Blockchain: better, faster, cheaper – for all of us
blog by Amy Knight (for NEN and BEGIN Blockchain)
Think you don’t need to know about blockchain because it doesn’t apply to your organisation/ your department / your role?
Buckle up, it’s time to think again…
Erm, what is Blockhain again?
Blockchain is a technological development that is bringing change to banking and trading, monetary policy, healthcare, policework[i] and more.
Also known as “distributed ledger technology”, blockchain has the potential to correct many inefficiencies in the journey that data makes from one user, or owner, to another.
All over the world, entrepreneurs and company leaders are looking at how blockchain can transform their businesses.
To expand this infographic view it here: View this infographic full screen at https://bit.ly/38q2V2o
OK, I get it. Sort of. But what’s so cool about it?
Using blockchain can improve the speed, reliability and cost-efficiency associated with lots of back-end processes.
For the sale of stocks, using blockchain can make transfers more secure and remove human error. Data is held in a single space, with ownership records and transactions updated in real time, all on one ledger. There is no possible loss or misinterpretation of information.
A key feature of blockchain technology is that it can also automate payments. This drastically reduces the need for intermediaries, and that’s where savings can be made.
Intermediaries represent “a deadweight loss to buyers and sellers of securities, drawing down on resources without offering real value in return.”[i]
Intermediaries have their own siloed, centralised databases, resulting in a lot of duplication of information. We know that data storage has a cost associated with it – and that digital storage space it’s getting more expensive. Intermediaries have to update their digital records to reflect changes to information along the journey. When you have two or more intermediaries involved, the process slows down further and gets even more expensive.
But I’m not selling stuff, is it still useful for me?
If you work with electronic information in some way, shape or form – yes.
Business functions that have traditionally been process-heavy, clunky and slow, can become slick and speedy with the introduction of blockchain technology. Even the business functions we think of as being very human, such as aspects of personnel management.
For instance, dealing with wages and company expenses can be labour intensive and often takes multiple people to sign off at different stages in the process. Using blockchain to help store and transfer data can drastically accelerate these tasks and keeps the information more secure.
To expand this infographic view it here: How Blockchain will impact the HR function
No thanks, I work in Marketing.
I hate to tell you this, but you can’t escape. Like it or not, across every sector, marketing is becoming increasingly data driven. There is little doubt that blockchain can make the analytics more transparent by validating and analysing every consumer’s journey. From improved tracking of user journeys and customer behaviour, to delivery reporting, blockchain offers a way to *ahem* tighten up your backend! Not to mention alleviating the potential pain associated with the 4 most letters most likely to cause sleep loss amongst marketers: GDPR.
To expand this infographic view it here: How Blockchain is Changing Marketing?
Given the unstoppable rise of this technology, you’re hopefully coming round to the idea that blockchain will be not only applicable but hugely helpful to you and your organisation, at some point in the near future.
What if I told you there was somewhere to learn the basics, either as an entrepreneur, a small business manager, or as an educator looking to pass on your wisdom to the next generation of hustlers?
They’ve a unique developed training model that enables entrepreneurship educators to teach blockchain technology to their SME and entrepreneurship learners. Start by reading this collection of Blockchain Success Stories. These case studies from across the globe will help you understand the Blockchain entrepreneurial journey and inspire you to learn more about the technology so that you can BEGIN to integrate it into your day-to-day business.