5 BLOCKCHAIN APPLICATIONS THAT EVERY BUSINESS SHOULD KNOW

Blockchain is an innovative technology capable of securely recording and storing data in digital financial transactions. It has become popular among companies for providing the foundation that supports the famous digital currency, Bitcoin. 

However, IT teams have realized that its benefits are far more comprehensive, allowing this trend to be used in different ways, not being restricted to financial transactions. 

There are different ways to use this technology, from property registration to combating fraud, which can benefit your clients' businesses. 

Would you like to know which blockchain applications are possible for a company to carry out? Follow the article below! 

Blockchain is gaining ground 

Initially created to enable secure transactions between Bitcoins, the blockchain is a method of recording data, which allows users to make new records, but never changes in the information without the permission of all participants.

 It has the ability to perform encrypted records of information, with fingerprints that generate a secure and reliable chaining dynamic. In addition to being a decentralized structure that always records changes made in the chain

5 blockchain applications in companies 

All the advantages of this trend allow the blockchain to have technological potential to support other applications within companies. Check out the main applications below: 

1. Smart contracts

 Smart agreements are tools used to create automatic agreements between various parties based on the fulfillment of certain conditions. 

When executed with blockchain, these contracts are completely reliable, since none of the people can make changes, and there is no need for intermediaries to manage or charge fees for the transaction. 

2. Document registration 

The blockchain is an excellent ally for making shared and, at the same time, secure registries. It is capable of recording almost any type of data. 

Therefore, companies can use this technology to enable the storage and verification of the authenticity of the type of each document. 

3. Access security 

By defining a blockchain identity, it is possible to record information about employees, their accesses and interactions with the corporate network. In this way, it is possible to perform a more effective management of accesses. 

This technology can also establish a reputation system. Through an efficient blockchain-based mechanism, digital identity becomes more difficult to be stolen, as it starts to be publicly monitored, not to be forgotten and to have inviolable time parameters. 

Thus, organizations are able to better control the actions on their network and, thus, make sensitive data more secure, reducing possible fraud. 

4. Financial services 

Blockchain transactions are decentralized, secure and less bureaucratic. Thus, it is possible to make sales or purchases of financial products and services quickly and directly. 

5. Intelligence of objects 

The use of Internet of Things devices has increased among companies. However, with a large number of these objects, it becomes increasingly difficult to record and manage the enormous flow of information. 

Blockchain can be a great alternative for making these records. In addition, when working with duly registered digital identities, it is possible to make negotiations and payments automatically through the blockchain. 

Blockchain applications can bring several benefits to companies in addition to conducting bitcoin transactions. Therefore, it is crucial that your IT reseller knows the other aspects of this technology and presents them to your customers to generate competitive advantage for your business.