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Blockchain: 3 Big Implications for Your Company

Be it with bitcoin or another type of cryptocurrency, the digital age has completely transformed how we buy and sell things. Now blockchain aims to change everything else about how businesses operate digitally. In her article for the Enterprisers Project, Minda Zetlin describes three areas blockchain will affect your company in the future:

  • Cryptocurrency transactions
  • Transactions between organizations
  • Workflow within large organizations

Blockchain on the Brain

As already noted, cryptocurrency transactions will be greatly affected by blockchain. Billions of dollars exist in circulation already, and over 100,000 companies accept crytocurrencies of some kind. Blockchain will also be able to help automate transactions between organizations. This will ultimately reduce the amount of third-party authentication required by companies who do the processes themselves.

Zetlin goes on to explain how blockchain can aid in the workflow within large organizations:

Blockchain’s ability to provide authentication and verification across large networks creates efficiencies when different departments or divisions of a large organization work together on projects. “We did a prototype with John Hancock last year where they were trying to onboard mortgage customers,” [Victor] Wong says. “Depending where the customer was from there were slightly different rules. Because there wasn’t one area where all this information was, the process could take up to a year. With blockchain, they estimate they can do it within a couple of weeks.”

Zetlin says that, once in place, companies will likely identify further exciting ways to utilize blockchain. But the technology is still very young and evolving all the time. For more information, you can view the original article here: https://enterprisersproject.com/article/2017/6/blockchain-3-big-implications-your-company

About Austin J. Gruver

Austin is a Staff Writer for AITS. He has a background in professional writing from York College.

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