While explaining about what business owners must know about cryptocurrency and blockchain technology, Dennis C. Murphy Jr., senior manager at Skoda Minotti hinted that they can take businesses to an altogether new level as long as it is done wisely.
Digital currency is slowly becoming today’s way of transaction, and when we talk about digital transactions, cryptocurrency and blockchain naturally fall into the same frame. Since the first time bitcoin transaction happened in 2009, companies have begun accepting bitcoin for payment and even using it to pay the employees’ salaries. Blockchain, at the same time, is meanwhile bringing more security and efficiency in many industries involving critical processes.
In an interview with Smart Business, business advisor Dennis C. Murphy Jr spoke in detail about cryptocurrency and blockchain technologies, and explained how they can benefit a business if done correctly.
Understanding the functioning of cryptocurrency and blockchain is critical
Anybody planning to invest or deal with cryptocurrency must essentially have an extremely good understanding of how it works. A trusted advisor with excellent knowledge to help, guide and drive the business in the right direction is the key.
Advantages of using cryptocurrency in businesses
A company can expand its customer base if it is willing to accept bitcoin as a form of payment. This is likely to turn into a global phenomenon thereby opening up the business to the international arena.
Owing to lower transaction fees as compared to credit cards, cryptocurrency can reduce payment processing fees. Transactions are permanent with no questionable chargebacks, and are also very secure owing to its strong encryption. Besides, this is also a way for companies to diversify its assets.
How does blockchain help in a business?
Few countries and local governments rely on blockchain to help with real estate property sales and title transfers, thereby reducing paperwork and altogether eliminating the chances of document forge.
Cryptocurrency and blockchain can prove to be a blessing if done under the guidance of an expert or trusted cryptocurrency adviser. It is time to understand that and tread cautiously and smartly.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]