Blockchain technology is shaping the future of business

Blockchain technology is shaping the future of business

Since the dawn of the internet, businesses have faced the challenges of trying to integrate themselves into the digital world. Traditionally customer involvement was not present within large corporations where their opinions were considered law.

Blockchain technology is shifting the market to promote more customer involvement. Blockchain refers to a decentralised platform where transactions are made via cryptocurrency and all of the records are recorded in a chronological order for the public to view.

The major fact to note about blockchain is that anyone can view the economic transactions and form their opinion based around that. This could sprout a new era of customer involvement with companies and businesses if they join the emerging trend.

The cryptocurrency craze over the past couple of years has sparked an interest in all things crypto and how they can benefit businesses. The introduction of blockchain technology can shape the future of businesses in the following ways.

A new avenue for the sharing economy

The sharing economy has been an emerging trend that has been adopted on an international level. When you hear the term sharing economy, two brands that should spring to mind are Airbnb and Uber. How these services work is that the users of the service are the main contributors to help it survive.

These two services have taken the world by storm especially when promoting the decentralisation of businesses – meaning that organisations don’t have to rely on physical assets or offices to conduct business.

Although the concept has been successful in the past it doesn’t mean that it is free of flaws. The main problem that the sharing economy faces now is that value isn’t redistributed equally between those who conduct the service and those that receive it. There’s a third party in the middle that is taking a percentage of the profits for themselves rather than to feed it back into the system.

Having blockchain technology implemented instead could revolutionise the sharing economy. The blockchain would further decentralise the operations by removing a centralised server and having the business being conducting on a peer-to-peer network. Removing the centralised server translates to removing the middle man altogether, resulting in more profits for those carrying out the service and greater benefits for those that use it.

 

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Source: Blockchain technology is shaping the future of business – Best in Australia

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