We are standing on the brink of innovation for business. Blockchain technology can bring the required change, and completely change how business work. Until now, we have seen the mixed reaction by media on the blockchain, especially when it comes to digital currencies. However, there is so much more to than just digital currencies.
Blockchain technologies can easily change how we do business. It can be used to personalize, secure and scale business. Verification will also become easier, and it will only be time when most of the companies use it to do online transactions.
Even though Bitcoin has seen of fluctuations in the last six months, it is the only time; we should focus on its technological advantage rather economical.
Blockchain Technology Explained
So, what exactly is blockchain? It is similar to a traditional database, but with additional features such as transparency and integrity. It can be also be defined as an electronically distributed ledger. It can be accessed from anywhere in a secure way as well. This simple concept opens up new ways for the businesses to evolve and innovate.
4 Ways Blockchain Technology Will Change the Business Logic.
So, how will business change? Let’s explore it below.
1. Intellectual property
Current businesses find it difficult to protect their intellectual property. With competition at an all-time high, it is necessary to protect your investment when it comes to creations and innovations. Blockchain can help your business in this regard. It can help protect ownership of creation or any intellectual property. As blockchains are immutable and require verification before new data is stored in, it can act as a perfect place to check and verify intellectual property.
In short, your business will have better control over the materials they create and protect them from competitors.
Blockchain can also change how a business handles their accounting solution. For now, accounting takes a lot of effort and resources to handle and execute. On top of that, you need to maintain tax code and ensure that everything is accurate with minimal or no error. If your business is geographically distributed, it can lead to more complexity. However, with blockchain technology, you can manage it more effectively and efficiently.
Ken Tysiac, in his article on how blockchain can impact accountancy, repeatedly mentioned how easy it is to accounts firm can benefit from it. Pawlicki, the vice president of a reputed accounts firm added, “Our auditors are already auditing transactions in the blockchain.” He also added, “We’ve got a lot of work to do … it’s a great opportunity in an area where CPAs can add a lot of value.”
Moreover, it can also impact other markets that rely heavily on accounting. One such example is the lottery market. Currently, it is valued at $260 billion and blockchain can completely transform it by providing confidentiality and anonymity.
Click fraud is one of the major issues in marketing and advertising. According to Juniper research, the need for blockchain is a must. They estimate that almost $51 million per day is lost due to fraudulent activities such as click fraud.
By putting everything on the blockchain, it will become easier for marketers to monitor and verify their investment. It will also reduce fraud. The whole move to blockchain will mean great value for business as they will reduce risks related to investments.
4. Cybersecurity and IT
Cybersecurity is one of the hottest topics in the market. Companies lose millions of dollars due to data theft and other serious security issues. This has lead companies to invest hugely to protect their data, programs, networks and much more.
Just like other business processes, blockchain can also revolutionize cybersecurity as a whole. As blockchain records data in a transparent, secure and resistant way, it will become next to impossible for hackers to hack into the system without leaving a trace. As we already discussed, it will result in intellectual property protection.
Businesses have just started exploring blockchain potential. It is similar to the internet era where companies were exploring ways to use it in their work. Now, it is time for blockchain. So, what do you think about the whole idea of the blockchain? Will it transform the market? Comment below and let us know.