4 ways blockchain can help businesses

Blockchain technology was introduced with Bitcoin, the digital currency. A blockchain is an unbroken log of transactions, each one considered a “block” of information. It’s maintained and shared over a network of distributed computers, but the data is encrypted for security.

Blockchain however is now extending beyond the sphere of cryptocurrency. Here are some examples:

Recruitment
Locating and onboarding new talent is a constant chore for HR departments in every company. Blockchaining can provide a secure source of information. It’s changing the way businesses recruit employees in the information age.

For example there are often instances where applicants may lie on their resumes. This makes it difficult to find the right people to fit their business. Having a verification system in place reduces the risk and saves valuable time in evaluating candidates as blockchain technology would allow participating companies to maintain a database of employees, along with their skills, duties, education, and history.

Fact-checking with the help of blockchain of information could transform the screening and hiring process for companies of all sizes, all for a relatively low cost.

Contract Management

This provides a solution for validating and organizing information in the contract to make it possible to exchange goods and services in a legally binding way.

Contract management via blockchain technology would allow companies to optimize the performance of their supply chains. This will allow your company to better evaluate vendors and obtain higher value and shorter lead times.

Payment method

Blockchain technology could become a standard method of payment that doesn’t require you to pay for processing services or special software. This means lower costs and potential savings for users.

Every company seeks ways to streamline their business operations. More efficient processes lead to improved time management, and to greater productivity and profitability.

The automation and integration of financial tasks into one platform will improve your cash flow and record keeping while freeing up employee time. Blockchaining will lower the cost of processing any digital transactions.

Digital Marketing

Google and Facebook are pretty much taking over the reigns of digital marketing. Thus, the blockchain model allows a level of security and transparency that would enable marketers to quickly access audience factors such as demographics.

Blockchaining can accomplish this through tracking the use of Basic Attention Tokens. This allows end users to get paid for the ads they view, while the advertiser sells directly to the public. This would effectively put the consumer back in the driver’s seat, vs. the present method of bombarding users with targeted ads based on personal information that’s been captured.

This would give consumers some confidentiality regarding their viewing habits as they get fed up of targeted marketing.  An encrypted blockchain also prevents personal information from being exploited.

This versatile technology has multiple benefits and can lower cost in all of the above segments when properly utilized.

Nominate Malaysia’s Best Marketers

Do you know a Bold & Brave marketer? Give us their names, because we want to celebrate them.

Held for the first time in Malaysia, the Chief Marketing Officer (CMO) Awards is here to reward the best in the business of marketing.

This award is to identify talent, transparency, tenacity and a take-charge attitude of deserving marketers. An eminent panel of industry leaders will decide on the winners.

There are 30 categories up for grabs at this year’s awards:

• Best Marketer in B2B Marketing
• Best Marketer in SME Marketing
• Best Marketer in Millennial Marketing
• Best Marketer in Data & Technology Marketing
• Rising Marketing Star – Financial Services
• Rising Marketing Star – Telco ….. and more!

All entries across all 30 categories for the inaugural year is FREE.

Send in your nominations before the closing deadline of October 19^th.

The 7th Malaysian CMO Conference & Awards

Date: 16th November 2018

Venue: The Grand Ballroom, Sime Darby Convention Centre, KL.

For further details on the awards visit: www.marketingmagazine.com.my/cmo2018/awards

An afternoon of conversations we never had, with leaders most of you never met.

Discover what’s possible from those who made it possible. Plus a preview of The HAM Agency Rankings REPORT 2024.

Limited seats: [email protected]

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