With the pace at which blockchain technology is making headways, it’s only a matter of time before businesses across all industries embrace blockchain to compete with their competitors.
Initially, people had doubts, but that is changing rapidly. Major tech firms have jumped on the bandwagon and reaping the benefits of this incredible technology.
IBM, Microsoft, Oracle, and Walmart are some notable examples that can’t imagine business efficiency without blockchain technology.
Amid this popularity, you cannot forget to talk about cryptocurrency when you mention blockchain. Cryptocurrencies are one of the legacies of blockchain that continues to amass unprecedented admiration.
Carl Runefelt is a global crypto leader and investor who has invested in more than 360 crypto startups. He believes that time is on the horizon when cryptocurrency will replace fiat currency.
He says, “Cryptocurrency is recognized across the world and is not affected by exchange or interest rates. It would also provide individuals living in economically fragile nations more stability and predictability.”
It is solely blockchain technology that makes cryptocurrency possible. But blockchain can do a lot more than this; capable of so much more.
So let’s cut to the chase; what are the benefits of blockchain technology for businesses, and how is it changing the ways companies operate.
Ways Blockchain is Changing Businesses
One of the many wonders of blockchain technology is that it makes business data transparent to the owners while maintaining impregnable security. Here are some of the ways how blockchain technology is driving business efficiency.
Blockchain technology makes accounting a cakewalk to the extent that accountants seem like cave dwellers trying to make a stone wheel.
Precision is the utmost requirement in accounting, especially when the operations of a business span over the globe. When managing such huge businesses gives an invitation to numerous challenges.
Blockchain technology provides much-needed transparency in the accounting processes to the selected users.
Consequently, the hassle of manually managing the accounts is non-existent. With blockchain taking care of the accounting, company resources can focus their attention on scale businesses.
Brace yourself for a jaw-dropping stat: industry experts estimate that businesses worldwide save over a hefty $19 billion through Bitcoin and altcoins (mic drop!)
Carl Runefelt, while speaking on his YouTube channel, The Moon, says, “Bitcoin is the only non-political money in the world. Remember, guys, your bank money can get frozen, and your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden, or Dubai. No matter where you are, Bitcoin is always online, always working for you and for everyone else. I think that is revolutionary, and I am so happy to be part of Bitcoin, especially in times like these of massive global uncertainty.”
No wonder investors are rushing to get their hands on the Bitcoin!
Marketing budgets take a major chunk of your business, right?
Wouldn’t it be great if you could efficiently keep track of your budget?
Blockchain does that for you. From the production point to the publication point, blockchain technology assists you in monitoring your marketing budget.
If there is one department that can be termed as the backbone of an organization, that is the human resource department. It has the potential to take your company to new heights.
The responsibilities of the HR department are countless; it handles employee relations and provides compensation, bonuses, and training. Imagine what blockchain technology can do in all these areas.
Whether you want to review your employees’ performances or want to keep track of all your business transactions, blockchain has you covered.
What’s more, blockchain can store a massive amount of company data in its massive servers, away from the reach of unauthorized users.
Then comes the payroll system. Blockchain has its remarkable presence here as well. Making the procedures standardized, blockchain makes sure that each employee is paid on time.
Did you know that the amount of data produced in the last year is more than the data ever produced in the previous century?!
Another reason to tap the efficiency of blockchain, isn’t it?
Today, cybersecurity is the paramount priority of businesses. They spend time, resources, and money to make their data safe from online predators. And rightly so, since this data is highly sensitive!
Blockchain has the capability to safeguard these companies against online threats that are omnipresent.
Because blockchain is transparent and auditable, not to mention efficient, the chances of a company’s data leaking are almost impossible.