4 Major Business Areas That Have Been Revolutionized By Blockchain Technology

Posted by Ivan App on April 5th, 2021

Blockchain tech is poised to disrupt every major business sector from accounting to advertising.  And, for tech savvy companies, the transformation has already begun. For those of you unclear on the implications of blockchain, here’s a quick idea. A blockchain essentially refers to a digitally distributed, public ledger or list of entries - sort of like a stock ledger - that different shareholders maintain via a network of computers. Coding and encryption enhance the effectiveness, transparency and reliability of information-sharing.

With a blockchain app development company at the helm, businesses have been able to transform the way they function.

Let’s look at four business areas where blockchain technology is changing the face of how business is carried out and bringing in far-reaching changes.

Accounting

Accounting is one of the obvious business areas that have been impacted by blockchain technology. This tech involves a triple-entry bookkeeping model where all stakeholders- client, auditor, accountant and regulator- have full access to an identical copy of the ledger. Blockchain offers its users the ability to optimize their processes and audits. This becomes possible as it records all data in a transparent and unchallengeable way. Blockchain can be used to combat accounting fraud, automate auditing functions by leveraging smart contracts and very importantly to reduce data entry errors.

Marketing and Advertising

Research estimates that advertise face approximately million of losses per day owing to illegal online undertakings such as ‘click fraud’. Several marketers are opting to hire a blockchain app development company as they require track and verify their investments. Furthermore, this tech provides security, transparency and accessibility of data and monetary flows. Advertisers can use blockchain systems to track and oversee budget spend beginning with their initial media spend right up to the final publication of the advertisement with the media owner. This serves to dramatically lower the risk of ads either underperforming or being overcharged.

Information Technology and Cybersecurity

Widely known data breaches at Facebook, Yahoo and Marriott International divulged and circulated several millions of names, birth dates, addresses and other data. Currently, most businesses are wary of such occurrences. They try to make every effort to safeguard computers, data, programs and networks from cyber attacks, unauthorized access and damages. Blockchain records data in a transparent, secure and tamper-proof way. This makes it virtually impossible for hackers to breach the system without giving themselves away.  Additionally, blockchain technology serves to insulate intellectual property against any possibility of theft.  

Human Resources

Typically human resources carry out functions such as planning, coordinating and controlling the recruitment, interview-process and hiring of new employees. Additionally they coordinate with senior management to weigh in on strategic planning and also perform employee-relations tasks and also tasks involving employee benefits, compensation and training. Managing all this efficiently would clearly need technological intervention. Blockchain technology is transforming Human Resources, giving HR professionals the capacity to swiftly verify credentials of existing workers and potential candidates. This tech is also playing a big role in payroll management and will easily be able to tackle back-end work.