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A lot of hype is in the air about blockchain, right? Wait till you hear what the world economic forum report has to say. By 2020, 10 percent of the GDP will be stored on the blockchain and its related technology.
After reading and hearing so much about it, I must say you’d love more than the Cox high-speed Internet. It’s probably something every business by now MUST take notice of. If you still aren’t sure how disruptive this technology is, you have got to see how blockchain is changing businesses. This is how it’s happening:
Advertising and Marketing
Juniper Research says that advertisers are losing $50 million each day to fraudulent activity. Click fraud is the biggest problem so far. It’s costing companies a massive sum of money as they are attempting to expand their markets. If they adopt blockchain technology, they would experience better protection. Their ROI wouldn’t suffer either.
The principles of blockchain developed to stop financial fraud can be applied to media buying as well. Businesses could use a system for tracking and managing their spending. This will reduce the risk of getting overcharged and it will improve the performance as well.
What does blockchain have to do with human resources? That’s what you are wondering, right? Well, a lot of techs is required to evaluate, compensate, hire, and terminate the workforce. In fact, a time will come when blockchain will modernize the hiring process. HR staff will get to verify candidate much faster.
It also has the potential to streamline the payroll. The long-term effects of this would change so many things for the better and one of them is people’s perspective on retirement. More and more people will seek out valuable investment in blockchain-based currencies instead of relying on the currency of their banks.
IT and Cybersecurity
Global cybersecurity is worth $120 billion. SMBs and large corporations are equally worried about cyber-attacks in the wake of the major breaches (Target, Equifax and Yahoo mainly). The personal data of millions of Americans was compromised because of organizational negligence.
Blockchain can drastically magnify cybersecurity. It can secure digital transactions and interactions secure than ever. This is such a serious issue that even the government is interested in the cybersecurity capabilities of blockchain.
A decade ago, DVDs and digital cameras were considered must-have items. But when smartphones took over, the demand for this media dropped significantly. Kodak suffered a lot by the hands of digital transformation. However, the company didn’t give up. They have reinvented themselves using blockchain with a venture called KODAK One. Photographers are allowed to register a license for this work. This prevents them from image theft.
Another similar Blockchain venter is NagriTech where the blockchain technology is used for enhancing operating efficiency and now blockchain is helping supply chain management too. By focusing on the developing market in countries like Mexico, Peru, and India, the company wants to improve copy yields. It is helping farmers get out of credit.
Blockchain is likely to have the most impact on the finance industry. It doesn’t just make transactions secure, it can record and store data transactions on an individual and institutional level. These are some benefits it can offer to the finance industry:
- A single ledger will maintain all transaction records, hence eliminating the need for reconciliations.
- Records will be visible to all participants. This would improve the security and accuracy of data. Eventually, the risk of fraud will minimize.
- It will also reduce capital consumption because of straight processing, improved cash flow, and quicker trade settlements.
Wouldn’t it be great if medical records were accessible just like that? This would allow doctors to make timely decisions and optimize healthcare. It could also limit the mistakes made by healthcare professionals.
Blockchain can make this happen by making information available in a nick of time. Data would only be available with the patient’s permission and it would be guarded with the blockchain itself. The main characteristic of this technology is drug traceability and security. Each transaction added to the block is immutable and timestamped. This makes it easier to track the product and ensure no information is alerted.
10 to 30 percent of the drugs sold in the developing countries are counterfeit. Their market is $200 per year. If this could be tracked and stopped, it will be massive progress.
So What’s Next for Blockchain?
Business leaders and entrepreneurs can gain a lot over the coming decade if they make the right strategic moves since Blockchain is set to cause global disruption. This technology more than just a buzzword behind bitcoin. It has the potential to become the foundation of digital transformation in the world.