How Will Blockchain Technology Change the Way We Do Business in 2024?

Wondering how will blockchain technology impact business in 2024? Read on to get detailed insights into the application of blockchain technology in business with a brief overview of major business operations.

Blockchain technology is gaining popularity across different sectors. It is enabling various industries to drive innovation of traditional business models. This technology has the potential to impact all major areas in a business. Many businesses are looking to integrate it into their processes. But why has it become so important for the future of business?  In this blog, we have drawn up an overview of the different processes that blockchain can impact. Let us take a look at how blockchain will change the way we do business in 2024.

To understand what is blockchain and how it works, read our post – What is Blockchain?

Table of Contents

Challenges Faced by Businesses

6 Ways How Blockchain Will Change the Way We Do Business

1. Accounting
2. Operations Management
3. Logistics
4. Marketing & Advertising
5. Human Resources
6. Cybersecurity

Conclusion

Challenges Faced by Businesses

In rapidly changing times, businesses address a lot of issues. Here are some of the common problems that many businesses face today:

• Information theft
• Presence of many intermediaries
• Supply chain failure
• Lack of data security
• Time taking transactions or payment operations
• Bot traffic viewing online ads

6 Ways How Blockchain Technology Will Change the Way We Do Business

Here are six ways how this technology will change the way businesses operate in 2024:

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1. Accounting

Blockchain technology can enhance the accounting process. It can improve all recordkeeping processes. This technology can impact how we initiate, process, authorize, record, and report transactions. Accountants can gain clarity over the available resources and obligations of the business. Here are some benefits of blockchain in accounting:

• Bring more transparency in reporting and accounting
• Reduce the costs of maintaining ledgers
• Provide certainty over the ownership of assets
• Reduce the workload of the auditors. They can focus more on looking into anomalies
• Efficient data extraction and analysis

Also Read: How Blockchain Can Revolutionize The Banking Sector?

2. Operations Management

Blockchain improves operational efficiencies. It offers newer opportunities to companies in developing markets. This technology enables the fast and secure exchange of information. This enables businesses to run effective and efficient operations. Here are some benefits of blockchain in operations management:

• Supply chain optimization
• Reduce risks in the sourcing of vendors and suppliers
• Improved quality
• Improved efficiency
• More transparency

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3. Logistics

Blockchain can also improve the efficiency of the logistics function. It can help prevent fraud and reduce inaccuracies. The technology brings more transparency to logistics and increases data security. Here is how blockchain can impact logistics management:

• End-to-end transparency
• Real-time information sharing
• Detect fraud and prevent theft
• Reduce the need for intermediaries
• Increase automation
• Reduce transaction cost
• Improve quality assurance

4. Marketing & Advertising

Marketing and advertising teams often struggle to gain customers’ attention. They face many challenges in achieving key goals in marketing. They have to combat fraud and build brand recognition. Click fraud is a type of fraud that costs many companies large sums.

Another issue is that there is no single track of real-time metrics from social media platforms. It can cause customers to see repetitive marketing materials. Blockchain can help marketing and advertising functions in many ways, such as:

• Reduce fraud
• Increase brand and product transparency
• Targeting the right audience
• Build brand recognition
• Buying and selling of ads without middlemen
• Better recording and storing of social campaigns information
• Data protection

Also Read: 10 Ways Blockchain Technology Can Change The World Around You

5. Human Resources

Human Resources (HR) is an important function of any business. It deals with recruiting, training, and coordinating with the employees. The goal of the HR function is to ensure employees’ well-being and increase output. It also manages employee compensations and bonuses that impact an employee’s experience. For this, HR professionals need to keep track of the transactions and the progress of each employee. Blockchain technology can help perform these tasks with more accuracy and transparency. The benefits of blockchain in human resources are:

• Better management of payroll systems
• Improved recruiting processes
• More security for confidential personal & financial data
• Automate taxes
• Smart contracts between an employer and employees for automatic payments

6. Cybersecurity

Cybersecurity is a major business function. It deals with the protection of systems and networks from digital attacks. These attacks aim to access, change or destroy digital information for extorting money or sensitive data. Blockchain technology can help companies to protect their data from hackers. Let us see how it can benefit businesses by keeping them safe:

• Protects critical and sensitive data
• Maintains user confidentiality
• Ensure data transparency
• Ensure data traceability
• Safe data storage
• Prevent identity theft
• Secure data transfers

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Conclusion

These were a few examples of how blockchain technology will impact different business processes. This highlights the implications blockchain will have for businesses in 2024. The opportunities and applications of this technology in business are endless.

An understanding of blockchain and adapting to its changes are crucial for business leaders. It can guide startups and established companies in making out-of-the-box transformations.