Different Ways Blockchain Technology Will Change the Manner Business is Conducted

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Digital image. The Zeronauts

Blockchain refers to an incorruptible digital ledger of economic transactions that can be programmed to record transactions involving anything of value. Further, as the Blockchain database is not stored in any single location – rather is stored on millions of Internet-connected devices globally – it is considered virtually incorruptible, and truly publicly available. Blockchains use cryptography to process and verify transactions on the ledger. Encryption and coding improve transparency, efficiency and trust in information-sharing. Blockchain tech will impact every major area of business from accounting to operations, and there’s evidence the revolution has begun:

Accounting

Blockchain technology will make accounting process as easy as possible for a business since it will simplify the whole tedious processes involved in accounting. This will allow approved users to track business transactions and auditing activities allowing auditors to focus on other areas in the business. This is evident from Ken Tysiac’s writing in the journal of accountancy who said:

“But this allows auditors more time to focus on controls and investigating anomalies. Meanwhile, opportunities are emerging for CPAs to use blockchain technology as they expand their assurance services to areas such as cybersecurity and sustainability.”

Advertising and marketing

Blockchain technology will help advertising and marketing agencies to avoid fraud that usually happens in their sector due to its tracking ability. this is well explained by Jan Malik, a digital marketing expert at Accenture Interactive who says:

“By using the system to monitor and govern budget spend, advertisers can track investment from the initial transfer of the media budget to the final publication of creative with the media owner, reducing the risk of overcharging and under-performance.”

Human Resources

Blockchain technology will help reduce the chances of third party personnel and companies providing inaccurate  historical backgrounds or data of individuals that a company wants to hire since these systems will be able to verify and validate the given data. According to the Society for Human Resource Management they say:

“Blockchain technology soon will modernize hiring allowing HR professionals to quickly verify credentials of job candidates and existing employees.”

Safeguarding Information and Cyber Security

Blockchain technology will help safeguard information by protecting networks, computers and other programs and other data from attack and unauthorised access to the information. David Schatsky, Managing Director at Deloitte U.S. notes that:

“Blockchain technology provides a way of recording transactions or any digital interaction in a way that is secure, transparent, highly resistant to outages, auditable, and efficient.”

Blockchain technology is changing the way businesses do operations in terms of simplifying management and other operations, simplifying accounting, helps to avoid fraud during advertising and marketing and safeguarding information and cyber security. This is a testament to what great things can happen when technology is used with the best intentions. To greater things to come. 

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