When it comes to the future of work, enterprises need to hit it with a block – blockchain, that is. The still nascent technology is finally coming into its own, and savvy business leaders are seeing the true value of blockchain and how it can be applied to solve real business problems. Horses for Sources (HfS) predicts that enterprise blockchain services will skyrocket by more than 100% in 2018 to cross the billion-dollar mark. Moreover, they prognosticate that blockchain will actually outpace robotic process automation (RPA) on the market. Just how will blockchain break free and rise the ranks? By overhauling the customer experience for the better and revolutionizing the workplace.
The Basics of Blockchain
Before diving into the ‘how’ of blockchain, let’s tackle just what the heck it is. Blockchain is a global online database that continuously grows by adding to its list of records (known as blocks) to create a trusted and undisputed digital database that is linked and secured using cryptography. Think of it as an open digital ledger that can record information and transactions between two parties in a verified and permanent manner.
Blockchain is an important tool for establishing a common digital history, which is increasingly necessary because digital transactions and assets can easily be faked and duplicated. Blockchain counteracts this concern without the use of a trusted intermediary so that all parties reach a consensus on a common digital history.
How Blockchain Can Revolutionize the Future of Work
Blockchain is a tool increasingly used by enterprises in their digital transformation strategies. Not only does it provide opportunities to improve customer experience, but the emerging technology also has huge ramifications when it comes to the future of work.
For example, blockchain can greatly remedy the pesky scourge that is human error and remove cumbersome and repetitive information requests. One simple typo or input mistake can completely ruin a dataset. Blockchain consolidates all relevant data without the need for humans to type, input or process it themselves, greatly increasing the efficiency and speed around data input, storage and organization.
In a similar vein, blockchain is great at mapping data history by building that history on top of itself, rather than wiping it out whenever a new version is created and saved. This means not a single piece of data gets disrupted or lost over time, be it customer information, transactions, product delivery dates and more. With blockchain, data is forever! This grants customers more transparency into their transactions and the products or services they purchase. Conversely, it greatly relieves the burden on human employees within a company to organize and keep data correct and up to date.
Speaking of employees, blockchain can alleviate a number of soul crushing tasks. Between creating and remembering multiple different passwords to continuously having to reload and sync files, employees spend more time than they’d like on these time-consuming headaches. With blockchain, employees can develop a unique, secure profile at their company and use it for any and everything. An organized system that manages all aspects of an employee’s work life and streamlines cumbersome processes – how could any company say no to blockchain for facilitating that?
Locking Down Blockchain in 2018
Based on expert predictions like the one from HfS, all signs point to blockchain having a breakthrough 2018. Even still, it’s a technology that’s bubbling under the surface and being widely underutilized, despite the attractive use cases like the ones mentioned above. As more companies become familiar with the power of blockchain, the technology will undoubtedly evolve to greater heights and become a driving force in the future of work. With blockchain poised to make it rain for enterprises, those that underestimate or eschew this emerging technology will wind up in a chain of fools.