Blockchain Technology is set to transform entire industries and make a big impact in this world. From supply chain to aviation, from finance to entertainment, blockchain has already started to produce positive results for businesses. It presents us with something different from previous generations of technology — an exchange of value. This innovation has turned it into a priority for business leaders across industries — especially in banking, manufacturing, and energy.
Blockchain spending is anticipated to reach approximately 12 Billion USD by 2022 according to a report by the International Data Corporation. Industry leaders have quickly realized it as a game changer in many business use cases and the disruptive potential of the technology.
So how can we apply the Blockchain across verticals, and in which ways can it transform traditional business?
Let us find out.
Management and Operations
Blockchain can help streamline business processes and reduce the friction between parties involved in the exchange of information. Enterprise blockchain can use a validated, private and shared ledger to guarantee the quality and origin of information and services.
It can help elevate the level of trust between parties in the business network, allowing participants to work together without any additional guarantees. Entities working within the same business tend to trust each other because they are unified by the same goal of helping the company succeed. However, when individuals representing different companies need to work together, that trust is rarely present, thus making collaboration difficult. Blockchain builds trust and can bring benefits to the processes across multiple organizations.
Accounting
Accounting is full of challenges — from the over-complex tax code to the paramount need for accuracy and precision. The blockchain can address these issues with simplicity. The transparency provided by the blockchain can decrease the time auditors spend sampling and validating transactions. By having more time at hand, auditors could focus on controls and other vital tasks.
Human Resources
HR professionals are responsible for planning, recruiting, interviewing and hiring new staff. In the process of Human Resource, a great deal of technology comes into play. As per Society for Human Resource Management, blockchain could be used to modernize hiring by quickly verifying the credentials provided by job candidates and even existing employees. In addition, blockchain can prevent third-party companies from providing inaccurate data about the candidates. Blockchain-based systems can also affect payroll, especially in multinational corporations and businesses working across countries by simplifying and standardizing payments in different currencies, changing the way companies compensate employees.
Marketing
Juniper Research suggests that advertisers are expected to lose an estimated 44 billion USD by 2022 due to frauds. The blockchain technology can significantly reduce “click frauds,” enabling the marketing executives to actually reach their targets.
By utilizing the system to manage budget spending, remove intermediaries and prevent fraud, the risk of overcharging and underperformance is reduced.
Legal
Blockchain is the gateway to enormous amounts of data that can enhance law firms’ ability to find hard evidence or contradictions in the case. Smart contracts could also come to play, enabling automatic transfers of assets once certain conditions are met. Disputes could be resolved directly and very efficiently, saving judges, lawyers, and clients a lot of time. Blockchain could also bring an end to the escrow accounts, where legal firms hold the money until the previously specified conditions are met.
