The Impact of Technology in businesses and their future that beholds by blockchain.

The Impact of Technology in businesses and their future that beholds by blockchain.

Technology is beginning to be a fundamental component of businesses nowadays. With the vast development of Technology, Technological solutions are integrated into businesses for various purposes such as to improve the feasibility of tasks, improve the storage of data, improve the accessibility of the services to the customers through seamless connections whereby the functionality of the businesses has been increased significantly while there is an exponential reduction in the business expenditure. When analysing these innovative technological interventions broadly, with the enablement of different software for smart devices all aspects of businesses could be monitored and handled remotely. Hence, the sales, marketing, shipping and handling of the revenues can be done from just a click of a button. With the creation of cloud computing, data storage and their mobility has been easier than ever before. With real-time communication platforms, connecting with the employees and customers has become effortless and yet the downtime outside employment has reduced. As there are fewer financial obligations to initiate and expand businesses due to the impact of technology, young millennials have taken part in businesses and the old business mindsets are at the brink of extinction.  

 

It is suggested that the future of businesses rely on Blockchain. It is a technology where the transactions of businesses can be executed from the beginning without consulting central authorities. The transaction then can be then be securely preserved using encrypted data. The transparency of the transactions is ensured through compartmentalising. When elaborating on the effect of blockchain on business transactions, in many instances it is required to keep track of the business products to ensure that the products are securely delivered to customers. With blockchain, business owners can detect the real-time location of the products. Thus, guaranteeing the authenticity of the products while ensuring their safety. Digital records of the transactions can also be shared with the stakeholders. Blockchain is also being utilized for secure money transfers. It uses a technology called “smart contracts”. in this method, self-executing computer programs lay the terms and conditions of the contract as described by the businessperson. These contracts are then recorded and stored. Hence, transparency of the business protocols is ensured which reduces the alienation of business stakeholders. Blockchain is also a secure platform that is difficult to intrude. This is because it is a chain of blocks which contains hard cryptographic references to the previous block. These references contain mathematical algorithms which need to be solved to be manipulated in the network and the chain which make a unique hash ID. This allows the system to be more secure and virtually tamper-proof. Block-chain technology also eliminates the third-party involvement in transactions as it only relies on P2P (Person to Person) relationship to execute a transaction. Hence, with the integration of blockchain in businesses the costs can be predominantly reduced while the efficacy can be sustained.