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Sunday, August 13, 2017

3 Ways Business Owners Can Prepare for Blockchain and Digital Payments

3 Ways Business Owners Can Prepare for Blockchain and Digital Payments

Blockchain and bitcoin are two of the most covered -- and yet most confusing -- topics in financial services today. Industry executives and business owners of all sizes are still grappling with what the technology means for their companies and what it will do for their businesses.

Case in point: According to the Payments Pulse report my company released last month, a majority of the 500 CFOs we surveyed said they are extremely confident in their understanding of blockchain (61 percent) and expect that it will change their accounts payable operations (50 percent). But, only six of the respondents had a concrete notion of how it will be used it to make their business more competitive.

So while there is consensus that the future of payments is digital and data-driven, the number of actual use cases of the technology is limited. Business owners can’t afford to sit back and wait for change to come, though. The first step to stay ahead of the curve is to understand the differences between the two and how they work together.

Blockchain is the platform that makes bitcoin possible -- it’s a decentralized, secure, publicly shared database that simplifies transactions. Bitcoin is just one (arguably the most high-profile) application that takes advantage of the technology. Blockchain is primarily an enabler that allows for other applications to be built on top of it. And with potential benefits like increased payment speed, improved security and transparency, a simplified process and significantly reduced costs overall, there’s little doubt that the business world will work through its fears and adopt blockchain in a major way.

Full story at

Source: Entrepreneur

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