5 ways blockchain technology will change business
Which is exactly blockchain ? We have told you before what it is about, but it is always worth remembering: it is electronically distributed records or a list of entries that are maintained by various participants.
Blockchain technology uses cryptography to process and verify record transactions. Encryption and encryption improve transparency, efficiency, and trust when sharing information.
Accounting is a classic case study of how a business area can benefit from this new technology.
The challenges of managing the operation of some businesses , especially those multinationals, are enormous. In addition, precision and accuracy are required in this area to avoid any type of slippage that causes losses to the company. Blockchain technology can help all of this.
The transparency that blockchain offers gives visibility to all the transactions of all users approved to handle it, which allows having fewer auditors of the information.
This frees up time to focus on maintaining controls and investigating any anomalies. Also, accountants could use blockchain for some processes and thus expand their services to areas such as cybersecurity and sustainability.
Never expected areas are using blockchain technology for the security it offers , for example, lotteries in the United States will offer anonymity and confidentiality to participants and providers. For example, one of the lotteries will use blockchain to record and distribute the winnings, using the infrastructure and the Ethereum currency for this.
Advertising and marketing
Juniper Research anticipates that advertisers will lose an estimated $ 19 billion due to fraudulent activity in 2018. This equates to $ 51 million per day.
These figures, which reflect spending on online and mobile advertising, would reach $ 44 billion by 2022 .
But blockchain can dramatically reduce click fraud , making sure advertising and marketing executives get their target markets.
Using this technology it is possible to monitor how the budget is used , tracking the investment from its initial transfer to the media budget to the final publication of creative communications, thus reducing the risk of overspending and underperforming.
Professionals in this area plan, direct and coordinate the recruitment, evaluation and hiring of new personnel.
Likewise, they consult with senior executives in their strategic planning and often manage employee relations, as well as work related to compensation, benefits and training.
A lot of technology is used for all this . And blockchain could be a new way to modernize the entire human resource management process.
With this new technology HR professionals could quickly verify the credentials of job candidates as well as existing employees. Systems on the blockchain could reduce the possibility of third parties providing inaccurate data about a candidate or an employee.
It could also affect payroll , especially for multinational corporations or businesses with foreign employees. This technology allows you to easily handle back-end work to simplify and standardize payments in multiple currencies.
In fact, there are even investors who are helping employees invest in cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and others to improve their retirement plans.
Cybersecurity and information technology
The different security breaches we have seen in recent years, including Uber , Yahoo, Target, Equifax, among many others, cause millions of data to be in the hands of malicious hackers.
With blockchain there is great potential to revolutionize this area . This technology can provide transaction records at the digital level, in a way that is secure, transparent, auditable and efficient.
Even the US Department of Defense is considering using blockchain for the security it offers.
Handling and operations
Companies with as much history as Eastman Kodak are leveraging blockchain to enter new areas to keep them alive, after their core business (in this case, analog photography) became irrelevant in our digital age.
Thus, the company created a management platform , KODAKOne , which creates a digital, encrypted copyright record. Photographers can register new and archived work, then provide a license that can be obtained through the platform. The system allows professionals to obtain secure payment when selling licenses for their work.
Another example of use is occurring in emerging markets . NagriTech is a global organic farming company. It launched a cryptocurrency to facilitate financial transactions in nations whose high rates of inflation and devaluation of their currency make it difficult for farmers and producers to obtain credit.