By Piyush Jain
Today, a multitude of business organizations are adopting blockchain technology for its capabilities beyond cryptocurrencies, it is used in all major areas of the business from accounting, regulatory compliance to operations. The management of tangible, intangible, and complex assets has become easier, and efficient with the help of blockchain technology. Assets such as real estate can be tokenized, divided, and distributed with minimal security concerns and management costs, which is often concerned with liquidity and investment size. It also helps in facilitating payments and managing the flow of money with ease. There are many innovative ways of using blockchain by industries to streamline growth. With distributed ledger technology, authorized participants can access the same information at the same time securely and efficiently. In addition to that, adding good antivirus softwares, will bring you more security.
What is blockchain?
Blockchain is the technology that can be understood as a suite of distributed ledger technology that can be programmed to record and track anything of value such as financial transactions, medical records, and much more. Blockchain stores information in a distributed ledger system called blocks that are linked together chronologically to form a continuous line, in simple words a chain of blocks. If you make changes to information on a particular block, the change is stored in a new block that all the participants in the blockchain have access to. It’s a non-destructive way to track data changes over time. It is cryptographic technology which is tamper-proof thus brings the automation of trust into the system.
1. Accounting
To reduce maintenance cost and time in maintaining ledgers and providing clarity over ownership of assets, accounting professionals are broadly using blockchain technology. It can help accounting professionals to have secured, centralized access to records and a clear view of available resources of the organization. For example, PermaRec and Rubix check network for the bank transfer is the blockchain chain based triple-entry system accounting applications developed by Rubix ( A blockchain development team). Ballance-3 is a triple-entry system based application built on open-source technology provided by Ethereum foundation. There are many examples of blockchain taking accounting to the next level. Blockchain systems are impenetrable, it has the capabilities to eliminate all the accounting downsides aligned with the double-entry system of accounting which has been in place since 1458.
Read More: 10 use cases of blockchain technology in banking 2020
2. Advertisement and Marketing
Blockchain technology is uniquely positioned to help businesses with advertising and marketing. According to a report by Juniper Research, the advertisement industry bears a loss of $40 billion every year due to fraudulent activities and it can reach $54 billion by 2022. Blockchain principles can be applied to programmatic media buying to eliminate such fraudulent activities. It can provide transparency and improve the media supply chain by eliminating the mediators. It is also a unique solution to protect consumer’s privacy, it is always a high priority. There are many other advantages of using blockchain for advertising and marketing which can help businesses to take marketing and advertising to the next level. IBM, Blockchain4Media, AdNode, AdDax, and many other companies offer their products in the market for blockchain advertisement.
3. Human Resources
Human resources can be uniquely benefitted by blockchain technology, it can help in validating genuine information about age, nationality, work experience, qualification, certificates, skills, and more. It ensures employee’s data security and authorized access by the employer. It also affects payrolls in multinational companies and businesses with foreign employees. One of the major benefits of blockchain technology in human resources is the ability to create smart contracts and eliminate the possibilities of disputes beforehand. Blockchain capabilities can be helpful for businesses in many ways to save time and operational costs in human resource activities.
4. Cyber Security
Blockchain plays the most important role in cyber security. Many big and small companies face a massive amount of losses due to cyberattacks, Yahoo and Equifax are some big names facing massive data breaches. Companies are focused on protecting networks, computers, and data from attacks and unauthorized access. All the information recorded in the blockchain distributed ledger technology is secure, transparent, and easily accessible. It can help organizations to protect data and ensure an effective cybersecurity system.
5. Supply Chain Management
Blockchain helps businesses to streamline the supply chain in a secure, transparent, and hassle-free manner. Data immutability and decentralized authority are important in the supply chain because it is a process where a continuous record of data needs to be maintained. For example, blockchain is used in the pharmaceutical industry to track the medicine lifecycle from production to pharmacy point. Companies like Albertsons, Walmart, and Carrefour-french multinationals retailers are embracing the potential blockchain for efficient supply chain management.
Final Thoughts
There are different types of blockchain systems such as Public blockchain, Private blockchain, Hybrid blockchain, and Consortium blockchain. Each type of blockchain works with their principles, you can choose the system that suits your business the most. Blockchain can be applied to every big, small, and medium business. It can streamline the growth of a business by facilitating business processes in different ways. Many businesses are embracing the potential of blockchain technology to ensure rapid growth and efficient execution of business processes.
Author Bio-
Piyush Jain is the founder and CEO of Simpalm, an app development company in Wisconsin. Piyush founded Simpalm in 2009 and has grown it to be a leading mobile and web development company in the DMV area. With a Ph.D. from Johns Hopkins and a strong background in technology and entrepreneurship, he understands how to solve problems using technology. Under his leadership, Simpalm has delivered 300+ mobile apps and web solutions to clients in startups, enterprises and the federal sector.
