How Cryptocurrency and Blockchain Technology Has Changed Business Essay

Paper Type:  Essay
Pages:  8
Wordcount:  2020 Words
Date:  2022-06-19


There is with no doubt that business in the 21st century has been altered by the invention of cryptocurrency a good example being Bitcoin. This is a type of digital currency that has done business to be convenient as compared to when it is done by use of traditional money. Enterprises have turned out to be quick and transparent thanks to this form of currency (Rose, 2015). On the other hand, blockchain technology has made business transactions reliable and very convenient. This is because money transactions have been turned to be transparent. At the same time, blockchain technology has made management of the business to be excellent and appealing. This essay looks at how cryptocurrency and blockchain technology has revolutionized the world of business today.

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This form of currency is mostly used over the internet, and that shows that it has brought a lot of change as to how business is conducted globally. Since cryptocurrency works differently and independent from the banking institutions, this has led to its usage in many countries. As a result of that, there has been a significant improvement in the way businesses get to sell and buy goods from the online service (Rose, 2015). It is good for companies to accept cryptocurrency as it is revolutionizing the way business is being done. With a full extension of research that has been conducted, it is good for companies to turn to cryptocurrencies like Bitcoin.

Cryptocurrencies have led to saving of money as there are no charges incurred when transactions are made. For that reason, it gets to be easy to make businesses expand as there is no cost being put on a market. Cryptocurrencies are known to be decentralized, and for that matter, there is no issue when it comes to their verification. With the verification process that happens in banks once there is a transaction, there is wastage of time, and that makes businesses to delay what they are doing. Cryptocurrency is useful when it comes to saving of up to 2-5 percent of the transactions fees. When a company does not share its revenue that is hard earned, it makes businesses to do well and get to invest their money in other sectors.

Transactions happen in less time or at once. This becomes good for entrepreneurs as they will not have time to wait to do what they want and for that reason, it makes businesses to go on as it is scheduled. With cryptocurrencies, there are no banking institutions that will slow down the payment process, and that becomes good news for merchants as they can do what they want when they so wish. This becomes convenient for business as they will be able to make a kill when business is good (Farell, 2015). In this era where technology is supposed to play its part as it should be, people are not supposed to wait for any longer to get their money. Times are tough, and for that reason, it is good for businesses to embrace cryptocurrencies to make their businesses do well as they ought to.

Cryptocurrencies speed up the way business is conducted today, this makes entrepreneurs bolden their minds as they can be engaged in many businesses as they wish. The speeds witnessed within the transaction process comes in handy as merchants can get involved with many businesses at once. There is no issue when it comes to having money deposited in the accounts as the transactions take place instantly (Farell, 2015). With the use of cryptocurrencies, a business is not lost in any way. Entrepreneurs will get the desired gratification that is instant and which will do their businesses to grow without any delays.

Cryptocurrency is useful when it comes to businesses that are involved with the exportation of goods or services to other countries. Bitcoin and other cryptocurrencies do not have the high transaction fees that are needed by foreign currencies when it comes to the transaction of costs or on matters to do with exchange rates (Ametrano, 2016). For that reason, businesses should be ready to embrace the use of cryptocurrencies so that they can save money. There is no issue to do with a lot of government regulations as the system is already taken care of by international standards. As a result of that, businesses are doing well, and there is no issue of cryptocurrency being denied in the countries that it is being used.

Cryptocurrency has revolutionized the way the export business has been made easy by use of Bitcoin and other currencies in this line. Gone are the days when money would have to be changed when one gets to a particular country to buy commodities or seek services in cash. By using cryptocurrencies, it is secure for online businesses and other services to communicate and get to do business efficiently (Ametrano, 2016). Such a system has made it easy for businesses that deal with exportation to be able to work out their means well as they continue expanding.

Cryptocurrency has been accepted all over the world. Technological enterprises are in a better position to do well since they can use cryptocurrencies to support their businesses. For instance, there are third world countries that have embraced the use of Bitcoin in their trading where they get digital gadgets from Europe and America as they get to pay for the commodities and services by use of bitcoin (Ametrano, 2016). Due to that, there has been a reduction in waiting time when the host country is supposed to give out products as money is delivered instantly and goods exported to their destination.

Cryptocurrency is a system that has made it difficult to spend what one does not have. When using cryptocurrencies, there is a way in which both parties have to be involved in the process, and for that matter, it makes it easy for avoiding disputes. This then goes to communicate that it is easy for all people in business to prevent issues of disagreements when all matters have been cleared (Li, 2017). This is a system that should be tried by all people with the aim of making sure that things get to move as it should without having problems taking place. As a result of not spending what one does not have, it goes to show that things are well as business will get to grow and there will be reduced incidences of conflict that are seen within businesses.

Blockchain Technology and Business

Blockchain technology is useful as it will change the way business is being done today. There won't be issues about lying on matters concerning the credential of employees. This is because it will have been dealt with by the system as it will reveal all the qualifications that are carried by the employees and at the same time there will not be issues of third-party companies giving information that is inaccurate (Tapscott, 2016). The information that is carried by blockchain technology will get to be very useful as it shall be used in many ways in making sure that employers have the right data when it comes to employees. At some point, the conferences and job interviews will not be there since all the data that pertains to employees will have been checked in the system.

Another way that blockchain has become useful is the way it revolutionizes the way business is done when it comes to paying of workers. The system will be able to deal with foreign workers that work in large companies as they will be funded through the process of back- end. This means the way workers are paid will be standardized and for that matter, it shall be easy to make the process of paying workers right (Tapscott, 2016). Payments will get to be funded through different currencies that are appreciated all over and for that matter it shall go to imply that employees will even benefit from getting the right amount of money.

Blockchain has also been a blessing to employees. No doubt that there are many ways that this technology is getting to change the way business is done by taking care of employees and their needs. Blockchain technology has been helpful when it comes to taking care of the compensation of employees, and for that matter, things of the past where employees were not being compensated as it should be being gone (Tapscott, 2016). It shall now be easy for businesses to know how to pay their workers and there will be no troubles when it comes to an understanding of what every employer should get regarding compensation. For that reason, it shall be easy to make employees understand what they deserve.

With the use of blockchain technology, things will be on the right side as cybersecurity will be highly managed. Transactions and any form of digital communication will be very secure, and at the same time, it shall be transparent because of the capacity that is offered by blockchain technology. Efficiency will also be introduced as there will be no matters that can affect the way business is being conducted (Byrne, 2018). Blockchain will make it difficult for information to get hacked by people as it will be placed in safe hands with the use of a system that is highly transparent and secure. There is no need for worry as businesses will be able to protect their information in the most appropriate ways. The US department is one kind of organization that is monitoring the way the system works to utilize it.

Blockchain has turned out to be very useful even on matters that concern the security of a nation. Business will no longer be as usual. This is because this technology will get to be very useful when it comes to matters of national security. With the evidence that has been seen of blockchain being able to protect the way transactions are made, blockchain will also be perfect when it comes to protecting information that is of intellectual means and which is very important to a nation. Information that is important to a country cannot in any way be compromised (Byrne, 2018). Blockchain technology will spearhead the way the government handles its data. By the use of this technology, there will be no issues that concern the loss of information as the system has shown to be excellent when it gets to storing of information through means that are accurate and safe.

Blockchain technology has been useful when it comes to matters to do with management and how operations get to run. KODAK, for instance, has used a management system that is known as KODAKOne Management, a platform that will be helpful when it comes to the creation of encrypted and even digital rights of ownership when it comes to materials that belong to technology (Mougayar, 2016). Through the use of the technology that has been enabled by blockchain technology, there are easy ways in which photographers can get to register their work which is new and old whereby it can be licensed. The system aided by blockchain technology will be helpful as it will make it easy for photographers to earn a living and at the same time get paid for their work. The system makes the job of photographers to be appreciated as it will be paid and that explains how blockchain is reinventing businesses.

Such a way of business management shows that Blockchain technology is giving a new meaning to the way businesses are being conducted today. The technology has brought back investors as it can create new opportunities when it comes to places where there was massive corruption, instability regarding politics and as due to the way the technology works, investors are being lured back. Operational efficiencies have now been created because of the way the technology puts people together and as a result of how it makes businesses to be transparent (Mougayar, 2016). Where business was not doable, it's now possible thanks to the way this technology of blockchain makes things happen. This technology has been up to standards in making business to get back to its feet once again where it had been affected.

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