One of the most interesting phenomena currently booming in this day and age is known as the cryptocurrency. With no financial institution or bank running how it works, it’s completely decentralized as a form of currency and so is easy to use everywhere. However, this does come with its own set of issues, particularly hacking.
One such way to combat this kind of rampant hacking is known as blockchain. It basically works as a public ledger, ensuring that every transaction is on record for everyone to see. It’s a simple function, but it’s revolutionary in practice, especially when it comes to keeping cryptocurrencies safe. Aside from bitcoin, it’s important to understand the different usage of blockchain available. Here are ways in which your startup can take advantage of blockchain to help boost your business.
Using blockchain to pay your employees
Considering that it’s a public ledger whose main use is to take records of every single transaction, it only makes sense that it also has its use when it comes to compensation for your employees. As a startup, it’s important to take the payment of your employees seriously, and what better way to do so than to make use of blockchain to help manage it? As a matter of fact, making use of cryptocurrencies would also be an excellent method because it pairs perfectly with blockchain.
Taking advantage of cloud storage
This is another aspect in which the use of blockchain would improve dramatically. With so many different companies all around the world making use of cloud storage for different applications, chances are your startup is going to use it in some way, shape or form. Just like cryptocurrencies, cloud storage is often in danger of rampant hacking, which means that aside from the regular security, you could add blockchain as an extra layer. Its use as a ledger will no doubt help you manage cloud storage much more effectively.
This is an aspect of which many are aware that it can be easily tampered with. As a matter of fact, it’s highly likely that many high-profile voting systems all around the world have had some tampering in one way or another. This is why blockchain could prove to be the deciding factor when it comes to voting systems. Even for a startup company, the ability to hold a vote that has no chance of being tampered with, thanks to blockchain, could prove to be very beneficial.
This goes to show that blockchain isn’t just something for bitcoin because its ability to track everything from transactions to the altering of files is proving to be downright revolutionary. As high as the security for certain sites might be, cryptocurrencies and many others are still vulnerable to hacking. This is why blockchain could be just what you need to boost your business.