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Published On: Mon, May 7th, 2018

Will blockchain technology change the way we do business?

Blockchain technology has become a “hot” topic of discussion among investors and aspiring entrepreneurs. The development and monetary prospects revolving around the market are increasing with each passing day, and as said by the latest news on the topic, this type of technology could actually influence how we do business. Various industries have intertwined lately with cryptocurrency and blockchain in unexpected ways. How exactly is this tech development impacting the business world? How can it help organizations grow and reach various upgrades? The following information will help you obtain a clearer picture on things, focusing on the disrupting ways in which blockchain is making enterprises rethink their business strategies:

The marketing and ad industry

More than 50 million dollars per day are said to be lost by advertisers in the upcoming year due to fraudulent activities that are being carried out. Click fraud has become an aggravating issue for marketers, and seeking immediate solutions is necessary, in order for the industries not to be further affected by hackers. Advertisers are trying to reach their targeted audience effectively, and as researchers suggest, blockchain technology could help reduce problems in this department. Functioning under the same principle as banking fraud prevention, digital buying fraud can also be reduced considerably through this tech. Advertisers will be enabled to track their investments more properly, to analyze budget pending easier, and to monitor further details that could impact their strategies. Blockchain could truly revolutionize the marketing world, as long as those working in the industry will implement the right decisions at the right time.

photo/ Gerd Altmann

Accounting field

The financial and accounting field is, of course, the one that is and will continue to be the most influenced by blockchain technology. What this tech movement can do for this specific domain is to simplify tax code, easing business operation management across various locations,  as well as increase accuracy. Transactions are becoming more rapid and transparent. With improved sustainability and cyber security, businesses can rely on this technology to secure their transactions. Moreover, if things evolve the way they have done until now, digital wallets will become more popular than ever, and the third parties that are usually involved in monetary transactions could disappear completely from the picture, which will come with cost advantages for users.

HR

Human resources efforts could also be streamlined with the help of this technology. Although there are people working in this domain, in order for the HR processes to function by the book, there is however a high level of technology involved in the recruitment of personnel – regardless of specific domain. The hiring of employees could be improved in the future, in terms of both timeliness and efficiency, with the help of blockchain. How? By relying on this tech to offer accurate data on candidates, by affecting payroll, by standardizing payments in various currencies, by obtaining a great control on assets. The retirement accounts that are also maneuvered by human resources could also be influenced by cryptocurrency underlying tech.

Cybersecurity

Unauthorized data access and information hacking are problems that the digital era is confronted with. Companies are more focused than ever on protecting data from attacks, and with blockchain this goal is simplified. Because this technology allows a better recording of transactions as well as digital interactions, cybersecurity abilities are becoming more secure. Critical information will no longer be so easily accessed by hackers, which could be a crucial point for various industries.

Intellectual property

Sharing data and info has been made extremely easy in the digital age, thank to the internet. Sharing a creation can be done in a matter of seconds on the web, which can be extremely convenient. However, at the same time, getting your ideas or projects stolen has also become an increased risk. Blockchain tech has come as a great solution for intellectual property protection. With a project that focuses on this technology, you can protect your creations, and make sure you are granted acknowledgement and compensation for your ideas.

Contract control

Smart contracts are becoming an appealing option for business that desire to ease and improve eDiscovery and law implications. Cryptographic signatures have become a plausible possibility for enterprises, so business deals can be settled in the online easily and securely. While in the past, digital signing had raised certain red flags, nowadays, issues revolving the topic have been diminished thanks to blockchain and contract control will obtain by legal practice organizations, which decide to use this technology to their advantage.

As you can see, blockchain technology is truly starting to conquer various industries in unexpected ways, and if things continue to go at the same rapid pace, soon, the way marketers are doing business will change completely. From advertising and marketing agencies to cybersecurity and accounting, major fields are positively influenced by the development of blockchain projects. Considering the advantageous nature of this technology, it’s no wonder why this trend has raised and continues to raise in popularity.

Author: Cynthia Madison

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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