Over the last decade, investment into tech firms has soared with over £100 million helping Welsh startups, some of it fuelled by success elsewhere in the UK, including London. However, few businesses in Wales and further afield have taken advantage of current technology trends such as blockchain technology.
Often considered synonymous with cryptocurrency, the truth is blockchains can be used as separate solutions and have already made business processes easier in an array of other industries. They have prevented odometer fraud in car sales by recording vehicle history, helped assign royalties in the music industry to prevent disputes and much more.
Every Welsh business owner can benefit from blockchain technology and here’s how.
1. The Obvious Benefit
Although blockchains are not tied to cryptocurrency, businesses offering to accept crypto payments are utilising the blockchain and widening their market. Offering to accept bitcoin in your Welsh business may enable you to attract customers from other nations because they can avoid currency conversions and bank fees.
To get started you will first need to find a reliable Bitcoin wallet. You may want to consider the Luno Bitcoin wallet due to its security record and sought-after features.
2. Smart Contracts
When you agree to a process with a business partner such as a supplier, working out the terms of that agreement and making sure the process is followed as agreed before payment can be a minefield. Smart contracts are contracts just like these but are based on the blockchain, with payments automated once the criteria have been ticked off. They save your business time and money instead of needing third parties to create the contract.
To make use of smart contracts a reality in your business it may be best to employ or train someone in Ethereum’s smart contracts network.
3. Comply with DGPR and Security
Welsh businesses are not exempt from complying with the EU’s latest GDPR and must be able to secure the data they hold on employees and customers. The blockchain can be moulded into a way of doing this. It is beneficial because blockchains are bulletproof when it comes to security, but they also create public visibility on what data you hold. This makes sure data processing within your company is transparent between you and them in the event they want their data to be removed.
Not Ahead of the Game?
It is not just Welsh business owners who have yet to explore the true potential of blockchain and its benefits. From New York to Melbourne, business owners have been reluctant to adopt the technology and incorporate it into daily operations.
This reluctance can be seen as a positive because it provides an opportunity for your business to get ahead and stand out from competitors. Start simple by accepting cryptocurrency payments to widen your market. Once you start to understand more about blockchain technology benefits, you may be inclined to add it to other places within your business.