How to Skyrocket Business Growth with Blockchain?

Blockchain technology is a cutting-edge structure that stores thousands of transactional records in several databases or chains in a network connected through nodes in a peer-to-peer infrastructure. According to Alan Safahi, this storage block is called a digital ledger.

Alan Safahi, an experienced entrepreneur who runs a successful startup, says blockchain technology verifies multistep transactions. It secures transactions, speeds up data transfer, and reduces compliance costs. So, how do you skyrocket your business growth with blockchain? Here is what you need to know!

Builds Trust with Customers

A smart contract with associated blocks has public keys that recognize the transactions. Because public blockchains are transparent with the data and information available, customers understand how authorities manage their data. So this enables your organization to leverage the power of decentralized technology and gain trust faster.

Streamlines Digital Security

Blockchain technology has a decentralized structure, offering inherent security benefits. The reason is that it mitigates the risks associated with a single point of failure. According to Alan Safahi, blockchain has several built-in security qualities:

·        Private and public keys

·        Cryptography

·        Software-mediated consensus

·        Identity controls

·        Contracts

Improves Payment Options

Blockchain technology verifies and secures data without third parties. In simple words, it enables you to perform financial transactions without payment processors like credit cards, PayPal, Payoneer, Banks, etc.

Safahi says these benefits of a blockchain payment system allow businesses to introduce the technology in their systems and simplify their financial processes, including:

·        Streamlined transactions

·        Secure transactions

·        Settle transactions faster

·        Eliminate intermediaries from payments

Safeguards Data/Information

Blockchain is complex because each new block connects the rest of the blocks in a cryptographic chain. So, cybercriminals can't tamper with blockchain technology. All transactions within the blockchain undergo validation and agreements through a consensus mechanism. The purpose is to ensure each transaction is correct, reliable, error-free, safe, and quick.

Facilitates Identity Management

Blockchain technology facilitates identity management. Because your employees and customers have specific digital IDs that verify their identity, adding this information to a decentralized platform or blockchain network can reduce the risk of identity theft, fraud, money laundering, and other cybersecurity complications.

Not only does blockchain technology build trust among consumers, but it also ensures your employees do not worry about hackers and cybercriminals stealing their personal information.

Optimizes Marketing Campaigns

Another advantage of blockchain technology is that it enables consumers to gain better control over their data and information. So this allows your marketing team to develop securer methods to store and access consumer data. Your marketing team can use blockchain technology to keep track of customer information, identify purchasing patterns, and determine consumer behavior.

Marketers can craft personalized marketing campaigns with secure and meaningful data, increase sales, and generate higher ROIs. According to Alan Safahi Orinda, blockchain enables businesses to verify the traffic they attract is organic and real people. The purpose is to reduce the risk of bot activity and make the most of the marketing campaign.