Blockchain, Bitcoin, cryptocurrency — oh my! Where to begin, let’s keep it simple. Essentially, a blockchain is a transparent, yet secure, record-keeping system. Typically, technology like Blockchain is used to record transactions made via cryptocurrency. But, it has several other capabilities, some of which can benefit your business. Read on for some examples.

Provide Honest Ingredients

The ability to trace the ingredients from your restaurant back to its source is one surprising advantage of blockchain technology. The popular solution, FoodLogiQ, helps restaurants efficiently track and trace ingredients along the supply chain. In the wake of numerous foodborne illnesses, blockchains can be used to ensure that your food is safe to serve. By making every step of your supply chain clear and known, it’s easier to monitor food safety and track sources of contamination. Even better, some blockchain technologies allow you to send alerts to all brand locations that there has been a contamination issue with a click of a button. 

Enhance Your Loyalty Program

Practically every business, from restaurants to retail, offers loyalty programs as a means of retaining customers and boosting revenue. The main problem? Every restaurant’s reward program is different, and unless you’re visiting a single restaurant every day, it’s hard for customers to keep track and reap the benefits of loyalty programs. With blockchain technology, restaurant-goers have the advantage of storing their discounts to multiple establishments all in one place, allowing for generous flexibility. For instance, Chanticleer Holdings uses blockchain for its loyalty program that allows customers to earn and redeem points at all of its businesses (such as various burger restaurants and several Hooters establishments). 

Tap Into The Crypto Craze

As mentioned earlier, Blockchain is often associated with the Bitcoin because it manages the data behind a cryptocurrency transaction. While Bitcoin faced some serious controversy in the past couple years, blockchain has been under less scrutiny. Blockchain is simply the technology that enables cryptocurrency and is a ledger that allows transactions online without the need for clearance from a centralized third party. This technology, which is sometimes referred to as “the backbone” of cryptocurrency is a less risky way of tapping into the crypto trend.

Up Your Cyber Security

In our modern digitized world, hackers are eager to steal and exploit information. Appropriately, cybersecurity is a major concern for businesses, restaurants especially — some praise Blockchain as the solution. Decentralized, democratic storage solutions, like blockchain, may help to prevent hackers from stealing your customer’s information.

So is blockchain the way to go? The jury is still out. While it all sounds promising, not only does the technology pose major skepticism, to date, it has very little functionality for small to medium size businesses. The ability to protect your restaurant’s information and boost your customer loyalty program is great, but Blockchain may or may not be able to do either of those things in practice. Only time will tell if blockchain will be both pervasive and successful — as of now, statements on blockchain are entirely speculative, but important to keep up with.