How translation agencies can use blockchain
April 30, 2019
Blockchain technology is rapidly making its way into various areas of business. Payments, contracts, retail, trade, and quality standards are just a few industries where blockchain proves to be increasingly useful.
What is blockchain
Defined briefly, “blockchain is a distributed, decentralized, public ledger.” If this doesn’t entirely make sense to you, don’t worry.
Initially developed for cryptocurrency transactions, a blockchain is a virtual “chain” made from “blocks” of data.
Each transaction creates a new block. The data contained in the blocks is encrypted, which means that only people with the decryption key are able to decipher it.
Since the chain records all attempts to access and modify the data, users know exactly when new information is added and who put it there. Moreover, users (or rather, their computers) have to acknowledge each modification before it becomes generally accepted information, which means that undetected tampering with the data is almost impossible.
But that’s not all. The data stored in a blockchain is not just a set of dead numbers. In fact, it’s very much alive and active.
This means that a blockchain is able to execute processes like, “If A happens, B should happen next.” For example, if a translation is finished, payment is released automatically.
And there’s no central authority governing a blockchain. Its data is stored in distributed ledgers on various servers all over the world, and all of its users have equal rights to access and modify it. Each user has a copy of the entire blockchain, making it harder yet to falsify information.
Since 2014, Veem has utilized blockchain technology to make payments fast, secure, and cost-effective.
In this way, blockchain is one of the safest technologies in the world for payments, smart contracts, quality checks, and more.
Why should translation agencies miss out on all the fun?
But seriously. There are various ways translation agencies that can make use of the innovation and security of blockchain technology.
How? Glad you asked.
Specializing in blockchain terms
With the spread of blockchain technology, an increasing number of people and businesses all over the world will use it on a daily basis. In fact, research suggests that the size of the global blockchain market will grow to 23.3 billion USD by 2023, which is more than ten times its current size (2.2 billion).
With businesses all over the world jumping on the blockchain train, there will be a significant need for professional translations. Technical documents, company policies, white papers, scientific articles, how-to’s, and many other types of text containing blockchain references will need to be translated into various languages.
One way translation agencies can make use of the blockchain hype is to specialize in translating texts related to the technology.
As you see, the workings of blockchain technology are not the easiest to grasp. Many people have a hard time trusting the technology at first, especially if it’s masked by technical lingo.
Businesses will need reliable documents to address all concerns about using the technology. If your translation agency specializes in blockchain documents, you’ll be highly valuable and get a steady influx of new clients.
Use blockchain for various business processes
The other way your translation agency can benefit from blockchain technology is simple: start using it. There are several processes where you can put it to great use.
Blockchain allows for sending and receiving secure and untamperable payments anywhere in the world. Paying your contractors or receiving payments from clients have never been easier.
In fact, you may not even have to do anything to get paid: the blockchain can take care of it for you.
Just like in the example mentioned above, whenever a contractor is finished with a translation, they can create a new block on the chain. Once the blockchain verifies the transaction, it can trigger payment to be released. This ensures that payments arrive in a timely manner without any manual intervention.
Veem allows businesses around the world to send, receive, and request payments. Cover all your bases.
A translation agency’s quality processes are often complex and long. For example, a translator translates the text. Somebody else edits it. There may even be a proofreader, a fact checker, and whoever else is needed to make sure the translation is as accurate as possible.
Tracking activities is not always easy, especially if there are multiple contractors involved that live in different countries. Any confusion may lead to delays and subpar translations, resulting in less-than-happy clients.
Luckily, blockchain can solve that issue for you.
When a translator finishes a task, they can create a new block on the chain. The data included in the block shows who did the task and when it was finished. The new block can trigger an alert to the next person in line: the editor. Once they’re done with their task, another block is created that notifies the proofreader.
The process goes on as long as needed until all the people who are required to see the first draft of the translation have checked and approved it. Then, at last, the client is notified about the finished translation.
Through this method, everybody on the chain is aware of who did what, and when. This allows you to identify quality issues immediately, and helps the client choose their preferred translator for any upcoming projects.
Since data is encrypted, multiple translation agencies can use the same platform without revealing confidential information. Blockchain technology allows for cost-effective, secure, and fast transactions in the highly competitive industry of translation.
Blockchain is here to stay. Whether your translation agency specializes in highly technical texts or not, you can use the advantages of its technology to become more efficient, more competitive, and more alluring to clients.