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.
Thus, this new technology is making companies review their strategies in the digital age . Here are 5 ways Blockchain development company is disrupting the way we do business.
Accounting is a classic case study of how a business area can benefit from this new technology.
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.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 .
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.
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.
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.
Another example of use is occurring in emerging markets .
The main markets for Blockchain development company , among others, Brazil, India, Mexico and Peru, suffer from inflation and its effects. In these countries, agricultural producers experience economic shocks depending on the price of the dollar or the euro. But with blockchain and the use of cryptocurrencies this situation could change.