Beyond Cryptocurrency — Top 7 Blockchain Benefits to Industries

The availability of blockchain professionals is going to become worse. A job report showcases software engineers with blockchain skills were seen higher than previous job openings. It is said that the demand for jobs will increase above fivefold in the next upcoming years. Due to the lack of talent pool, blockchain techies are increasing in sectors, preferably in non-banking financial companies, public sector, banks, and global in-house centers.

Technology revolution cannot be ignored today. Blockchain has created a new wave in the industry that completely revolutionized the way we think and implement things.

According to research by Hired, job roles such as blockchain engineer is a highly sought after job skills by the industry today. The analysis also mentions there has been an increase of 517% demand for software engineers with blockchain skills.

Becoming a certified blockchain professional is perhaps enough to gear up and make your career one of the most sought after career role today. Having said, let us have a look at the below benefits that blockchain offers: -

Contractual transactions can be time-taking slowing down the growth for businesses. With the help of smart contracts, important documents such as agreements can now be easily signed and validated through blockchain constructs. Doing so eliminates the need for a third party saving time and cost to the company.

For instance, CREDITS, a blockchain solution now offer an autonomous smart contract that is paired with its cryptocurrency. This consolidates everything into a single platform, thus allowing services to integrate without disclosing excessive information to the third party.

Irregularities along the supply chain can be detected using blockchain technology. A blockchain system will directly lead you to the way to the point of its origin. This makes businesses carry out investigations and execute necessary actions easily. The best example is the food sector where the tracking of the origination can be searched, information on the batch number and other information related to quality assurance.

The usage of blockchain in securities and commodity trading has been around for quite some time now. Though this technology is yet to offer complete reliability, it comes to no surprise to hear stock exchange is now looking forward to adapting to the blockchain.

A transaction can now take place faster, easier, cheaper, and in a much safer environment. There are already services such as PayPal that allows processing of an international transaction, however, they charge a required sizable fee for each transaction. Other P2P payment services have different limitations. For instance, location and minimum transfer of amounts. The reason why most business and regular users are now beginning to prefer cryptocurrency specifically for international transactions. Not only they are secured but also grants more freedom when it comes to the transaction of the fund.

Blockchain technology is being used efficiently by the government about elections. NASDAQ was used to facilitate shareholding voting. This worked in a joint venture of blockchain technology partners and the local identification solutions which further provided identity cards for the government. After much success, this was further described as the e-voting project which is practical, necessary, and disruptive.

The implications of the blockchain industry for accountants has reduced the costs of maintaining, reconciling ledgers, and providing certainty over ownership and the history of assets. Recording of transactions through blockchain help reduces human error. For every new data being added, it is first verified.

Blockchain provides the benefit of cost-effectiveness and traceability. In simple terms, the movement of goods can easily be traced and tracked, such as the origin and the quantity. This further initiates a newer level of transparency to the B2B ecosystems.

Originally published at on September 16, 2019.

Investment & management accountants Writer, Adviser, Researcher and Investor.