We can see today professionals in recruitment, marketing, Fintech and more are now using blockchain technology to streamline specific business needs.
Blockchain technology was introduced with digital currency – Bitcoin. A blockchain is an unbroken log of transactions, each one considered a “block” of information. It’s maintained and shared over a network of distributed computers, but the data is encrypted for security. But the blockchain concept is rapidly expanding beyond the cryptocurrency universe. Let’s see how other professions are adopting blockchain to particular business needs, for more efficient data sharing.
Recruitment
Constant chore for HR departments is locating and onboarding new talent in every company. Blockchaining can provide you with a secure but flexible informational source. It’s changing the way businesses recruit employees in the information age.
Having some form of verification system in place would reduce much of the risk and save valuable time in evaluating candidates. Blockchain technology would essentially let participating companies maintain a database of employees, along with their skills, duties, education, and history. It gives an opportunity to compare an applicant’s claims against the experience and credentials that have been validated in the past. This could include a registry of diplomas, certificates, and other honors job seekers might list on their CV.
Immediate fact-checking against an extensive blockchain of information could transform the screening and hiring process for companies of all sizes, and at a relatively low cost.
Fintech
Blockchain technology is still widely used for most cryptocurrency transactions. As more companies and consumers adopt these payment methods, it could become a standard method of payment that doesn’t require you to pay for processing services or special software. This means lower costs and potential savings for users.
Every company seeks ways to streamline their business operations. More efficient processes lead to improved time management, and to greater productivity and profitability.
The automation and integration of financial tasks into one platform will improve your cash flow and record keeping while freeing up employee time. Blockchaining will lower the cost of processing any digital transactions.
At present, the majority of business is done using debit/credit cards, a form of digital currency. Including the capacity to process cryptocurrency into the mix will allow your company more flexibility in accepting payments. It will also encourage more sales with a new generation of consumers.
Digital Marketing
The current state of digital marketing is that major internet companies such as Google or Facebook control much of the advertising that takes place. Incorporating blockchain technology into this marketing could allows a level of security and transparency that would enable marketers to quickly assess audience factors such as demographics. This can be done with an efficiency that could save you millions of dollars annually.
Blockchaining can accomplish this through tracking these of Basic Attention Tokens which allow end users to get paid for the ads they view, while the advertiser sells directly to the public. This would effectively put the consumer back in control.
This trend has only made marketing more difficult as users get fed up and seek more confidential channels. A reputation for exploiting personal information has also backfired on companies by damaging their brand.
With an encrypted blockchain, users can view the content they choose without marketers monitoring and accessing their viewing habits.
Instead, the public can decide who gets their information, for how long and when. Digital marketers may have less data to go on, but it will be more accurate. One upside is that your company can be confident that ads are reaching the right people, so that marketing funds bring better responses.
Consumers and advertisers alike will benefit from blockchain technology in the digital marketing environment.
Blockchaining is a versatile technology that can be applied to business practices of many kinds. The benefits of secure and distributed tracking of information will improve the productivity of HR, marketing, payment processes and more. Best of all, it can be done at lower cost that current solution. These are important benefits that can be passed on to your customers.
