As more people are familiarizing themselves with blockchain, they are learning that the technology itself is not as volatile or unstable as was once thought. You’ve probably read a lot about how blockchain is a decentralized, digitized ledger where transactions are recorded publicly and chronologically. It is undeniable that the technology can inspire major changes in areas of business. Most wonder why it is so important to the future of business. Encryption and coding, which is used in the technology, maximize transparency, efficiency and security.
These features have caused companies across different industries to reevaluate their methods. As technology evolves, businesses who refuse to adapt are the ones that will suffer and fall behind. The blockchain technology can already revolutionize the following areas of business;
The reason why accounting is one of the areas people focus on is because the blockchain technology can offer a more transparent and durable framework to trail and measure assets. Not only will blockchain change the way information is stored, accessed and interpreted, but it will also impact auditing and cybersecurity. It would be effortless to check what assets are available, what their values are and how they can affect cashflow.
Blockchain will keep records on an interoperable system that can also make it safer and easier for auditors to access it and ensure that everything is in line. The level of transparency can only be beneficial, to both clients and providers. Businesses will only need to maintain one, joint register instead of multiple separate records. So, in addition to eliminating error and protecting data from corruption, the process will also leave a traceable audit trail.
“Blockchain’s transparency gives visibility to all transactions for approved users, and this may decrease auditors’ work with sampling and validating transactions.”
Ken Tysiac, the Journal of Accountancy
When it comes to advertising, it is true that blockchain could transform how online ads are obtained, distributed, measured and valued. One of the issues most people have with online advertising is that it is nearly impossible to tell if the stats are to be relied on. It is difficult to differentiate between true customers and bots who are used by distributors for higher rates. Now, with blockchain, companies can determine if people viewing their ads are members of their audience or not and this will help them save millions in advertisements spending annually.
Blockchain can also help companies in targeting their audiences because advertisers can now gain all the information the customer is willing to share in one take instead of gaining information from several various sources. The blockchain system allows customers to see every product’s move through the supply chain so that they can check where a product is coming from, who is managing it, whether it is authentic, and so on. This means that blockchain builds brand in addition to creating trust.
Blockchain has the ability to reshape HR processes like payroll, recruitment, competency management and learning. Recruiters normally must go through resumes and verify their qualifications, work experiences and certifications. Because blockchain cannot be edited, users can only add information. It reduces the possibility of credentials being faked or changed.
Blockchain can also affect payroll, especially global payroll that involves banks and third-party with different sets of rules. The blockchain technology can easily manage the back-end work to simplify the process and standardize payments. The human resources department normally becomes a target for hackers because they deal with personnel and financial data. Blockchain’s use of consensus to establish facts helps remove fraudulent activities.
Blockchain has the potential to be as revolutionizing as the internet was in the early 1990s. The blockchain technology has the potential to change everything because its practical applications are unlimited.