Most of the attention on blockchain technology has been concentrated on Bitcoin and cryptocurrency. However, even those that are unconvinced by Bitcoin, remain adamant that blockchain technology could be set to revolutionise the business world. Blockchain is private, secure, and maintained by a network of decentralised computers.
Accounting requires highly accurate and detailed record keeping, and these records need to be stored securely and transferred rapidly. These are the very benefits that blockchain ledgers have to offer, so it makes perfect sense that the accounting departments of organisations are turning to this emerging technology as a way to improve.
Blockchain is already being investigated by banks and financial institutions around the world. HSBC has trialled international payments using the technology, and it is believed that it could transform this area of personal and business banking in the near future.
HR is another area that can benefit from blockchain already. An employee can be given their own blockchain entry, and this can be furnished with extensive details, such as their salary history, full employment history, and even their achievements and awards. The records can be updated in real time and remain private, until the individual grants permission for the record to be sent and read by a potential employer or other groups.
One of the benefits of blockchain over other record keeping systems is that it is said to be unhackable. Considering organisations such as the NHS have been in the news for massive data breaches in the past year or two, it shows the importance of cybersecurity to all businesses.
Blockchain offers a method of recording any digital interaction that is secure. It is also easily auditable and the information can be sent from one party to another immediately.
Unique business processes
Blockchain tech is already being used in modern business sectors including healthcare, finance, and even real estate and commerce. Gold exchanges are placing gold on blockchains, while fine art prints can be assigned their own key, which would digitally accompany the piece. This is then verified, essentially removing the possibility of fakes and forgeries.
Blockchain can also be used to protect intellectual property in a similar manner, and these are just some of the unique business processes that can benefit from this highly innovative and emerging technology.