Shawn Nutley of Kelowna, Canada, discusses the use of blockchain in your business.

1. HOW BLOCKCHAIN
CAN
REVOLUTIONIZE
YOUR BUSINESS
Shawn Nutley

2. Introduction
Blockchain has been a buzzword lately in the
banking and financial industries. It has made
banking and financial products more secure and a
deterrent for fraud. Simply, blockchain is an
electronic ledger that stores transactions in blocks
(in a chain) on a decentralized server. However,
blockchain can store more than numbers; it can
also store text. Below are some of the ways
blockchain can be used in your business.

3. Making Payments
Since blockchain stores transactions, it can also be used for payroll. Each
block stores transactions using encryption and each one cannot be altered
or deleted upon verification. Blockchain first came on the scene with
cryptocurrency, since it is the technology behind it. As cryptocurrency
becomes mainstreamed in our daily lives, using it as a form of payment is a
great option to offer your employees. If you have remote or international
employees, using cryptocurrency will save time and reduce the fees
traditional banks charge for international transactions. Thus, using
blockchain ensures your employees will get their paychecks on time and
without error.

4. Martech
This is a relatively new term, similar to fintech, where marketing
and technology are combined. Blockchain use in marketing will
reduce costs by eliminating middlemen and ensuring an ad
reaches its target. The data regarding the ad, such as delivery
time, performance and audience information, is stored in a block
on an advertising platform. You can go back and check the
information at any time without fear of it being altered or deleted.
By reducing costs and marketing variables, you will receive a
better return per advertising dollar.

5. Supply Chain
Blockchain provides transparency since only those in the network
can see the transactions. The same idea can be applied to the
supply chain to record each step of the manufacturing or shipping
process. For example, each part of a product and when it was
installed can be recorded on the block, giving a company the vital
information needed to keep the business running smoothly. Also, a
product’s journey can be tracked in the blockchain instead of other
means, such as a radio-frequency identification chip.

6. Smart Contracts
There is a new type of contract that is ensures trust between
the parties involved and is cost-efficient - a smart contract.
What makes it “smart” is that it is an application that is
programmed to be completed when the criteria are met. The
information is inputted by the buyer and seller, bypassing third
parties (e.g. banks). This reduces processing time, fees and
paperwork. Since it can be stored on a blockchain (e.g.
Ethereum), it is encrypted and cannot be deleted.

7. SHAWNNUTLEY.COM
THANK YOU FOR
YOUR TIME