The global economy has been on the digitalization process ever since the 1960s. Earlier technologies of digitization were used for improving the business processes by delivering the same results in a safer and faster way.
However, Blockchain offers something from the previous technology generations – an exchange of value. This type of innovation has turned into priority amongst the business leaders across industries especially in manufacturing, banking and energy.
What is Blockchain?
Blockchain happens to be a type of technology that records the transactions to the digital ledger when they cannot be altered or changed. These blocks or records of info are linked with the help of cryptography.
These blockchain information can alter easily and stay open to the public eyes. The blockchains are decentralized so that they can be shared across all systems of the network.
A variety of applications are built on the blockchain. The applications of blockchain offer plethora of solutions that you can use to improve your business. In fact, blockchain is going to change the way you do business entirely.
Here are a few ways to do that. Just take a look.
- Advertisement and Marketing – Research suggests that advertisers lose over $40 million for fraudulent activities. By opting for blockchain technology, the advertising executives can benefit from better protection that ensures that the marketing ROI does not falter.
Researchers opine that the blockchain technology principles which were developed to stall the banking fraud can also be applied to the buyings in media, too. Businesses can also utilise the system for tracking and managing the expenditure of budget – all the way to final publication. This not just guarantees better long-term performance but also decreases the risk of getting overcharged.
- Accounting – Accounting is one of the biggest examples of field which can profit from the technology of blockchain. When put simply, accounting is full of issues including the over-complex tax code for the paramount need of precision and accuracy. The blockchain can address all the problems. Blockchain also provides a transparency to the auditors that reduces the time which they spend for sampling and validating the transactions. By having more time at hand, the auditors can focus on the vital tasks and controls.
Rubix is one-stop blockchain software platforms launched by Deloitte. They have also made cryptocurrency trading and crowdfunding more accessible than before.
- Human Resources – It is easy to assume that the technology of machine learning is the antithesis to the Human Resources department. Nevertheless, there is a lot of techs required to effectively assess, appoint, compensate and even terminate the employees. The Blockchain technology can soon modernise the process of hiring as a result of which the HR staff can verify the current staff and candidates in a much faster way.
Any third-party challenge interfering with the data that are inaccurate on the job applicants can now be the thing of the past. Added to that, the payroll will be streamlined for even the multinational companies and corporations with staff from foreign with this technology. The effects in the long-term will change the way people opt for retirement savings as more employees are going to seek value in block-chain based cryptocurrency instead of linking all to the banks and currency of their home country.
- Cybersecurity and IT – The highly publicised data breaches in recent times at Equifax, Yahoo, Target and more that involves millions of names, birth dates, addresses and more have compelled companies of all sizes to be focussed on protecting their computers, networks, data and programs from the damage, attack and unauthorized access.
There are some global public, open-source, intelligent blockchain-based distributed computing platforms and operating systems that have developed a Secure Virtual Machine for detecting the attacks on transactions by offering AI-backed vulnerability detection with protocols that are fault-tolerant. There are great potentials that can be achieved by the combo of AI and blockchain.
Blockchain can revolutionise the global cybersecurity market of 122 billion by providing a transparent, secure, efficient, auditable and highly outage resistant ways of recording any digital interactions including transactions. It will form the bedrock of cybersecurity system and is attracting the interest of many companies.
- Management – The digital cameras and DVDs were must-have items just over 10 years ago. But the emergence of modern technology has wreaked havoc on it. But there are certain legacy companies that have refused to be faded like Kodak.
Right from the time when the smartphone era took over Kodak’s sales volume suffered. But instead it is reinventing with Kodak One – a blockchain venture. With this shutterbugs can register the licenses for work that protects against image thefts.
There are several examples of companies that have enhanced their operational efficiency with the help of blockchain technology. In fact, it is also used in organic agricultural companies.
Blockchain tackles the issues of currency devaluation and high inflation by using cryptocurrency which facilitates better controlled financial regulations in the Third world countries.
Blockchain is going to benefit the digitalization and the SEO services in India and abroad, too, if it is used in the right way. So blockchain is going to pave the way towards the emergence of the ultra-modern age that promises better execution and security.