While the subject of bitcoin remains very polarizing, the blockchain, the distributed ledger technology that powers it, seems to be catching the interest of the business world and could change the way whole organizations are structured. While it is still at its infancy, the blockchain is already used for supply chain management, cross border payments, and to fulfill contracts automatically. But what can we expect from this revolutionizing technology in the future and how will it affect industry?
Marketing and Advertising
Click fraud is a major issue for people advertising online and costs advertisers over $50 million in losses every day. Click fraud is when a publisher either intentionally clicks on ads to generate more revenue for themselves and inflate their numbers, or when a malicious third-party does so to drain the competition’s budget while reducing the ROI.
But one of the main usages of distributed ledger technology is to combat fraud, and the same methods that were applied to stop things like bank fraud, for instance, could be used on media buys as well. Businesses will be better able to track their advertising budget versus their results and prevent overcharging while maximizing performance.
Supply Chain Management
The current process of tracking a product during the production process can be difficult and lack transparency, but the blockchain vows to change that. Since products today are rarely produced by one single entity, proof of provenance becomes extremely important. One link of the supply chain that ends up not living up to the brand’s standards could affect the quality of the final product. With the blockchain, every step can be easily audited and distributed, making the process much more transparent and increases accountability.
Identity Faulty Processes
The blockchain could also allow businesses to improve processes or work on processes with another company, without the need for a third-party. The blockchain would make collaboration much easier because of its open and decentralized nature. Processes within the organization could be distributed and audited at every step, allowing management to make adjustments when needed.
This is why it's essential that people who were thinking of entering a career in management follow a current curriculum with a focus on data management and data mining. The are many MBA programs in California that will help you understand data mining tools and how to interpret this data to improve efficiency, productivity, and quality within your organization.
Another area where the blockchain could make a big difference is when it comes to hiring new employees. The blockchain and machine learning could completely modernize the screening and hiring process and allow organizations to verify current staff and candidates much faster. Using false information will also be much more difficult for candidates and verifying the qualifications of an overseas candidate could be done in seconds.
The blockchain is here and here to stay and its disruptive potential cannot be denied. We can expect it to be used in one way or another by all organizations in the future and it will change the way we do business forever.