How Blockchain Technology Will Turn Our Businesses Upside Down

Blockchain has been a revolutionary thing since the inception of its core idea in the white paper in 1991. No substantial Blockchain Developments took place until when Satoshi Nakamoto published a white paper in 2005, where he conceptualized Blockchain and then launched Bitcoin to the world in 2009. Blockchain Development was happening in the industry but the FinTech domain was not getting the attention it deserved. Later on, in 2016, a large pool of audience started understanding Blockchain which led to the formation and rise of various Blockchain Development Companies. As the time passed, the blockchain  technology experienced a significant rise  and its adoption will continue to rise in the future as well. Hence, it’s really important to understand how deep and how well will Blockchain infiltrate and change the way how we do businesses today, voting, analytics, etc.

Various ways blockchain technology will turn our businesses upside down

The Blockchain Technology has been evolving at such a rapid pace that no company can afford to ignore it. Cryptocurrency, Tokenization of real-world assets, etc. address many issues in the existing ways company operates and function. Blockchain exposes the vulnerability of many business operations and functioning, which may cost them in billions if they did not participate in this paradigm shift.

Big businesses are going to suffer if they don’t integrate blockchain into their current operating systems. Because somebody will implement this and take the advantage of being first in the market, providing a suite of far improvised services than the current offerings. Future Businesses will be around blockchain as today most of the businesses are around technology.

So, here are the top 5 ways how blockchain will change the way we perform businesses today,

1.  Auditing & decentralized Lotteries :

This field has been benefited from blockchain technology and has embraced it quite well to a certain extent. It’s really difficult to keep up with a number of tax laws and to keep a track of business operations. Blockchain not only solves the problem in these cases but also it’s easy implementation in different countries makes it an option that people will rely on it in future.

It reduces auditor’s work by providing transaction histories and validating them. These validation  makes them focus more on conflict resolving committee and to find any peculiar transactions in the system. The Lottery industry with a market of $260 Billion yearly is facing a competition from companies like FireLotto, SmartBillions, PrimeBall, etc. work in the Lottery industry and are trying to disrupt it with the Blockchain Development. Decentralization is really an important concept in the lottery, which provides a complete randomization of the winner being chosen and declared. Blockchain ensures everything is safe, the lottery cannot be just a fishing trip because it’s smart contract would be public and so these reasons clarify that in the coming years we would be paying taxes online on the blockchain, buy lottery tickets and look for the transaction history on the blockchain ledger. Blockchain companies in USA and Rest of the world are shaping the world

2. Advertising and Influencing

Online Advertisements were conceptualized by Google which brought a revolution in how advertisements were sold online. Data Analytics, another booming technology, is also getting a lot of attention for advertising in the correct areas according to the analytical demographics helping them increase their reach in specific areas. Companies like Verasity.io, Basic Attention Token, Props, Flixxo, etc. are here to stay for a longer run. Youtube has been facing a backlash due to its algorithms.Getting more users on Youtube has led them to promote mediocre and poorer content on the platform. On the other hand, the reward mechanism is key to the successes of their respective startups. The Blockchain technology and blockchain development provide information on any fraudulent media going to be transmitted if that part of the contract is Centralized.

This Blockchain Development in the industry provides a monitoring system that helps the advertisers keep a  record of funds from the initial point to the final publication, minimizing the risk of overpricing. Advertisers will be losing around $19 Billion next year in fraud clicks and Blockchain already has a solution on it and many companies are working on it with a road map to launch their projects in 2020.

3. Smart HR

The Human Resources Department(HR) of many companies could go obsolete or could minimize in strength by just a smart contract. Smart Contracts provide Blockchain to acts as an infrastructure to recruit people for a certain role based in their resume, assigning them work projects accordingly, setting up different teams every time or having the same team to build chemistry amongst that team can also be achieved.

It provides a mechanism where employees get rewarded for their work or how much value they bring to the company. It curbs freedom but ensures smooth functioning of corporates and it won’t be surprising to have portals running on blockchain taking care of its employees online by having complaints of misconduct or ill behaviour on the portal itself and get the extra credit financially as well as morally for the overtime you put in.

4. Maintenance of Data:

Cybersecurity is a $122 Billion industry and still, there are ways people violate the laws and sometimes the cybercriminals get away with it. Data breaches and sensitive information getting leaked publicly has not been getting the attention it deserves from the consumer base as the engagement to the platform has made them overlook the fact that their identity can be stolen or was already stolen or misused.

Blockchain provides an ecosystem where transactions get recorded providing complete anonymity. These records containing the highly sensitive data of transactions cannot tamper with once they enter the  blockchain ecosystem.

There are several companies looking out for solutions to these problems and Blockchain technology can help people be safer than ever. Currently, no company has made any public announcements in this kind of a domain but the concept and the core idea has been discussed a lot lately. It will be interesting to see these kinds of things work for the better of Blockchain and humanity itself.

5. Operations and Supply-Chain Management:

Operations always contain many middlemen to ensure the work carried on is quick, versatile and safe. A traditional approach includes the employability of a large workforce and managing them to not let any secret information leaked out and carrying out the given task as quickly as possible requires a complex managerial infrastructure that leads to waste of time and resources. Blockchain technology has the ability to transform this domain and replace with the trusted entity having capability of tracking things down on a decentralized public ledger governed by nodes which maintain the consensus of the system and also help in preventing any malicious nodes taking the control of the entire network.

Companies like Tradelens are making Blockchain solutions happen, thus minimizing the operations cost and bringing down the market value of that product which can be bought by many people now, thus benefiting the society. IBM is working closely with Walmart in its Food supply chains which is indeed a good sign for the Blockchain industry.

Closing thoughts

Many Big companies have started adopting Blockchain technology and their Blockchain Developments is going up in full swing. USA and Canada Blockchain Development companies are building Blockchain enterprise solutions and this uprising will change the way businesses are being done in the near future. The traditional and conventional means of businesses have loopholes and can be exploited easily. Thus, Blockchain provides a way to stabilize this situation of increasing vulnerabilities in businesses by making a paradigm shift towards itself. Therefore, it’s really certain that the way we do businesses won’t be the same after 5 years.

Views: 82

Comment by Mobiloitte on October 9, 2018 at 10:20am

Blockchain technology is going to be mainstream. It has huge potential to upgrade various business solutions 

Comment by Balamuralie on November 1, 2018 at 3:05am

In a decade’s time, the blockchain technology has brought in notable changes in numerous spheres of business. It looks like the blockchain has greater good in store for us in the future too. Some of the chief industries that reap benefits out of the blockchain now are auditing, advertising, human resources, data maintenance and supply chain management. The digital ledger system makes it easy to manage accounts and the decentralization feature prevents the loss of data.

Comment

You need to be a member of Small Business Bonfire to add comments!

Join Small Business Bonfire

About the Small Business Bonfire

The Small Business Bonfire is a social, educational and collaborative community founded in 2011 for entrepreneurs that provides actionable tips and tools through a small business blog, a weekly newsletter and a free online community.

Subscribe to Our Newsletter

Members

© 2018   Created by Alyssa Gregory.   Powered by

Badges  |  Report an Issue  |  Terms of Service