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What Is Blockchain Technology And How Will It Affect Your Business?

Tereza

Before discussing blockchain’s impact on your business in the future, let’s define what is blockchain and how it works.

Blockchain is a technology behind Bitcoin that helps consumers and businesses to track transactions from A to Z without any need to consult a central authority tasked with encrypting the data. It works as a distributed ledger or database system, that runs on millions of devices and can be used by anyone, who
– Records the transactions
– Validates contracts
– Establishes identities
– Safely stores technology

The shift is already started and Blockchain has serious implications for the business.
“I’ve been at this 35 years, writing about the digital age. I’ve never seen a technology that I thought had greater potential for humanity.” – Don Tapscott, an influential thinker, and author.

What are the possible risks?

Not understanding how Blockchain will affect your business
Investing too early, perhaps when your customers are unaware
Your competition taking the first advantage thereby reducing their costs and pricing
How Blockchain will impact your business?

#1 Marketing

Using blockchain technology will allow advertising executives to get better protection, ensuring their marketing ROI doesn’t suffer. Blockchain would make it possible for marketers to post case studies in a way that makes all the data transparent and independently verifiable.

This technology is perfect for tracking and managing all sorts of things. Also, it reduces the risk of being overcharged.

Since blockchain is so hard to corrupt, it makes marketers solve one of the biggest gray areas in online advertising: How do you know that anyone is actually looking at your content?

#2 IT and Cybersecurity

Blockchain can shore up this essential part of the economy. It would track online transactions and interactions in a secure and efficient way, offering transparency and protection that companies can rely on.

Blockchain technology can be used to protect systems and devices from attacks. According to Joseph Pindar, co-founder of the Trusted IoT Alliance, blockchain can give those IoT devices enough “smarts” to make security decisions without relying on a central authority.

By implementing rigorous encryption and data distribution protocols on a network, any business can ensure that their information will remain safely intact and out of the reach of hackers.

#3 Human Resources

HR management includes dealing with a lot of sensitive personal and financial data. This department receives information relating to pay, health insurance, finance and banking, and more. Since records stored on the blockchain are decentralized, there’s no single place where hackers to access and corrupt data. In addition to this, any changes that are made must be authorized and verified.

The long-lasting impact of this will change how people save for their future, as more employees will seek out valuable investments in blockchain-based cryptocurrency, rather than linking everything to their home country’s currency and banks.

#4 Accounting

Actually, the biggest advantage of blockchain technology is the accounting field. So, it gives a chance to manage accounting operations spread all over the network, handling multiple currencies and complex tax codes.

Adopting this revolutionary, immutable technology means fraud is significantly reduced. It also offers confidentiality and total anonymity.

One example that is being rolled out is the Prime Ball lottery system, which will be the first to use blockchain. This will change the lottery market, removing third-parties as the results and winnings can be distributed through the Ethereum blockchain.

What’s next?

Entrepreneurs and business owners will stand to gain a lot over the next decade or more, especially if they make the right strategic steps as blockchain sets about disrupting global business structures.

 

 

 

 

 

 

 

 

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