Blockchain

Why Should We Use Blockchain? A Simplified Explanation

Breaking the Chain of Cash and Cards

You’ve probably heard of Blockchain (if not, why not?) but, chances are you’ve never really thought about using it.  Since BitCoin exploded onto the scene in January 2009, cryptocurrency and blockchain have been in the news almost constantly – for both good and bad reasons.  Blockchain is, effectively, groups – or blocks – of data that are linked through cryptography and, each ‘chain’ is resistant to modification. In practical terms, blockchain is used for a number of things, including making secure payments.  Despite some bad press over the years, last year, NASDAQ boss, Adena Friedman said that blockchain and cryptocurrency will play a major role in the world’s economy in the future.

Why Should We Be Using Blockchain?

Leading UK banner company, Ultimate Banners, says that there are a few good reasons to make the move to blockchain and, these include:

Fast and Secure Financial Transactions

Transferring payments from one person or organization to another can be done within seconds using blockchain and, by design, blockchain is one of the most secure transfer systems available today.

Supply Chain Monitoring

Using blockchain, businesses can quickly and efficiently pinpoint inefficiencies in their systems without the need for paper trails.  Blockchain for the supply chain can also allow for the location of items in real-time, saving valuable time and hassle for busy companies.

Retail Loyalty Programs

Blockchain could very well be the next step for retailers looking to incentivize their customers. Loyalty or reward programs are big news for shoppers and, retailers are constantly looking for ways to improve on these.  As well as eliminating paper and cards, blockchain’s security could drastically reduce fraud within loyalty programs.

Better Control of Digital ID

Microsoft is already working on creating digital IDs through its Authenticator App and, blockchain could help greatly in improving the security of this innovation worldwide. As we move into 2020, digital ID, including facial recognition, is becoming ever more important for personal and national security and blockchain may well be the missing link here.

Data Sharing

Many people in the know feel that blockchain could be used in data management by effectively becoming an intermediary for storage and sharing; allowing for storage of large amounts of data and better control for owners.

You may not be convinced but, the general feeling is that blockchain is very much here to stay and that the days of cash and cards are numbered.

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