In recent months, cryptocurrency and their blockchain technology have become the most widely used buzzwords across multiple industries. The evolution is so strong, that some even believe that blockchain technology could become more predominant than the internet – which certainly says something! With Bitcoin in the limelight, Litecoin and other altcoins are often underestimated, but they can all be used for a range of everyday transactions, and are massively advantageous to home businesses. Here, we’re taking a look at a handful of blockchain applications and blockchain technology you can utilise in your home business to save valuable time and money.
Payments & Money Transfers
One of the most well-known blockchain applications is being able to send and receive payments. But, how is this beneficial for small business owners? By using blockchain technology, home businesses can transfer funds directly and securely across the globe instantly. This is especially useful for home business owners who work alongside remote employees or are greatly involved in the global marketplace.
Whilst the term ‘smart contact’ was first created in 1994, only recently has it become a buzz-worthy term. Due to the launch of the Ethereum Project in 2013, smart contracts are becoming increasingly popular, with more people than ever knowing what they are and their purpose. Chris DeRose states that the project “is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.” Essentially, businesses can take advantage of smart contracts by bypassing regulations and lowering the cost of financial transactions.
Home businesses can also benefit from using cloud storage. Storj is one company that is providing secure cloud storage while lessening dependency. Founder of Storj, Shawn Wilkinson, said that “Simply using excess hard drive space, users could store the traditional cloud 300 times over.” He added that “considering the world spends $22 billion on cloud storage alone, this could open a revenue stream for average users, while significantly reducing the cost to store data for companies and personal users.”
With a foundation in cryptocurrency, it is understandable that it could be used as a tool to pay employees. Integrating Bitcoin into the payroll process is a major way to save money. Bitwage, which claims to be the world’s first Bitcoin-based payroll service, removes the expensive fees associated with transferring money on an international scale, and significantly reduces the amount of time it takes for funds to be transferred from a bank to another bank.
Gift Cards & Loyalty Programs
As well as paying employees, the Blockchain could also assist home business retailers that offer gift cards and various loyalty programs by making the process much less expensive and more secure by cutting out the middlemen and taking advantage of the blockchain’s unique array of verification capabilities. Today, there are a handful of digital gift cards that can be securely traded on the blockchain’s public ledger. Whilst this not be a home businesses priority, getting ahead of the competition and standing out is key to maintaining a successful business, and so should certainly not be disregarded.