Five ways blockchain technology is changing businesses
The global economy has been undergoing a digitalization process since the 1960s. Digital technology was previously used to improve business processes, primarily by delivering the same results faster and more securely. However, blockchain offers us something different from previous generation technologies – the exchange of value. These innovations make them a priority for leaders across a wide range of industries—particularly banking, manufacturing, and energy. The Findora Block system hosts transactions, assets, and programmable contracts that can be proven compliant, without compromising on privacy. Decentralized finance (DeFi) blockchain project Findora Founders has received an eight-figure funding round.
Here are five ways blockchain technology is changing business:
“Bitcoin is just one example of something that uses a blockchain,” said Melanie Swan, a Philosopher and Economic Theorist at the New School University in New York NY. She is the author of Blockchain: Blueprint for a New Economy.
Accounting is a case study textbook for business areas that can benefit from blockchain technology. Tax laws are complex, the challenges of managing business operations in remote locations are numerous, and the need for precision and accuracy is paramount. Blockchain technology can manage all this more effectively.
Advertising and Marketing:
Market research shows advertisers will lose about $19 billion to fraud over the next year — the equivalent of $51 million per day. This amount, which represents both online and mobile advertising, is expected to reach $44 billion by 2022. The technology behind Bitcoin and other cryptocurrencies can help drastically reduce “click fraud” by ensuring marketing and advertising leaders reach their target market.
Human resources specialists plan, direct and coordinate recruiting, interviewing, and recruiting new employees. They consult with executives on strategic planning and often deal with responsibilities, compensation, benefits, and training of people. Don’t let the “guys” in HR fool you: there’s a lot of technology behind hiring, retaining, evaluating, compensating and even firing employees.
Information technology and cyber security:
Widespread data breaches at Yahoo, Equifax, and Target have exposed and leaked hundreds of millions of names, addresses, birth dates, and other information. Businesses of all sizes are now increasingly focused on protecting networks, computers, programs, and data from attack, damage, and unauthorized access.
Administration and operations:
Blockchain technology is changing the way companies do business in other stable industries. Technology creates operational efficiencies and new opportunities, even in emerging markets where hyperinflation, political instability, and corruption have long threatened entrepreneurs.
The introduction of smart contracts on the blockchain has made it possible to digitally trade high-value assets such as real estate. Real estate apps and services are often limited to connecting buyers and sellers. Most processes still rely on face-to-face transactions and third parties such as brokers, banks and lawyers.
Blockchain smart contracts can change this practice because the process can already be done on digital platforms, including listings, payments and documentation.