The global economy is getting great heights after the inception of digitization. Traditional digital technologies were capable of enhancing business processes by delivering the required outcomes more safely and quickly. However, with the growing technology and increasing demands of users, tech innovators have developed more immersive technologies, and Blockchain is one of those technologies.
Blockchain technology is getting popular very quickly, not only in the tech arena but also in other business domains. Entrepreneurs now can easily leverage the benefits of this technology in increasing their revenue, efficiency, and productivity. Indeed Blockchain has given quick momentum to the digital tech world.
Blockchain is distinguishable from traditional digital technologies – not just an exchange of value. This innovation has become the top priority of several businesses worldwide, especially in energy, manufacturing, and banking.
According to International Data Corporation (IDC), Blockchain technology will achieve nearly 12 billion USD by 2022. Top business leaders have realized the huge and disruptive potential of this technology, and they consider it a game-changer technology in the future world.
Therefore, we can apply Blockchain in different industry verticals. Let’s check how you can transform your traditional business with blockchain technology:
Accounting is one of the biggest verticals in any industry. Proper handling of accounts is vital to keep organizations safe and stable. It is also a challenging task as it needs a decent amount of precision and accuracy. However, with Blockchain, you can easily address all the issues and maintain the standards.
Deloitte is one of the most reputed organizations also using blockchain technology from the early days.
Blockchain offers transparency that can help you minimize the time your auditors spend validating and sampling transactions. In this way, auditors can focus on other vital tasks as well.
The Human Resources (HR) department is an integral part of any organization that plays a vital role in recruiting people to take the business to new heights. Their job includes hiring the best resource, training them and coordinating with them for all essential things.
The HR department also handles employee relations, experience, and bonuses. Blockchain assists you reduce the chances of getting wrongful data from the employees about their previous company. This historical data is stored in huge servers of blockchain technology, and no one can manipulate or alter this data. Blockchain also helps you in managing your payroll systems. Businesses can use this technology to standardize their payments and other backend tasks. In this way, it helps you pay your employees easily.
Information Technology and Cybersecurity
According to Deloitte, The potential of blockchain technology to assist revolutionizes the $122bn global cyber security market. David Schatsky, Managing Director at Deloitte U.S, said that this technology could also offer the best ways to record any digital interaction or transaction more securely and transparently that is highly resistant and efficient to outages.
Recently you must have heard about data breaches at Equifax, Yahoo, and other companies. This data comprised billions of birth dates, names, addresses, and other private information of users. Nowadays, organizations, irrespective of their size, are focusing on securing their programs, networks, and data from unauthorized access and damage.
Advertising and Marketing
To a report by Juniper Research, advertisers will lose nearly $19bn to unauthorized activities next year, equivalent to $51 million per day. This data shows that advertising on mobile devices and online is assumed to reach $44bn by 2022.
Blockchain technology underlying different cryptocurrencies like bitcoin can assist in reducing “click fraud,” ensuring that advertising and marketing professionals achieve their target market.
Operations and Management
Blockchain technology is playing a key role in reshaping business operations and management. Moreover, technology brings new opportunities to businesses by creating operational and managerial efficiencies in developing markets.
As we know that developing markets are not fully capable of understanding new products and services, Blockchain can help you leverage the advantage of the market.
When we talk about the future of blockchain technology, it has huge potential to bring new concepts and ideas into the real world, connect it to the present world, and make good sense of everything ruling the market.
According to the PWC report, 77% of financial organizations rely on blockchain technology as a key part of their production or manufacturing process. This technology is full of new opportunities that you can bring to your business. The major role of blockchain technology relies on how we leverage its potential in our business operations.