{"id":9769,"date":"2019-06-25T09:40:01","date_gmt":"2019-06-25T13:40:01","guid":{"rendered":"https:\/\/www.method.me\/?p=9769"},"modified":"2023-12-15T09:01:22","modified_gmt":"2023-12-15T14:01:22","slug":"how-blockchain-could-impact-your-business","status":"publish","type":"post","link":"https:\/\/www.method.me\/blog\/how-blockchain-could-impact-your-business\/","title":{"rendered":"How Blockchain Could Impact Your Business"},"content":{"rendered":"\n

Ever heard of bitcoin, the user-generated currency? Or cryptography, the digital technology<\/a> used to code your data to keep it private and secure?
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Both are directly related to blockchain technology.
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Simply put, a blockchain is a set of data \u2014 time-stamped and carefully recorded \u2014 that is shared among computers and not owned by any single entity. Each piece of data is bound to all of the others, forming a secure and efficient chain. If someone tampers with a dataset, the entire chain is affected. Plus, everyone sees what you\u2019re doing, so there\u2019s very little room for shady business.
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Blockchain\u2019s applications are vast. While the financial industry has been the fastest to adopt blockchain-related processes, blockchain has the potential to revolutionize many other areas of the global marketplace. After all, every business has finances to manage. Many businesses also have complicated logistical processes<\/a> such as distribution and shipping that could be enhanced with blockchain. Better yet, blockchain allows for rapid and secure communications worldwide, which is an ideal situation for global enterprises.
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While blockchain is still an emerging technology, it already has profound implications for all types of businesses. Here are three examples of how it might impact yours.
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1. Enhancing accounting roles <\/strong>
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The accounting industry is naturally detail-oriented, which makes blockchain an ideal process for financial record-keeping. Many of these details can be offloaded to automation, thus allowing accountants to focus on the “big picture” of financial records and provide guidance on how a company can improve its bottom line.
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Another great example of blockchain’s potential in accounting relates to the auditing process. Accountants know all about audits \u2014 those lengthy reviews where outside financial experts examine a company’s information for accuracy, including their double-entry bookkeeping.
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According to Deloitte<\/a>, blockchain could enhance the auditing process by ensuring a better set of records for audits with less complication. With both customers and sellers confirming transactions on a joint, blockchain-managed register, there will be a secure and nearly inalterable record of transactions. As a result, auditors will enjoy greater accuracy and more dependable accounting, not to mention additional time that can be used for other client-facing projects<\/a>.
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In addition, with computers handling more of the day-to-day work of accounting, accountants themselves will have more opportunity to work on trends, according to The Institute of Chartered Accountants in England and Wales (ICAEW)<\/a>. An accountant, for example, could examine blockchain-maintained information and compare the record to economic reality and valuation, helping companies get a better sense of their balance sheets.
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2. Streamlining shipping<\/strong>
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Since blockchain is designed to track data through a system, it can just as easily be repurposed to follow items in the real world. This will make shipping easier than ever to manage. In particular, blockchain can simplify international shipping, a complicated process that involves numerous loads, unloads, transfers, sign-offs, and approvals.
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For example, IBM shows how an international flower shipper could use blockchain technology<\/a> to streamline its entire shipping process from start to finish. Some of the immediate efficiencies provided by blockchain include:
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