There has been a lot of buzz around the technology called Blockchain. With a wide range of applications in every industry transforming into a reliable and valuable force in the digital and business worlds. Well, I will start, as I always do, with a brief explanation of how blockchain works so we’re all on the same page.
Blockchain is a complete set of features and sets out to clarify information and flag data manipulations of any sort ranging from financial transactions transparent and publicly available. According to Google, it is an electronically distributed ledger or list of entries- much like a stock ledger that comprises various participants (who end up maintaining via a network of computers). With the adequate use of cryptography to process and verify transactions on the ledger, one can improve a lot in terms of transparency, efficiency, and trust in information-sharing.
Down below I would like to mention a few ways in which blockchain technology is disrupting the way we do business, with sometimes sweeping changes.
As soon as one hears the term accounting, they consider it as a textbook case study for a business field. The tax code is pretty complicated, the challenges are many and the need for precision and accuracy is paramount. Therefore, Blockchain tech is the ultimate choice. Let me show you how!
Blockchain transparency gives visibility to all transactions for approved users and this may decrease auditors’ work with sampling and validating transactions- Ken Tysiac. In addition to this, it allows auditors more time to focus on controls and investigating anomalies. At the same time, several opportunities are emerging to use the blockchain technology in areas such as cybersecurity and sustainability.
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Advertising and marketing- According to several types of research, advertisers are estimated to lose $19 billion to fraudulent activities next year — the equivalent of $51 million per day. This figure represents advertising on online and mobile devices and is projected to reach $44 billion by 2022. It may even interest you to know that by underlying Bitcoin and cryptocurrency, one can dramatically reduce “click fraud”. By doing this marketing and advertising executives can reach their target markets easily.
It may quite interest you to know that principles of the blockchain, the ones used to prevent fraud in banking can now be applied to programmatic media buying. The system is used by several digital marketing experts to track investment from the initial transfer of the media budget to the final publication of creative with the media owner, reducing the risk of overcharging and underperformance.
An HR is supposed to plan, direct and coordinate the recruiting, interviewing, and hiring of new staff. Consulting top executives on strategic planning and handling employee-relations duties are included in their all-day work. But what if when I say that humans in Human resources are fooling you, they have a great deal of technology backing them, be it hiring, retaining, evaluating, compensating, and even terminating employees.
Now, do you wish to reduce the chances of third-party companies especially the ones which provide inaccurate historical data about a candidate or existing employee? Blockchain systems can successfully do so. Apart from this, the tech even affects payroll, with the greatest impacts in multinational corporations or businesses with foreign employees. Yes, Blockchain successfully handles the back-end work to simplify and standardize payments in multiple currencies.
Information technology and cybersecurity
There are high data breaches seen at Equifax, Yahoo, and Target disclosed and disseminated hundreds of millions of names, addresses, birth dates, and other information. Companies, irrespective of size have increased their focus on protecting networks, computers, programs, and data from attacks, damages, and unauthorized access.
Blockchain in return provides an easy way of recording transactions or any digital interaction in a way that is secure, transparent, or any digital interaction in a way that is secure, transparent, highly resistant to outages, auditable, and efficient. As a result, these features end up forming the bedrock of an effective cybersecurity system.
Management and operations
Last but certainly not least, this is one of the most useful things blockchain technology has to offer. It creates an encrypted, digital ledger of rights ownership. Overall, Blockchain technology is changing how companies do business all across the globe. Moreover, in the technical field blockchain is creating operational efficiencies and new opportunities. Even in developing markets whose political instability, hyperinflation, and corruption long have frightened away entrepreneurs.