Don Tapscott, Chairman & CO-Founder of Blockchain Research Institute once predicted that all the major sectors from banking & finance to entertainment and agriculture will see a great shift in their business model as blockchain technology will have a strong foothold creating opportunities.
'Blockchain represents the second era of the internet.' - Don Tapscott
Business leaders have found their priority with the technology and the future will see even more growing numbers. The forecast made by International Data Corporation (IDC) about worldwide spending on Blockchain solutions amounts up to 11.7 billion in 2022. According to this report, the spending will see a compound annual growth rate (CAGR) of 73.2%. The US will see the biggest spending trend, apparently, this major contribution will be lead by the financial sector.
The Shift!
Blockchain has the power to streamline business processes and make a convenient path for the parties involved while exchanging any data or information. Blockchain can use a private, validated, shared ledger to authenticate the quality and origin of information or services whereas smart contracts will undoubtedly execute business agreements. Be it fair voting system, bureaucratic processing, calculating taxes and ownership of assets to maintaining the economy, Blockchain establishes a dynamic environment for everybody.
1. Accounting
This one field needs the most transparent mode of working. From calculating taxes to managing funds and other activities without a scope of any kind of error. Blockchain gives the freedom of every action being verified, which makes it efficient by ensuring only the accurate procedure can take place. Accuracy of records, calculations, data is a promise and most importantly secure and hack-free environment.
2. Human Resource
If you are thinking about what human resource has to do with the technology, then you are simply mistaken. Blockchain would effortlessly modernize the methods of planning, recruiting, interviewing by allowing HR professionals to verify every candidate and the employees' records. Blockchain can prevent 3rd party companies from providing any false data about the candidates. The technology can simplify the payroll process in the case of cross-country employees.
3. Marketing
Professionals can efficiently get in touch with potential customers without having to worry about fraud or unreliable resources. Reaching targets will become easier and the department can manage teams, customers and complete performance. Marketers can directly connect with brands & influencers in a scalable fashion.
4. Legal
Blockchain offers security beyond measures. When it comes to the law, one needs to protect the identity of people involved in the case, the evidence. A smart contract would enable the strict process of exchange. The authenticity of the records can be maintained, data tampering won't stand a chance, enabling quick results.
5. Voting
Elections have always been vulnerable to either forceful actions or electronic voting machines (EVM) being rigged, mistaken identities or misinformation, etc. E-voting process through blockchain will eliminate all the possible errors. As blockchain maintains all the records and the entire process is about the rules set, electoral fraud can be stopped allowing a fair means to choose the right ministers.
6. Stock Exchange
The settlement of trades, regulating brokers, etc. can be efficiently done via automation and decentralization. Managing fundraising, assets, financing, tracking securities lending will become a painless process.
7. Energy Supply
With the customers scratching their heads to understand their utility bills and trying to figure out why they are paying that kind of money and the service providers trying to maintain all the data regarding the resource. Blockchain can help them all by keeping a track of energy used and the amount used on a timely basis. Renewable sources can be monitored and transparency can be easily observed, making the customers understand where & how much energy they are using and what they are liable to pay. And the providers can monitor the complete city grid.
8. Supply Chain Management
Track product’s origin, quantity, delivery so on and so forth. The level of transparency that is offered in the B2B or B2C environment maintains the tedious tasks of ownership transfer, production process, and payments.
Smooth & Swift Role!
Blockchain application development services are supposed to offer the best solutions that can ensure strong invested growth in the market.
- Payments and Transfer: Blockchain-powered applications have made a mark with big companies like JP Morgan, Mastercard, Bank of America and many others. From small to big company owners can use the technology to transfer any amount of money or asset securely and quickly, the best part being no extra charges/commission/fees have to be paid to any kind of intermediaries.
- Better Administration: Smart contracts are law in itself that nobody can go against. Once applied the process of the entire exchange will move accordingly to the set of rules mentioned in smart contracts, no other way.
- Records: Records can be stored which can be accessed by the peers involved. All the action and tracking are also feasible. As the records can't be tampered, it becomes easier to manage all the transactions. This makes all the process much quicker as the path has already been set.
- Identity: A secure platform to store and authenticate user identities through decentralized identity management systems. This aids in keeping a check on any fraudulent activities. As all the details are accessible among the parties involved, they can make hefty transactions with the ease of trust.
The Impact!
Funds play a pivotal role in establishing a ground for business to flourish. Be it startup or enterprises, right & timely funding & lending becomes a cumbersome task to adhere to. Blockchain can easily eliminate these challenges by allowing ventures and investors to transact funds on time when needed. As more and more companies leverage the blockchain technology, it will attract even more investors in the excitement of pushing the economy and making a robust market for agencies industry-wide.
The opportunity of growing capitalization will change the face of industries in the future making the market ever strong and creating opportunities for better business ideas. Infrastructure with better governance laying the foundation of powerful smart cities.
Action!
Before jumping to availing custom blockchain development services, its a recommended to only hire blockchain developers from a company which holds experience in creating & integrating customized blockchain platforms. Choose the right blockchain development company that understands the market need and offers exactly what the business needs.
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