Twisting Metal Blog

Since the introduction in 2009 cryptocurrency like BitCoin has been behind the scenes transactions that have been slowly gaining popularity. With these cryptocurrencies, the need for a program like BlockChain comes along.

What is BlockChain?

The technical definition, "A blockchain is a public ledger of all Bitcoin cryptocurrency transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.  The blockchain has complete information about the addresses and their balances right from the genesis block to the most recently completed block. In other words, the blockchain is a GIANT ledger that holds every single transaction made with a cryptocurrency. Once these blocks are in there they are not able to be tampered with. 
Read more: https://www.investinblockchain.com/what-is-blockchain-technology/

Great, but why does it matter for a small business?

The blockchain helps out small businesses in more way than one. It revolutionized the way we handle a transaction. The beauty of a transaction on the blockchain is that it is instantaneous, and eliminates the need for a middleman like a bank or financial institution. This is very helpful for a small business who is losing a large chunk of profit to a middleman taking a percentage of payments by processing things for them. This can improve a businesses' sales revenue by eliminating this middleman. Blockchain could also be helpful for a company who is international. This would eliminate the need for those hefty border crossing fees and taxes. 

Is it worth it to start using Blockchain?

My personal recommendation would be to start doing your research on how you would like to utilize the program for your business. The cryptocurrency market is predicted to blow up by 2020 and that is when you should think about taking some of your business actions to the blockchain.