If MLM’s seem hard to understand at a basic level, just imagine what the backend of a successful MLM business looks like. The answer, complete chaos. Managing an MLM company requires seeing through this chaos and making prescient, decisive actions. Fortunately, powerful technologies such as Blockchain ensure that choreographing the success and security of an MLM business has never been easier.
Is Blockchain Running Circles Around You? Let’s Break It Down
Do you struggle to understand blockchain? Fair enough. Let’s take a look at how blockchain works through its most common use the exchange of cryptocurrency such as Bitcoin.
- User A wants to send money to user B.
- When this transaction occurs, a block is created.
- The block is broadcast to every party on the network — whether they be shareholders, business partners, or other members of the business.
- These other members of the network approve the transaction.
- A block is then added to the blockchain. This block acts as a permanent and transparent recording of the transaction which took place.
- Blocks in a chain cannot be altered without altering the rest of the chain, which would require the approval of every other block by those in the blockchain network. In essence, every blockchain transaction requires peer-to-peer approval in order to be made valid, by every peer on the blockchain network.
- This makes blockchain the most indisputably secure method of processing transactions ever developed.
- The money moves from user A to user B, and business is concluded.
Seems a lot simpler now, doesn’t it? Basically, blockchain provides people in a network with the ability to move data such as transactions in such a way that complete transparency is not only encouraged, but also enforced. The fact that a block cannot be edited without requiring permission from the peer-to-peer network to edit every other block also makes it a ridiculously efficient way of securing your data as an MLM business owner.
Should You Welcome Blockchain Into MLM?
The reasons you as an MLM business owner have to incorporate blockchain into your backend are simple.
- You never have to worry about hackers again. Incorporating blockchain as your main method of processing transactions ensures total security for your MLM business.
- You give both yourself and your clients some accountability. Due to the peer-to-peer networking system blockchains requires to function, all transactions are recorded in complete transparency. Never worry about a disputed receipt again.
- You increase profits. Implementing blockchain allows you to remove the extra costs of banking, currency exchange, and other financial processing charges from your MLM business.
- You take your business into a simpler, more modern time By implementing blockchain, you increase the efficacy of your business, as well as its appeal to modern clientele, by an immeasurable amount.
Blockchain is a newcomer to the MLM industry, but it is being used more and more as part of affiliate marketing, MLM, and other financial sectors. One of the first companies, engaged in the development of Blockchain technology, which began to use affiliate marketing programs was Stepium crypto platform.
But if you are yourself a savvy MLM business owner, explore all the options to implement blockchain into your MLM company. Don’t miss this train while it’s at the station!