How The Blockchain Technology Will Change the Way We Do Business

In the wake of modern and digital technology, businesses have been transformed remarkably by the mesmerizing technological trends. Notably, the continuous technological innovation is giving rise to oceans of opportunities that have given birth to new concepts such as blockchain technology. In modern day business world, online transactions account for a significant portion of all business transactions and for that reason, block chain technology has provided one of the most effective medium of making online transactions (McKinsey & Company, 2016). It has transformed and enhanced business transactions despite the failure of national governments and international monetary organizations to recognize bitcoins as a digital currency worth adoption. Bitcoin utilizes the block chain technology and for the last 8 years, bitcoin has gained international fame because more people are now using bitcoins to make business transactions. It is now becoming common to come across firms willing to transact via bitcoins (Centric Digital, 2017).

Blockchain technology platform eliminates the problem of data manipulation. It provides unparalleled transparency over the individual trade and follows the principles of accountability when it comes to financial transactions. Blockchain technology through bitcoins has eradicated the numerous middle-men involved in between transactions (Ellie, 2017). Normally, when making manual transactions, a lot of paper work is involved, the process itself is time consuming but through blockchain technology, the process takes seconds if not minutes. Hundreds of applications are currently using blockchain technology. Business have highly benefited from the technology in areas of data management. With no doubt, blockchain has transformed the way firm’s records, exchanges and transfers data. Blockchain technology offers a more secure platform that minimizes cases of numerous data loss and manipulation.

Blockchain technology has been said to be the next big thing in human resource management. According to society for human resource management, blockchain technology will be used in modernizing the hiring process. The HR professionals will gain the capability of verifying the credentials of the candidates more effectively and much faster. Blockchain technology will mend the gap that exists between the third parties who provide inaccurate historical information and hiring organizations. Blockchain technology will also have huge impacts on the payroll especially for companies with foreign employees (Parth, 2018). The system will can have the capability of making several payments in different and multiple currencies. It is expected that blockchain technology will transform how firms compensate workers and also the workers will gain a better plan for retirement.

Blockchain technology has enabled and provided a platform of making international transactions that take long time or limited by currency regulations. In most cases, the monetary regulations are usually there to avoid illegal transactions. Therefore, there has been some kind of difficulties when making some types of international transactions but through bitcoins, it is easy and quick to make such transactions. Blockchain technology is creating new opportunities that have high efficiency even in market environments characterized by political instability and corruption. Aspects such as corruption and political interference for the past have been frightening away investors. Blockchain technology provides practical solutions to firms. Business leaders will adopt blockchain technology will make out of the box transformations that make companies realize massive financial gains.

Enabling Digital Business with Decentralized Identity
Read Here
Meet the Author

Rohan Pinto

Co-founder of 1Kosmos

Rohan is the co-founder of 1Kosmos. He is a go-to security and identity management expert and the founder of several businesses that have made considerable advancements in blockchain and identity management.