Advances in technology are appearing all the time and can affect all aspects of our lives both socially and in business but it is unusual for any one particular advance to spread across multiple aspects. The internet was of course an exception as that affected all aspects of the way we do business and introduced a whole new range of social activities with social media and gaming online.
The introduction of Blockchain however is an advance that will also change the way in which many of us do business, or can if used correctly and to its full potential. Although Blockchain does not really feature anything new in regards to accounting, which will probably be the main field in which is will be used, it does introduce a way to make that accounting more transparent and therefore provides many beneficial aspects.
Although in the past different businesses may have exchanged or shared accounting information, especially if they were connected in any way, that data could have been subject to change whereas Blockchain cannot be changed by anyone who has access and so therefore stands as a true record of actions both paid and received and yet is transparent as anyone who does have access can view the details.
This can have particular value to the agricultural industry which has several different layers of business from the actual growing or breeding production, distribution and of course final sales. In the past due to the large range of different farms or dairies involved, it has been difficult to accurately monitor all that was going on around a district or in fact a country. Now, with Blockchain, the different aspects can be placed in the Blockchain and by viewing that activity, authorities can get a better understanding of what is going on.
Having a better understanding of these things including costs and prices, will allow authorities to better anticipate any needs across their responsibilities area and hopefully also allow them to be able to more quickly and accurately make appropriate pricing changes which could benefit both the providers and the consumers.
Of course though Blockchain can also help many other industries in similar ways and so it is seen as a big advancement in technology, one which can and probably will affect all of us in one way or another even if we are not actually aware of it. The benefits to the people that have to analyze different aspects of any industry in order to help make costing as accurate as possible are enormous and this can of course lead to better price structuring in many areas. The benefits of this will not just be felt by the consumers but can also be beneficial to the producers and of course all the different businesses in between. It can make them more cost effective and therefore more competitive which could lead them to more profitable futures. Any potential benefit in the fields of auditing is yet to be fully established but probably will have some significance.Published: Apr 15,2019 06:45:00 PM IST