Organizations Need A Blockchain Strategy
Do You Have One?
(images courtesy of Cointelegraph)
By Dominic Kapalu
In the early years of the internet not many of us thought it would have such great effect on all of us.
The Blockchain is pretty much in the same place right now. Many people just think it's one of those passing fads, but is it?
How will the Blockchain in collaboration with Artificial intelligence, Robotics, Big Data and Machine learning affect your organisations in the near future?
Are you a Lawyer? Smart contracting is an area you will need to learn about. A smart contract is a self executing contract embedded in code.
Talking about lawyers cases of case records missing in the judiciary will be things of the past. Information put on the Blockchain cannot be erased or changed but can only be added to.
Are you an Accountant? Soon you need to know how to deal with crypto in your accounts. Apart from this for many years we dealt with double entry in accounting. But with the coming of the Blockchain we will have the third entry which will be live. This means no historical data. The Blockchain will be updated every 10-15 minutes so at any given time the state of the company will be known.
Do you work as an Auditor? Since companies will have live data on the Blockchain the auditing firms will not need as many employees to conduct audits.
Doctors? Records of patients will be accessible and it will be the same information whether I am in a hospital in Livingstone or Chingola.
Are you in the Banking sector? One of the industries that will be hugely impacted by the Blockchain is banking. DeFi is here to disrupt the industry. Decentralized Finance will be a great disruptor of the banking industry unless it is adopted.
With money in your wallet you are able to borrow funds as an individual or as an organization from literally the whole world at cheap rates.
The organizations don't need to raise money from the Bank but directly from the masses.
El Salvador as a country in a period of six months has raised about $6m from just buying Bitcoin worth $15m when it was about $32 000 and now is at $42 000.
This strategy used by El Salvador can be used by a company too. Hold some of your assets in cryptocurrency and when the price goes up you sell or convert to USDT which is a stable coin and is one to one with USD. This also is a way to hedge against the volatility of cryptocurrency.
Musicians, Actors, Artists the NFTs are disrupting your industry. Read and understand where the world is going.
Your children? Parents the future is changing. Some industries will die or will be greatly affected. Let your kids study futuristic subjects Blockchain/Cryptocurrency, Coding, Artificial intelligence, Robotics, Machine learning, Big Data etc
I could literally mention every industry here and how it will be affected. We are here to educate you. Get in touch!