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5 Benefits of Blockchain Technology for Businesses

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StrategyDriven Risk Management Article | 5 Benefits of Blockchain Technology for Businesses

Many people are using the world blockchain these days. So much so that the phrase has become a buzzword. Currently, ASX blockchain companies are providing these services to users.

Finance and business executives often joke that the word blockchain placed at the end of the company name is enough to increase the share price of any entity at least twofold.

Jokes apart, it is a fact that more than 50% of companies are using – or planning to use – the blockchain technology, which gives a boost to the relatively nascent market.

Before we discuss its business benefits, we should first find out what blockchain really means, and what value it has to offer.

Blockchain Technology Defined

Blockchain technology is simply defined as a list of records known as blocks linked through cryptography. Each block contains transaction data and a time stamp.

It was first introduced for circumventing the traditional banks and financial institutions and satisfy their fears regarding unregulated money, making its way into the mainstream.

Blockchain technology authenticates and enforces financial transactions. Every aspect of the transaction, from creation to settlement, is carried out in real-time.

Businesses can use this technology for making and receiving payments, store data on clouds, or executing agreements.

In the article below, we will discuss some benefits of blockchain technology for businesses.

1. Money Transfer and Payments

This is perhaps the most widely known use of blockchain. With the help of this technology, businesses can carry out payments and transfers. Blockchain offers a secure and safe transfer of money anywhere in the world with a very low fee.

There are no intermediaries involved in blockchain transactions which usually charge high commissions, and also cause slowdowns in the process.

A business that has clients or employees in different parts of the world can carry out instant crypto-currency transfer in a cost-effective manner.

There are some organizations, including Abra and Bitage, who are spearheading the blockchain money transfer phenomenon.

2. Supply Chain Management

Most people in business abhor paperwork. They think that it stalls their speed and decreases their efficiency. When the matter is urgent, paperwork becomes a burden.

For businesses that are involved in supply chain management, logistics, or shipping, blockchain allows opportunities to bypass delays created due to excessive paperwork, and track all the shipments in real-time.

3. Transparency of transactions

Blockchain technology has allowed transaction histories to be more transparent. The reason is that it is a distributed ledger.

The same documentation is shared with all the participants involved in the transaction. There are no separate copies for each user.

Every participant in the transaction must agree on the documents, which will not become valid until there is a consensus. If a single change is needed in any document, it will mean changing all the existing and subsequent records after obtaining confirmation from all participants.

This system of affirmations and confirmations maintains the accuracy and transparency of the data. This also means that the data on the blockchain is more accurate than similar data shared through papers.

Blockchain can be understood with the help of Google Docs. There is a document that is available to many people who can make changes and save them. The same document is available to every user. However, there is just one difference. No single user can delete previous entries made in the document. They can only make additions.

4. Safety and Security

Blockchain technology is way more secure than the traditional systems of record keeping. First of all, every transaction must be agreed and affirmed by all participants before it is properly recorded.

Secondly, once approval is received from all participants, the transaction is encrypted, and then connected with the preceding transactions.

Thirdly, the information encrypted through this process is not stored in a single computer. Rather, it makes its way into a network of computers belonging to participants involved in these transactions. The availability of the same data on many computers across different geographical locations renders it impossible for hackers to attack all of them simultaneously.

The sanctity and security of data are imperative to every organization, whether it is healthcare services, banks, financial institutions, or government entities. Blockchain technology offers a novel way of sharing information without the fear that it will be compromised in any way. The risk of unauthorized access or activity or willful fraud is almost non-existent through blockchain.

5. Better management of inventory

Blockchain technology offers a complete and concise record of every monetary transaction that takes place in your business.

It also offers the opportunity to connect with every other part that you are dealing with, whether it is your supplier, clients, warehouse, or a retailer.

Everyone who is part of the network has the same data available to them. Since the information is similar to everyone, there is little room for confusion regarding the transactions that took place at each end. This leads to much better management of inventory as compared to the traditional method where every participant has their own set of documents that are reconciled with the rest at the end of any given period.

It will be useful to note here that the world’s largest shipping company, Maersk, is currently using blockchain technology for handling its workflows. The company started using blockchain after it found out that a simple shipment involved hundreds of interactions between different people across the globe, hindering speed and efficiency.

With the help of blockchain, the company is able to keep and process that data of its thousands of containers scattered all over the globe with ease and efficiency.

The Final Word

Initially, blockchain was envisaged as a technology that would support the Bitcoin. However, as time passed, experts suggested that it may have many more advantages. Currently, it is being discussed that blockchain may fundamentally alter the internet itself.

Gradually, with time, blockchain tore the boundaries of money-related transactions and became a distributed ledger phenomenon.

Presently, the demand for blockchain in businesses has been increasing exponentially. The demand for blockchain is expected to shoot up by more than 75% by 2022.

 

Do You Have A Network Infrastructure In Place?

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StrategyDriven Entrepreneurship Article | Network Infrastructure | Do You Have A Network Infrastructure In Place?Networks have become integral to businesses. Nearly every single company uses some form of a network. It doesn’t matter whether these businesses are large companies or small startups. As long as the use of technology is evident, then the need for a network is there.

Just think about how many computers are used around the world today. Technology has a place at the core of all business activities nowadays. As soon as a company has more than one computer in their premises the need for a network arises. After all, they need to have a channel of communication. This is so common files can be shared, whether they be different software applications, client files, or databases. It is unfeasible to manually implement everything on to one computer one by one. This would take forever and the process would need to be repeated constantly. And then you must think about networking on a different scale, such as through outsourcing. This requires some form of network capacity so that you can work together and join forces with an outside source.

Quite frankly, if you don’t have a network infrastructure in place then you are dramatically halting the progress of your business and putting huge stumbling blocks in the way for your growth. However, if you do have an effective and well thought out network infrastructure you can reap mass rewards. This will bring a lot of benefits to your business.

One of the main benefits your business will experience through using a network infrastructure and investing in network support is an increased level of communication. This will see your productivity levels soar as your staff will be able to communicate more efficiently with one and other and get tasks completed at a faster rate. This communication also relates to the dialogue between your business and your suppliers and customers. All in all, because information is being shared more efficiently your business runs a lot more smoothly. Problems will be resolved quickly and any queries will be answered at a rapid pace.

You can also benefit from cost efficiency as well. After all, it is much cheaper for all of your data to be stored in one centralised place. Just think about how much you will save on IT support alone. Employees can also share the use of key equipment, such as scanners, printers, external disks, and so on and so forth. Not only do these points mentioned represent cost efficiency, but also general efficiency levels regarding the work rate of your company. There will be a smaller scope for error too. As everyone will be using the same network people will be able to pick up on any issues and quickly fix them, rather than one person having to be responsible for all.

It is quite evident to see that there is a lot to be gained by using a network infrastructure. You will note your business productivity and efficiency levels will increase, there will be a higher quality of work, and you will be able to save some money at the same time too.

Using Big Data in the Classroom

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StrategyDriven Organisational Performance Article | Big Data | Using Big Data in the ClassroomBusinesses the world over are leaping into the use of big data. The analysis of the vast amounts of consumer data is helping business to create more effective marketing strategies and streamline their business process. However, it’s not just businesses that are using this valuable tool. Big data is starting to make its presence felt in the classroom, and the results are proving to be worth it. As the next big step in the transformation of the modern classroom, technology is at the forefront, and big data could be the key to improving the education levels of a whole new generation. Here’s how.

Better Results

The real-time analysis of the performance of each individual student is now possible through data tracking. This enables teachers and educational centers to have a more accurate view of how well a student is performing. Traditionally, student performance has been judged according to the results of an exam or test, but this is not always effective. By highlighting the strengths and weaknesses of each student, it is now possible to create more effective and beneficial learning schedules, and even allow for better group work when complementary skill sets are combined. This can help improve a child’s learning skills, and create a more effective learning curve for every student in the classroom.

Reduce Drop Outs

There are an estimated 1.2 million high school dropouts in America every year. This is a huge issue for educators, and can have dramatic long-term effects on the future of every one of those children. Data analysis could be the key to tackling this issue. Modern software is able to use predictive analysis of data in order to create education programs that suit each student, and with college retention software it is possible to identify those students most at risk of dropping out. Many of the reasons for high school or college drop out can be tackled if they are identified early, which is why tech-savvy educational facilities are integrating these software models into their classroom management.

Education Customization

Blended learning, where students use a combination of online and offline resources, allows students to have much greater control over what they learn. For those with clear advantages in some areas, this allows them to tailor their lessons to their skill set. This is now possible even in large classes, with teachers able to oversee what students are doing in real time. By allowing students to work at their own pace and in areas that interest them, teachers are better able to tailor their offline lessons to those students that need extra help. This can not only help with student engagement, but it also means that those students who excel are not being held back by their peers. For those students that are slower to learn, customized lesson plans can help to keep them on a level playing field.

Data is being used by corporations and businesses in a wide variety of ways. As the full impact and potential of big data continues to expand, the classroom could end up being the most important user of data analysis, and the education of the next generation looks set to benefit from those changes.

3 Ways Your Company Is Using Technology Wrong

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As a business owner, you’re probably fed up of hearing about how important technology is for your business. You know that by now and you’ve probably made some updates to the tech in your office and started to see some of the benefits. But a lot of business owners end up adopting technology because they’ve been told that they should, without really understanding how to use it properly. If you’re making mistakes when implementing and using new tech, you’re paying out loads of money for stuff you aren’t getting the full benefit of. These are the biggest tech mistakes that companies make and how to solve them.

Using The Cloud For File Transfer

I’m not suggesting that using the cloud for file transfer is a bad idea, it isn’t. One of the great things about the cloud is that you can use it to quickly access files from any computer, but so many companies think that this is the only thing the cloud can do and they’re paying for an expensive service and only using it for this one small thing. When you set up the cloud, spend a bit of money on cloud implementation services and get everything set up properly, then you’ll be able to get the full potential from it. You can use it to improve collaboration between employees by allowing them to work on documents together in real time. It’s also great for cutting costs and saving space in the office by reducing the number of physical servers you’re using. If you aren’t using all of the great features of cloud services, you’re wasting money.

Experimental Technologies

When a company comes to you and says they’ve just developed an innovative piece of software that is going to revolutionize your company, it’s tempting to bite their hand off and hand over your cash. But you don’t know where IT trends are going to go and a lot of tech in the early stages is going to be riddled with problems. You might get lucky and buy something that saves you money and improves productivity, but you’re just as likely to buy a buggy piece of software that never takes off. Don’t take risks on new technologies, it’s better to invest your technology fund in the tried and tested stuff.

Viewing IT As Separate From The Business

 

The IT department often gets shunted out of the way and forgotten about until they’re needed. They’re seen as separate from the rest of the business but that’s the wrong attitude to have. Now that technology is so tied up with every aspect of your company, the IT department has a central role to play in maintaining that technology and helping you to use it properly. If you’re not allowing the IT department to do what they do best, you’re just going to slow things down unnecessarily.

Spending money on technology is one thing but if you actually want it to have a meaningful impact on your business, you need to understand how to use it properly and avoid these mistakes.

Why Technology Is So Important In Business Practice

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The information age got itself into full swing about 100 years ago, and we’re still living in it these days because of the amount of new information that can spring up in any sector in any market anywhere on the globe. As a result, it’s such a powerful time to run a business. You can be reached from anywhere and find the market you need instantly with a few search engine terms, and then operate on a larger scale than you ever would have been able to in the past. So with that in mind, here’s some of the mostly wide renowned reasons as to why technology is so important in our business practices.

Our Communication is So Much Better

Let’s consider this for a minute. When you’re able to write things down to send off, instead of speaking it to a person, we can draft out what we’re going to say. That means we can perfect our communicative skills, and make it a lot easier to close a deal with a few emails. Of course there’s no beating the natural charisma of the speech, but if you’re the kind of person who is in a leadership position and struggles with this, no longer do you need to think yourself turfed out because of it!

Not only does this impress possible investors and business connections, but you can also better perform customer service with the written word. No issues with connectivity over the phone, everything about a complaint is set out in front of you to refer back to, and you can focus on more than one task at once seeing as you’re using a screen instead of your voice. You can practice with online programs and apps without ever needing to hire out a service. It’s often a lot cheaper to run business through technology!

It Affects Our Operating Size

So whilst we may be a far cry away from replacing human workers with robots, despite burgeoning AI on the frontier, we can expand our businesses via the use of software. This is because everything is instantly accessible as long as you have an internet connection, and there’s hardly any countries left in the world where this isn’t reliable. Connectivity on a global scale means we can do international trading, conference calls across oceans, and bring in more and more people from the other side of the world with a whole wealth of talent. It’s incredibly exciting when you think about it!

You can even cut out a few hours of work time, or even lower the cost of hiring an accountant when you can do financial modeling on smart spreadsheets. It may still be a good idea to bring on someone who knows the numbers inside and out, as nothing is smarter than the human brain, but programs like this give people with lower budgets a better chance from the get go.

It Often Keeps Details More Secure

Of course in such a digital age you’re going to experience software bugs, and of course sometimes there’s the odd hack or two. However, having firewalls and digital security systems in place make these details you store on a network a lot more secure, plus they’re easier to reach for everyone involved in a transaction process.

On a more local scale, business operations can be kept secure by software from outside intrusion by competitors, and if you’re running a business that has a secret recipe involved in the creation of your product, this is where it’ll be the most safe. Even passwords alone are a great deterrent!

So the general theme is that if you have software systems in place to encrypt the data of customers, you’re not going to lose it in the back of a filing cabinet or need to input the same information everytime it comes to it, plus you’re better protected against any malware willing to get into your data banks. Don’t underestimate the power of technology when it comes to this purpose, and remember that customers always have a choice to either have their details remembered or not; you’re simply providing a better alternative for them to avoid hassle!

Overall, technology makes business easier and safer to conduct, and there’s a whole world of it out there for you to explore as an entrepreneur. Startups have never had such a strong foundation age, and whenever a sustainable business crops up on the block, it means the information age has done its bit for the future.