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Blockchain Changing Business Communication and Operations 区块链改变业务沟通和运营

Business leaders realizing the disruptive potential of blockchain. 商业领袖意识到了区块链的破坏潜力。

The nexus point of business revolution is typically found in partnerships or at the intersection of small business and government. Most business leaders are therefore tuned into that frequency, scanning the airwaves for information that will influence their decisions.

However, the rapid climate change, growing financial inequality and declining consumer trust suggest that we are not currently innovating quickly enough to meet the challenges faced by society.

The COVID-19 pandemic has revealed that business leaders are leveraging the social biorhythms and fast-tracking innovation to meet a critical need. Companies implementing work from home, flexible hours and making major decisions offers an enticing snapshot of the future.

Blockchain technology has left a profound impact on the business world, empowering an environment where both startups and established companies can explore better opportunities and reap higher profits. Blockchain allows businesses to mitigate the traditional challenges in an efficient and effective way to make a difference.

While many enterprises have succeeded in understanding and employing the potential of blockchain such as better security, reduced time and cost and better cross-border transactions, there are others who are looking into expanding the blockchain business opportunities. One such opportunity is the role of blockchain for business communication.

Due to the pandemic situation, most companies are initiating plans for their employees to work remotely by offering Work-from-Home policies as an effective way to cut down the overhead cost.

However, online business communication can also be a challenge, acting as a barrier in communication and blockchain technology has the potential to tackle this issue.

Businesses will have to communicate with customers, investors, suppliers, and partners as well as the internal team. This is making it imperative for them to keep a real-time track of all the interactions both internally and externally and maintain a balance.

Many times, business executives realized that there’s a lack of communication between them and their employees. To compensate for the same, they schedule a meeting or call them for a quick discussion immediately.

Team members might consider them as micromanagement and feel that such meetings are nothing less than a waste of time.

Blockchain technology streamlines communication and mitigates communication gaps in an optimal manner.

In today’s world, trust is a universal language that all nations must speak fluently.

There will be huge opportunities for business leaders to make an altruistic difference in the world. Technology start-ups have vast potential to influence the public quality of life. The challenge for businesses is to work out how to operate between the cracks of the different frequencies in communication, technologies and ethics. That’s where the consciousness of channel changing becomes so important. It’s not just businesses who need this awareness. As consumers, we can all benefit from distinguishing the facts from the rumours. Our daily llives are inundated by fake news on the internet. The lines are blurred further by the input of internet companies, media outlets and maybe even the views of political leaders.

Blockchain technology is used to introduce more efficient industry supply chains and share information in a secured manner. Blockchain’s transparency has the power to turn linear supply chains into dynamic value chains where information becomes a valuable asset in its own right and a force for good. Blockchain can also help tackle the inequality of financial exclusion.

While we have taken a glance at the business challenges prevailing in the market, let’s take a look at how the nature of blockchain technology will change business operations.

1. Decentralization

Existing business data and information are stored in a centralised database that is exposed to potential hacks and data breach. If any of those systems shut down, it becomes difficult to access or restore the information in real-time. Blockchain technology comes up as a distributed ledger database for business, which implies a single database where all the information is stored in blocks. The data is not controlled by any single node, which makes it possible for other nodes to process the information even when a single node is going down.

2. Traceability and Transparency

In the blockchain system, all the information is stored and made accessible publicly. Public or participants can view the information and ensure that no false data is employed. However, all the processing is governed by blockchain consensus algorithms, which means that the data on the blockchain can’t be tampered without permission from participants. Every single action is recorded in the nodes. Blockchain is immutable in nature which means the content stored in the system cannot be added, altered, or removed anonymously, thus improving accountability and trust between businesses.

Blockchain ensures traceability in business data transactions and encourages support for better business relationships. When discussing the importance of blockchain for business, technology also adds the power of transparency into the business processes.

3. Data Privacy

Regarding data privacy, although the information is open, encrypted, and publicly accessible on the blockchain, only users approved by the node can access the data.

This aids businesses to offer flexibility and transparency to approved users, alongside ensuring the protection of data from those outside the ecosystem.

4. Data Security

With the rising data breach cases and hacking of communication across Zoom and other such platforms, it has become even more important for businesses to ensure data security.

Blockchain technology creates an environment that deploys cryptographic techniques, Merkle trees, and hash keys which make it difficult for one to steal or revise the data of the company. This way, it ensures that the data is stored and managed securely.

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