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What is blockchain and can it benefit your business?

The adoption of blockchain is accelerating, with the technology reducing costs and offering greater transparency. But just what is blockchain and can your business make the most of it? Laurentiu Nae, Managing Director of Blockchain Advisors and a client of Birmingham City University (BCU)’s STEAMhouse facility, tells us more.

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What is blockchain and can it benefit your business?

The adoption of blockchain is accelerating, with the technology reducing costs and offering greater transparency. But just what is blockchain and can your business make the most of it? Laurentiu Nae, Managing Director of Blockchain Advisors and a client of Birmingham City University (BCU)’s STEAMhouse facility, tells us more.

First things first…What is blockchain?

Blockchain, as the name suggests, is a chain of blocks of transactions. Once the transactions are written in, they become immutable.

This functionality is secured by a consensus mechanism facilitated by the different participants in the network, such as miners, validators, wallets, and exchanges.

We use this cutting-edge technology to digitally transform our clients’ business, offering a range of benefits including:

  • Resolving counterfeit and fake products within their supply chain
  • Protecting intellectual property
  • Providing ownership, transparency and security
  • Offering instantaneous transactions

I first became aware of blockchain in 2013, but it really captured my interest nine years later. New tech arrived, making promises way above other options on the market – namely, things like near-instant transactions, very low fees and high transaction throughput.

It was at this point that I realised that blockchain technology had matured to a point where it could be successfully used across the board.

I soon began working with clients and, from that, Blockchain Advisors became a reality.

Examples of companies using blockchain

There are a whole host of companies using blockchain, many of them internationally renowned with large turnovers.

In the world of energy, Siemens and Shell are adopters. In the travel industry, the likes of British Airways and Etihad Airways are incorporating blockchain.

The most prominent sector blockchain has impacted is finance. Barclays, HSBC and Visa are all steadfast adopters of this tech.

This is just the beginning. According to a recent article in Forbes, law enforcement, the media, real estate and healthcare are just some of the industries that blockchain could positively disrupt over the next few years.

Many companies have found the answer to ‘what is blockchain?’ and are reaping the benefits.

In cyber security, Ocular’s anti-money laundering compliance platform has adopted blockchain-enabled security to ensure data cannot be tampered with.

How can blockchain be used in business?

Blockchain is readily available. With multi-level payment protection, blockchain can:

  • Prevent payment scams by providing additional levels of protection
  • Enable better enterprise cooperation
  • Allow stakeholders to have their stake 100 percent in their control
  • Make your network more flexible and private.

Many companies come to us asking how can blockchain be used in business. We are here to ease the process of digital transformation and help businesses tap into the benefits of using blockchain.

It’s crucial that businesses understand their business model and processes so they can decide how best to benefit from blockchain, as well as which type of blockchain technology to implement.

At Blockchain Advisors, we are already working on everyday applicable solutions for businesses.

With the UK Parliament passing an Electronic Trade Documents bill in October, expected to provide over £1 billion boost to UK business, it brings certainty that blockchain technology and digitisation will become a vital part of the UK industry.

Business growth support from BCU

Since launching our business, we’ve received great support from BCU’s numerous products and services.

Being part of STEAMhouse Business Incubator and Accelerator – a hub for startups offering space, access to funding and key support – has had a positive impact on our business and has enabled us to learn a lot.

We have made connections with other business owners within the community and had access to mentors from marketing, SEO, finance and more.

We have also worked with the Higher Level Skills Match (HLSM) programme – part-funded by the European Social Fund – to recruit new members of staff, which helped simplify and streamline the whole process.

Looking forward…

There are numerous companies using blockchain and it will continue to grow. According to Finances Online, the market value of blockchain will be $39.7 billion come 2025.

As of February 2021, there had already been a total of 620 million transactions involving blockchain.

If you wish to find out more, Blockchain Advisors are here to help. It’s crucial that you garner expert support to start you on this exciting journey.

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