Questions Technology

What are the ways cryptocurrencies and blockchain technology will change the way companies do business?

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Madhu Mannen

Think Big

New advancements in technology are introduced from time to time. Most of us might have heard about the Blockchain, but some of us still don’t know what exactly this technology is all about and what is the main motive behind inventing it. This amazing technique has brought tremendous change in the working styles of companies as it has a big hand in improving their work efficiencies and revenues. I will explain every important point regarding blockchain here.

First, we need to revise or know what Blockchain technology is,

In simple words, it is an open ledger where all the transactions take place through Digital Currencies, there is no involvement and requirement of the Banking sector while transferring money. Whoever is staying in this network, they all have the information regarding the transactions of other people as well. All participants know who is transferring money to whom and what is the exact amount.

Benefits of using Blockchain Technology –

  • The speed of transactions is far better than the banking transaction options. It takes less time and can transfer money to anyone and anywhere in the world.

  • Fewer charges of transaction.

  • Safest technology as it is impossible to hack the network because this technology is present in more than 1000 computers. So hackers have to hack the 1000 computers at a time, which is impossible.

You must be thinking that what is cryptocurrency now, it is a digital currency in which cryptography is used for security purposes.

These are the basic facts to know about the Blockchain method.

Now our main discussion is how Blockchain Technology is playing an essential role to increase the business level of companies and how it has changed the way companies doing business.

  • Increases customer database – Its biggest benefit to companies is the speed of transaction and lesser payment process charges which in result increases the satisfaction level amongst customers that automatically increases the customers’ database. The companies that use Digital currencies for transactions can also be able to increase their brand or company awareness in the International market because of its feature of handling multiple payment options.
  • Manages your Accounting – There are many auditors hired in the company to manage accounting which is another important task for a company to run. But guess what? This Blockchain Technology manages all your business operations with proper accuracy, which in result reduces the work pressure of accountants and auditors.
  • Cybersecurity -  In terms of Cybersecurity, Blockchain has become the best idea to be implemented by all companies. It has introduced a platform that allows all the transactions in the safest way with proper efficiency and transparency.
  • Manages Payroll – This technology is versatile enough to manage all the payment transactions of multiple currencies as well.

Companies today are aware of the advantages of Blockchain which is why they can provide the best solutions to customers.

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emma brown

An avid reader and writer

According to experts like Delloite, IBM, etc., Blockchain is emerging as a potential technology. Not to forget, one of the fastest-growing technologies. It is increasingly merging with mainstream industries and to associate it only with cryptocurrencies is a thing of the past. Today, blockchain is integrating with supply chains and making them cost-effective and efficient. For example, Wallmart is exploring blockchain to track food and address the counterfeiting of various products.

Blockchain is driving the wave of decentralization and in the last couple of years, the world has seen some remarkable projects and platforms that offer freedom from the centralized cartels.  Blockchain is revolutionizing how we manage data and addressing the many anomalies persisting in the existing systems by providing safety and protection from fraudsters and hackers.

Blockchain and cryptocurrencies together will provide transparency, and effective means to not only improve existing supply chains but also deliver globalization in its purest form.

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Anahit Ghazaryan

mobile app

Blockchain is a digital ledger of transactions with copies distributed across the entire network of computers connected to the blockchain. How to build a blockchain app in 2021 and what benefits businesses can get from it you can find in this article

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