores data. This data is stored as a series of sequential data “blocks” that are cannot be manipulated after they are created. Blockchain developers are building increasingly impressive and useful decentralized applications. These tools make it possible to reduce the hardware burden of previously costly computational processes.

This article will walk you through three easy ways you can use blockchain-powered services to enhance your business.

1. Accept Cryptocurrency Payments Online

Cryptocurrencies such as Bitcoin were the first widespread use case for blockchain technology in the late 2000s. Now there are many different “altcoins” available, from Ethereum to Litecoin and far beyond. You don’t have to worry about having any bitcoins of your own. Just accept online payments through a cryptocurrency processor that will convert bitcoin to USD for you. When your business accepts more forms of payment, you are likely to sell more products and services. If you get comfortable with bitcoin, who knows what could happen? In the future, it could become common to accept in-store cryptocurrency payments.

2. Use Decentralized Blockchain Hosting Solutions

Are you hosting large files for private or public consumption on centralized third-party servers? This can be a security risk or just a way to lose your files if the third party ever fails. There are great blockchain solutions available for hosting files now. You can use these tools to host public files such as videos or private files that require a password to download. By using BitTorrent-style technology to host public files, hosting costs are greatly reduced with these options. IPFS is the industry standard in this area. LBRY is another good option, especially if you want to host a lot of public-facing video files.

3. Build a Blockchain Community

Social media platforms are one of the most exciting new frontiers of the blockchain space. You can market your brand while earning altcoin tokens that are tradable for bitcoin. Steemit is widely considered to be the best of the blockchain-powered communities out there. It is in the top 4,000 websites globally according to Alexa, with a continuously growing number of daily active users. You can find followers and earn Steam cryptocurrency tokens there. One other platform to check out is Akasha. This is another blockchain web community, this time built upon Ethereum. Akasha is not as well established as Steemit and has yet to enter public beta.

Blockchain is the future. There are already many great blockchain tools for businesses. It’s hard to imagine how many more will exist five years from now. As blockchain developers are getting more comfortable in this space and building better tools, the real potential of the technology will soon become clear. Blockchains will become a new layer on top of the internet facilitating a global network of productivity. Now is a great time to start using blockchain tools. By learning how to work with this technology now, you’ll be ready to win big when the next wave of opportunities comes along.

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Back in 2013, I founded Echo with the simple business idea: "Connect great tech companies around the globe with the brightest Ukrainian software engineers." We've employed hundreds of talents so far and keep going.
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li-url Lou Reverchuk

IT Entrepreneur

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4 years ago

Great informative article. My company is currently in the middle of setting up our online store. Do you recommend using a WordPress plugin or going through a company to setup accepting cryptocurrency payments? And if so, can you recommend some good plugins, companies, or both?

Diane Young
Diane Young
4 years ago

Hello Albie, First, thank you for following me on Medium, which I reciprocated. Next is rather serendipitous. I’m a freelance writer. A friend does medical translation for Ruspan Corp., an Arizona communications company. She emailed me two weeks ago to say they were looking for someone to blog and write articles on block chain and block supply. The terms were new to me and II thought the company manufactured metal chain! You can imagine my surprise when I Googled Ruspan and discovered I’m in no way qualified to write about block chain. But nevertheless, I’m interested in learning more about… Read more »

4 years ago

Your article is highly interesting that describes using the Blockchain technology which in the long run positively improves a business. Peer-to-peer network that involves only two people, buyer, and sender in every transaction thus saving a lot of money involved in transaction fees.

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