Blockchain technologies – with Bitcoin being the most popular and well-known example – promise to transform how data is securely stored and exchanged. A blockchain works as an online ledger that is able to be viewed by everyone. As a block is updated or verified, the ledger is updated. It’s similar to a Google Docs with restricted settings, allowing only the verified authors to make edits, but enabling everyone to see them and see who made them.
Many small business owners think that the blockchain is used only for the creation and exchange of cryptocurrencies like Bitcoin (BTC). However, this isn’t true.
Many blockchain platforms offer B2B and B2C payment services. As cryptocurrencies have dramatically risen in popularity, companies have seen the increasing need to accommodate blockchain transactions. These companies can now participate in blockchain merchant processing services that help businesses conduct operations using cryptocurrency transactions.
- What impact is blockchain technology having on small business and business globally?
- How do I accept cryptocurrencies as payment?
- How safe is it?
- How can I secure my current digital assets?