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B-Talk: Advancing Your Business with Blockchain Technology

It was 2008 when bitcoin was introduced to the market. With globalization gaining momentum, economies were opening up to newer opportunities. The periphery of markets was expanding, and this encouraged people to explore innovative ideas for new businesses and improvising the existing ones.

Bitcoins did not come to common public knowledge until 2011-12. Blockchain technology took off from there and it did not look back from then on. Currently, blockchain technology is one of the most valued technologies across different industries. It has been a game-changer for businesses across the globe and continues to be an entrepreneur’s favorite.

blockchain technology is one of the most valued technologies

Refined Business Requirements That You Ought To Know

Factors behind the success of businesses are changing faster than we can anticipate. This is great but it can get difficult to keep pace with the current developments. Business requirements change with time. The pandemic triggered by covid19 badly affected trade and commerce and gave rise to new requirements.

Distant selling

Frequent and prolonged lockdowns kept us indoors and outlets were shut too. However, this did not bring down demands. Consumers moved to online and social media platforms to float their requirements. Soon sellers too moved to similar platforms to grab selling opportunities. Fear for covid19 pushed us to distant selling and buying. It even multiplied online traffic – more and more people thronged the space. Besides trade and commerce, it was seen as a good opportunity for cybercriminals too. The public platforms aren’t safe, so experts suggest selling through a business app. It’s safer and more effective.

Remote working

The pandemic badly affected businesses. Enforced lockdowns led to remote working; it’s the new normal. It affected regular business operation and management, especially the traditional businesses. Firms switched to remote working and thus it called for remote management systems. It is one of the most important requirements for ventures.

Business automation

Manual processes aren’t enough to respond to the demand for volume and accuracy. It calls for the use of business automation systems for operating and managing different processes. Besides other customized software, ERP systems, CRM solutions, business apps, visitor management systems are some of the key solutions for automating a venture.

Highly heterogeneous market

Rapid globalization, mass usage of smartphones, the internet, and related technologies empowered independent businesses. This broke the walls and has been encouraging startups across different industries. As a collective result, it is bringing multiple businesses to the market and enhancing its variety like never before. It has become more heterogeneous than ever before and offering great scope for businesses to flourish.

Also Read: Digital Payments & Business: A Compatible And Complementing Match

covid19 badly affected trade and commerce and gave rise to new requirements

Why Is This The Perfect Time For Implementing Blockchain Technology?

As the internet traffic grew thicker, it attracted unwanted attention to the platforms. These platforms were free and accessible but not safe. As you interact over these spaces, it generates data, and your information also gets exchanged.

Data is the new oil and almost everyone is after it. You need to safeguard your data to prevent it from landing in a soup. Different organizations want to obtain your data to feed their strategies. Hackers and cybercriminals are after it for your money and can even threaten your life. They can also target your family or loved ones.

Security is highly compromised over these unverified platforms. It is one of the crucial reasons for implementing blockchain technology now.

Stringent security

This is what I told you above. Blockchain technology is primarily used for securing your interactions over the internet. Interactions over a blockchain are encrypted end-to-end. No expert can break through it; leave aside the question of manipulation and fraud.

High transparency

One of the most interesting features of blockchain technology is that it uses information and that are identically recorded at several places in the blockchain. Only permitted participants can have access to specified data. This seals all possible loopholes that can make you and other users vulnerable to cyber threats.

Real-time traceability

Every action over a blockchain creates a document that gets stored as a node in it. As interaction increases, it passes from one point to another and matures but no change happens to the original document. When the interaction starts it also creates an audit trail that notes its journey through the blockchain. Hence you can trace it and monitor its change from one point to another. You can track and share the documents with authorized users.

Faster and impeccable accuracy

Manual processes consume a lot of time and are prone to errors. Flaws in a process are unwanted and if it goes unchecked, can have undesirable consequences too. This is where a blockchain perfectly fits the bill and is thus highly recommended for current businesses.

Smart automation

It may sound like a cliché, but I cannot help repeating this; business automation is the need of the hour. The elements and factors of businesses are changing dynamically, often faster than we can assume. So, to keep pace with such developments and respond to the diversifying business requirements, business automation is a must.

businessautomation

Every venture is different from the other, no matter how similar they may look. And there is no one formula of success for everyone. So, make sure to complement your strategies with the tool. Ensure security and enhance efficiency by implementing blockchain technology in your business.

 

Author

Mousumi Sarkar

I am a blogger and tech enthusiast. Evolution of technologies is phenomenally dynamic and it's a privilege for us to experience them from their nascent stage. I write about technologies, how they influence businesses and how the commercial ecology further influences the socio-economic status of India and nations across the world.