Blockchains are the Building Blocks for Innovation
October 12, 2021

Get the fast facts

You probably first heard of blockchain as the innovative record-keeping technology behind the bitcoin craze. But did you know it has capabilities that transcend cryptocurrency – and that it’s poised to revolutionize business and commerce in unprecedented ways?  

Many forward-thinking companies are adopting blockchain to transform supply chains, payments, food distribution and more. It’s a technology definitely worth knowing about and our fast facts offer a concise overview of blockchain’s business applications and impact. 

 

Let us explain Blockchain

 

A blockchain is a shared, digital ledger used for recording transactions. Its name is derived from its composition: individual records are stored in blocks and linked together, forming a chain. Each transaction added to a blockchain is validated online by multiple parties, forming a peer-to-peer network.

 

This technology offers multiple business applications

 

  • Creates trust between businesses unfamiliar with each other, eliminating the need for an intermediary. 
  • Forms a robust online accounting system that enables businesses to securely accept cryptocurrencies as payment
  • Enables seamless sharing of data within a decentralized ecosystem where no single entity is exclusively in charge. 
  • Generates an unalterable record of transactions with end-to-end encryption, blocking fraudulent activity. 
  • Helps businesses lower costs by eliminating middlemen – vendors and third-party providers – that traditionally handle processing duties.

Source: https://searchcio.techtarget.com/feature/Top-10-benefits-of-blockchain-technology-for-business

InComm Payments and our innovation hub, Go Studio, are developing cutting-edge blockchain solutions to drive your business and customer experience. To learn more, visit www.GoStudio.io/