The rise of Bitcoin is a big topic at the moment, with many people using it as a method of payment, investment opportunity, or even for Bitcoin gambling (not always safe, check out some reviews of reliable Bitcoin casinos on <a href=”https://bitfortune.net/“>BitFortune</a> if this is something that interests you). More recently, however, people have been looking beyond Bitcoin into the potential of the public ledger that records every Bitcoin transaction ever made. This is known as a blockchain.

The blockchain is an exciting alternative to the way that people traditionally make transactions, but also have alternative uses that will change the world. It is almost impossible to hack, provides both transparency and security, and a range of other benefits.

It is also starting to change the way that people run businesses day to day. Some of the applications that could have business uses include:

Smart Contracts – A certain buzz around smart contracts started to emerge thanks to the 2013 release of the Ethereum project. A smart contract is a decentralised platform that runs exactly as it has been programmed, without any possibilities of fraud, third party interference or downtime. Once the terms of any contract have been completed, it will automatically update, and neither party in the platform can change it. Businesses will have multiple uses for these smart contracts and they could be hugely beneficial.

Cloud Storage – The blockchain offers the opportunity for cloud storage, so businesses will no longer have to rely on one particular company for storing their important data. The world currently spends a huge amount of money on cloud storage, and this could significantly reduce the costs to store data.

Paying Employees – The blockchain has its roots in cryptocurrencies, so it makes sense for it to be used as a method of payment for employees. Incorporating Bitcoin into the payroll process could be a major cost saver.

Electronic Voting – Logging election records on a blockchain would allow the public to inspect election data themselves. It is a tailor made solution for creating a secure, yet totally transparent voting system.

SOURCE: https://bitfortune.net/blockchain-disruptions-infographic/