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What every business should know about blockchain

If you’re not sure whether blockchain is an app, a technology, or the newest cryptocurrency, then you’re in the right place — Vantage Bank President Jeff Sinnott explains.

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According to many business experts, blockchain’s widespread adoption is inevitable, thanks to its synergy with artificial intelligence (AI) — each technology makes the other more functional.

Photo by Hitesh Choudhury

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If you keep your ear to the ground for innovations poised to transform the business world, you’ve probably heard of blockchain technology.

But if you’re not quite sure what blockchain is, or how it can benefit your business, then you’re in the right place.

What is blockchain?

Blockchain is a digital data technology that enables businesses to keep their transactions and record-keeping ultra-secure by grouping data into individually encrypted blocks.

Bonus: Not only can blockchain replace outdated technology, but it can also be integrated into your business’s existing systems to enhance security.

Why is blockchain relevant to your business?

Because relationships are the most important part of every business, and you can’t have good business relationships without trust. Blockchain is the most secure technology available and, helps build that trust in a way that nothing else can.

What the experts think about blockchain

“Blockchain drives efficiency and trust without a middle party involved,” says Vantage Bank President, Jeff Sinnott. “You can use blockchain to manage service-level agreements in your contracts, for example.”

What should your bank be doing?

Your bank should understand the efficiencies blockchain brings to credit risk assessment, customer relationship management, account security, and international payments so it can pass those benefits to you.

“If you want to grow your business, blockchain will help you scale much more effectively,” explains Sinnott. “And your bank should be a knowledgeable, trusted partner in those efforts.”

How should you prepare for blockchain?

Here are three actions you can take today to stay competitive as blockchain evolves:

  1. Identify opportunities where blockchain can better serve your customers. If sharing records securely, high transaction fees, supply chain transparency, and streamlining contracts, accounting + audits are all pain points for your business, blockchain can help.
  2. Manage employee expectations. “Your teams should understand that blockchain shouldn’t be a threat that might replace them. Blockchain will enhance their productivity, create more value for customers, and ultimately make their jobs more interesting and the company better,” said Sinnott.
  3. Learn from other businesses in your industry. Attend conferences, talk to other banks about their use of blockchain, and look into a specialized blockchain vendor to understand the solutions they offer.

Learn more about blockchain and other emerging trends at Vantage Innovations.*

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