Everyone is talking about the blockchain these days and with good reasons. After the Internet, this technology is being hailed as the next big thing. This disruptive technology is expected to bring about major changes in the way businesses are run. The blockchain is essentially an evolving technique of conducting and validating transactions and operations in a manner that is public, open, reliable, and without any need for intermediaries. It can prove to be the foundation on which myriad applications can be created, and currently, it is the technology on which cryptocurrencies like Bitcoin are working.
How can blockchain help businesses in the future?
Blockchain is still in a nascent stage and it may slightly early to predict where it will go in the future. But big names like Amazon Web Services and IBM are taking notice of it and exploring its possibilities. This is why businesses should learn more about this technology and what it can offer to take advantage of it. Many people feel that the technology will guarantee higher efficiency, security, and reliability while critics argue that the blockchain is completely overhyped. Here are some ways in which the blockchain could impact future businesses:
- The blockchain can help to streamline business operations, reducing all types of friction between parties exchanging data. So, businesses can employ blockchain technology to have a validated, private, and shared ledger that can guarantee origin and quality of data, products, and services. With the blockchain in place, trust levels between parties in the network are secured and they can work together in the absence of any additional guarantee. This trust offered by the blockchain will not only benefit entities working inside one business but also individuals working across different companies.
- Accounting and Investment world as a field stands to gain a lot from blockchain technology. Accounting faces numerous issues especially relating to precision. Blockchain technology has the potential to address all such issues. It guarantees transparency that reduced time auditors must spend for validating transactions. This time that they save could be utilized for other tasks.
- Even HR professionals who plan, hire, interview new staff can use this technology to make their work easier. Blockchain may be used for modernizing the entire recruitment process by allowing HR professionals to verify credentials of candidates for jobs much faster. Besides, blockchain systems can impact payroll in MNCs and larger businesses with offices in multiple countries. Companies can take care of their employees better when they use this technology and workers can save for retirements better. For instance, the Workchain is an example of blockchain-driven payroll system that lets employees receive their paychecks right after finishing their work.
- Blockchain technology can be a safeguard against frauds that are common in advertising. So, this technology can be of use to marketing executives and help them attain their targets. It will help them handle budget spending, prevent frauds, and eliminate intermediaries.
- Finally, blockchain can be helpful in legal matters too. Law does not only deal with logical arguments and communications; blockchain will ensure that firms can handle much higher volumes of data deftly to get hard evidence they need. Smart contracts will also enable the automatic transfer of assets when specific criteria have been met.