5 Ways Blockchain Technology Will Change the Way We Do Business

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5 Ways Blockchain Technology Will Change the Way We Do Business

A radical technological revolution is on its way and most of us still remain unaware of it. Blockchain technology has emerged as one other feather to its cap.

But even those that understand and appreciate the power of blockchain technology do not look beyond bitcoin which is somewhat understandable as one cannot go without the other. But if you dig deeper you will know the functioning of Blockchain and realise its potential and the incredible impact that it can have on the consumer experience.

So What is Blockchain?

A Blockchain happens to be an electronically distributed list of entries or ledger just like a stock ledger. These are maintained by a network of computers and the addition of workstation for deep learning. Cryptography is used by Blockchain to process and verify the transactions on the ledger. Coding and encryption can improve efficiency, transparency and trust in the sharing of information.

The first blockchain database was created on January, 2009 to devise the widely controversial and highly attractive cryptocurrency bitcoin that revolutionised the mode of payments and introduced us to the future of money. And there is no stopping henceforth.

A number of applications have been built on the blockchain and they provide varied solutions for improving your business. Take a look.

Smart Contracts

A smart contract is contract that self-executes and has the terms of the parties written directly into the code. The terms of the contracts and code exist on a decentralised blockchain network. The smart contracts ensure that all parties involved do what they are expected.  They work with external party interference that too without any downtime. This makes sure that once you complete your end of the deal you get paid. What’s more your service or product is returned to you if other party backs out within short notice. So no fee charging middlemen, governmental officials or layers are needed for settling the disputes. So this smart contract can help you when you are working with unknown or untrustworthy people.

Accounting Made Easy –

Accounting is greatly benefitted by Blockchain. The tax code is overwhelmingly complicated. The challenges of business management at far-flung places are huge and the need for accuracy and precision are paramount. Blockchain tech can manage all these. Blockchain’s transparency offers visibility to all users who are approved which may decrease the work of the auditor that deal with validating and sampling so that they can allot time for investigating anomalies and focusing on controls. Meanwhile opportunities are also emerging to expand their assurance services to sustainability and cybersecurity. Added to that, Blockchain has the potential to improve the global lottery market by providing confidentiality and anonymity to both the providers and participants while decreasing the chances of manipulation and fraud. Thus with Blockchain one can gain a more transparent and decentralised lottery platform.

Advertise and Market –

Research suggests that advertisers lose a hefty sum of money to fraudulent activity everyday. In this digital age, the “click fraud” is the major problem costing massive sum to many companies. By opting for Blockchain advertising executives, you can opt for better protection so that marketing ROI does not experience a setback. The Blockchain principles that were adopted to stop banking fraud can also be used to stop media purchasing. Businesses can use this system to track and manage the budget expenditures for final publication. This guarantees better performance and reduces chances of being overcharged.

Hire Better –

Your business and your team are only as strong as the weakest member. That is why it is essential that you choose the right people to grow with. Now hiring a great team calls for research and a lot of time and effort. However, the blockchain technology can make it simpler for you. Many employees tweak their CVs to make it look more lucrative and many businesses fall for such profiles because they don’t double-check on the employees. Blockchain enables you to have verifiable records of employees at your fingertips starting from academic records and extracurricular activities to references and past employment records. So if you encounter an impressive profile you can hire that person quickly after confirming his/her qualifications. Having trustworthy data that are readily available decreases the length of hiring process and assists you to hire right people for improving the business.

Cybersecurity and Information Technology –  

Highly publicised data breaches at Equifax, Yahoo and Target brought forth and disseminated millions of addresses, names, birth dates and other info. Today businesses of all sizes are more focused on protecting computers, networks and programs and data from damages, attacks and unauthorized access. The global cybersecurity market is revolutionized by blockchain technology. The technology offers a way of recording any digital interaction or transactions in a transparent, safe, auditable, highly resistant to outages and efficient method. These features create the bedrock of an effectual cybersecurity system. Now the potential of Blockchain technology are also being assessed for protecting critical intellectual property and info that can be a part of national security.

These are some of the ways, according to the top digital marketing specialists, in which Blockchain technology can alter the way businesses are done and help reach their true potential.