Cryptocurrency-powered business models are reshaping front- and back-end business operations around the world. They not only provide innovative new answers to questions about exchanging money across borders and transferring large sums, but also offer compelling new solutions for fraud prevention and transparency-driven security measures. Misha Graboi, CFO at Chia Network, recently sat down with PYMNTS to talk about how companies can take advantage of distributed networks for business-to-business (B2B) engagements, without sacrificing functionality for security. “Payments using cryptocurrency technologies are relatively straightforward,” Graboi said, “but one area where certain crypto technologies really shine is the ability to improve transparency along an entire value chain. “[They] provide the security that is inherent in bitcoin, and the functionality inherent in smart contracting languages and platforms, but do it at a fraction of the energy use we see today [across cryptocurrency transactions],” he said. While fast and efficient payments can help drive growth, the back end of payments management is generally resource intensive, and he said cryptocurrency solutions are no different. “It can be complex to go from essentially, I won’t say a cash-oriented business, but things like checks and even ACH, into one that can leverage blockchain technologies,” Graboi said. “Many CEOs will be spending a lot of time thinking about the best way to integrate these technologies into existing processes, or whether they need to redesign their operations and come up with new internal processes.”
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