How is Blockchain changing the way businesses communicate?

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In these times of pandemic, where companies are already going through a financial crisis, another hurdle for them is communication. With its employees all over the country/world due to work from home scenario, it becomes very difficult to maintain uninterrupted communication. Today businesses face a lot of problems while their employee base is not under the same roof. These include: 

  1. Scattered employee base 
  2. Inability to trace business communication 
  3. Data privacy and security 

Scattered Employee Base 

According to Gartner, 88% of the organizations worldwide made it mandatory for its employees to work from home during the pandemic.  Furthermore, about 97% of the organizations immediately canceled all work-related travel, affecting business communication within and outside the organization. The scattered workforce means that to assemble everyone for a meeting takes more time and does come with the expense of time. This is not only because employees become more informal but also due to the differences in time zones for multinational or global companies.  

Inability to trace business communication 

It becomes difficult for businesses to communicate with everyone together at the same time or to ensure that the information has reached everyone in real-time. It involves not only the employees but also the customers, suppliers, and investors as well to maintain a balance. A miss in one piece of information may create havoc.  

Data privacy and security 

A business needs to ensure that its data is not breached or hacked. For example, in 2013 when there was a data breach in yahoo, it affected more than 3 billion people. It may be due to unencrypted end-to-end chats that such sensitive information gets leaked to the public. 

Is Blockchain the solution? 

Blockchain is a distributed ledger technology. It stores information in form of “blocks” and as these blocks join with each other, they form a chain. Thus, the name Blockchain. According to Deloitte’s 2020 blockchain survey that 90% of respondents believe that blockchain is highly scalable and will soon reach mainstream adoption status. 55% rate it in their top five business priorities, which is a marginal increase from last year, but a significant jump from just over 40% in 2018. 

Besides an open-source, decentralized network blockchain has many advantages. It is immutable, secure, and offers traceable data storage. These have nurtured the expansion of blockchain beyond cryptocurrency.   

Now, several businesses are already using blockchain to communicate or are considering using it in the coming 5 years. Industries including manufacturing, finance, education, healthcare, and telecommunications have made its adoption a critical priority. 

Here’s how blockchain is transforming the way businesses communicate: 

1. Decentralization 

Traditionally, all the information is stored on local devices or computers. If that device is damaged or the employee is not available then that data inaccessible in real-time. 

Since blockchain is a decentralized ledger technology, it has information stored across multiple nodes. Even if a single node goes down, other nodes can catch and process the information and the system stays in place. Also, there is no central authority that can influence the network. It means there’s no single influential person or authority who can manipulate the data, making it safer for peer-to-peer communication. 

2. Traceability 

In the blockchain, all the data is publicly available and it can be changed to ensure that no false information is circulated. But it can be changed only by those who have the access to such information through private and public keys. Furthermore, all the information and changes made to it are stored to ensure traceability.  

3. Data privacy and security 

In blockchain-based applications, often data is open, publicly available. But only those who are authorized can access this data, ensuring the privacy and transparency remains there. It also ensures the protection of data from the outside environment. 

To ensure that there is no breach of data security blockchain applications use cryptographic techniques, hash keys, and Merkle trees. End-to-end encryption of the messages ensures that the conversation remains between the receiver and sender only.   

4. Smart contracts 

Smart contracts are self-exercising contracts that come into action when all the associated requirements are fulfilled. This reduces intermediaries and also serves as a cost-effective, time-efficient, and trustable way of executing the deal. Smart contracts offer a positive solution by streamlining communication and providing acute accuracy and automation with information and data.   

Conclusion 

Calibrating the organization with a tweak like integration of blockchain might just be the way to ensure the profitability of the organization. As many of the problems stated in this blog would persist even after offices start to run back to normal, business communication can certainly be improved and can par with the best by using blockchain. The features like decentralization, traceability, data privacy and security as well as the smart contracts can change how we look at business communication today to a revolutionary extent. Hence, the best way forward for today would certainly be what every far-sighted company is currently opting for: Blockchain in Business Communication. 

Seeing how important blockchain will be for business communication, it is just the right opportunity for you to grab. 

 At Admantium, we focus on helping blockchain companies from initial phase of developing ideas to preparing documents and finally the fundraise. We’ll help you to resolve and find solution to your specific tech problems. Mail us at – contact@admantium.co


About the Author – TWINKLE MITTAL

Twinkle Mittal is a Financial Analyst at Admantium Crypto Advisors, an Investment banking and consulting firm focused on blockchain technologies. We help early-stage entrepreneurs and startups in Building Business Models and Developing Business Ideas take a 360-degree view of how to build a sustainable business using blockchain technologies, translating concepts into clear cut plans. We also help raise external funding to kickstart or grow your business.

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