Is Your Business Ready for the Blockchain Revolution?
Blockchain technology promises to revolutionize the way people do business, exchange information and protect their privacy.
In recent years, blockchain has emerged as a new buzzword, often mentioned alongside or even interchangeably with the world’s most famous – and some would say notorious – cryptocurrency: Bitcoin.
However, blockchain and Bitcoin are not the same thing. Put simply, Bitcoin, and indeed many other cryprtocurrencies, use blockchain technology in order to attain the impressive levels of speed and security in the transactions that they are circulated through.
Blockchain technology is special because it represents a very significant evolution in the way information is stored as data. Instead of large databases stored on centralized servers that are vulnerable to attack by hackers, blockchain technology allows for encrypted data to be stored across a vast network of individual computers.
When changes happen to the information on the blockchain, these changes need to be verified by other users on that blockchain. Because of this ‘distributed ledger’ system, blockchain-based data and financial systems are incredibly hard – if not impossible – to hack. They also allow for an incredibly fast system of transferring and verifying information securely.
So how does this impact businesses? Well, it’s very likely that in the years to come, blockchain will not only impact some businesses – it will impact all businesses, as well as the very world we live in.
Let’s explore a few of the ways this is going to happen in more detail.
IT & Data Security
Companies today are forced to spend billions of dollars each year in maintaining and securing enormous amounts of customer data on large, centralized databases. Failure to adequately protect this data can lead to breaches, loss of customer trust, and ultimately hefty fines and other punitive measures from regulators tasked with ensuring consumer privacy and preventing identity theft.
Blockchain technology has the power to revolutionize the way data is stored. Companies that today have to manage large amounts of data have already begun looking at ways to leverage blockchain technology as a means of distributing their data via blockchain, and in the process making that data more secure and less vulnerable to attack.
HR & Onboarding
Another major issue faced by companies globally is the process of hiring and verifying their employees, as well as taking on customers for sensitive industries such as financial services. One of the major problems is identity verification, which can also be known as Know Your Customer or KYC.
Blockchain technology has the power to revolutionize the way companies are able to verify the identities and credentials of both their employees and consumers. Some innovative organizations such as SelfKey have even developed a blockchain-based ‘Identity Wallet’, which allows users to securely upload their credentials and necessary documentation, and then securely pass this information to the institutions that require it in an encrypted way that remains on the blockchain. This means that the identity information is never really ‘handed’ over, while also benefiting from automated verification.
Due to the time and cost-saving benefits of such a process, it is very likely that this will be an emerging trend in digital identity and privacy that financial institutions and companies looking to onboard new clients and employees will be increasingly adopting going into the future.
Digital Marketing & Advertising
It’s been estimated by Juniper Research that around US$19 billion – or 9% of all global ad spending – is effectively wasted every year due to fraudulent activities such as bot-driven ‘ad-clicking’ and other innovative methods certain websites can use as a means of boosting their ad revenue from third party advertisers. The problem is, it’s very hard to identify how and when this is happening.
Using blockchain technology, advertisers and their media partners/providers will be able to more transparently evaluate and monitor the way in which their ad data is being created and counted, potentially saving companies millions in the process, while also optimizing the effectiveness of digital marketing campaigns.
So the future is looking bright for blockchain.
At Bocasay, we are committed to providing the most time and cost effective solutions for all of your IT needs through our intelligent IT outsourcing models. Get in touch to find out how we can help you integrate powerful new technological solutions to ensure your business thrives in the new digital world.