5 Ways Blockchain Technology is the new payment mathod

Most media headlines about blockchain technology surround large investment performance and large variations in cryptocurrencies.

The trajectory rose to 1,390 percent of Bitcoin in 2017 (up from 1,935 percent when it reached a record high of $ 19,666 in mid-December) and to a minimum of $ 5,950 in January 2018. It looked like a fallen roller coaster . – Calm down to about $ 8,400 in February.

Raising consensus between business leaders and entrepreneurs

The future of blockchain technology is more than bitcoin. Blockchain technology has affected all important areas of business, from accounting to operations, and there is evidence that the revolution has begun.

What is it and why is it important to the future of the business? A blockchain is a list of electronically distributed or list of entries (similar to a resource book) maintained by various participants on a computer network.

The blockchain uses encryption to process and validate transactions on the ledger. Encryption and encryption increase transparency, efficiency, and availability of information sharing.

All of these have innovative companies that rethink strategies in the digital age. Here are five ways blockchain technology can disrupt business practices:

Accounting.

Accounting is a business case study business that benefits from blockchain technology. Tax laws are very complex and there are many challenges to managing business operations in remote locations, and the need for accuracy and precision is important. Blockchain technology can manage all of the above more effectively.

“Blockchain transparency makes all authorized user transactions visible, which can reduce the auditor’s work on transaction sampling and validation,” Ken Tysiac recently published in the Journal of Accountancy.

I write in the version “This allows auditors to focus on scrutiny of anomalies, while CPAs have the opportunity to use blockchain technology when extending insurance services in areas such as cybersecurity and sustainability.”

Winklevoss twins and other wealthy entrepreneurs are in cryptocurrencies, but their legacy or lottery tickets are likely to be the best rest to become billionaires.

Again, blockchain technology plays a role. (The chance of winning a Powerball jackpot is about 1 in 175.2 million.)

Blockchain technology can disrupt the $ 260 billion global lottery market by providing anonymity and confidentiality to participants and providers, but it reduces the possibility of fraud and forgery.

Controlled by Ethereum smart contracts, First Ball will be one of the first to fully decentralize the transparent lottery platforms using blockchain.

All winning results will be published and distributed on the Ethereum blockchain without any third party involvement. This new model is a major change in the industry where scratch-off tickets and pencil playing papers are common.

Advertising and marketing.

Juniper Research expects advertisers to lose an estimated $ 19 billion due to fraud next year. That’s equivalent to $ 51 million a day. This figure represents advertising on online and mobile devices and is expected to reach $ 44 billion by 2022.

“We have found that blockchain principles that have been developed historically to prevent bank fraud can be applied to programmatic media purchases,” explains Amir Yang Malik, digital marketing expert at Accenture Interactive.

In “Using the system to control and manage budget costs, advertisers can track investments from the initial transfer of the media budget to the final publication of the creative by the media owner, reducing the risk of overload and poor performance. I can do it. ”

Human Resources.

HR specialists plan, direct and coordinate recruitment, interviews and recruitment of new staff. They consult with executives on strategic planning and often handle duties related to compensation, benefits, and training as well as duty related staff.

Don’t be fooled by “people” in the HR department. There are many technologies behind employee hiring, retention, evaluation, compensation, and even retirement.

According to the Society for Human Resource Management, blockchain technology will soon modernize jobs, enabling HR professionals to quickly validate job seekers with existing employee qualifications. Association predicts syst blockchain.

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