The ICO phrase has given cryptocurrency a bad name over the years and building up from there was not an easy task. This had probably swayed people away from really understanding the beauty that comes with blockchain and cryptocurrencies, especially within corporate entities. The transition period for corporations who are not familiar with bitcoin would definitely find some difficulty in adapting, as any technological change is often fraught with difficulties. Notwithstanding the difficulties corporations are bound to face, bitcoin’s mere adaptation in the company could bring a 180 change for the better with its benefits.

The Problems That Almost Every Corporation Encounters

Looking into the traditional forms of businesses that do not involve blockchain technology for certain applications, employees are not able to work as many years for job scopes that do not create value, this being mainly repetitive tasks. As a result, productivity growth immensely dropped by a factor of 5.9 since 1976.

The life span of a blue-chip corporation on the other hand dropped by about two thirds to what it was in 1958, to 24 years in 2016. These problems occurring year in and out in huge corporations again consistently fail to get themselves out of this situation despite the professionals and capable employees they hired. 

It becomes much more difficult by the day to preserve their market position and increase wages. The problem further heightens when the specialty of certain corporations in advance planning or super efficient process for an example are not as valuable with the rise of technology.

Bitcoin Saves The Day

New technologies which do not give much in return to the companies or clients wouldn’t be that much of a use and would barely last in 2020. Blockchain is able to incorporate the traditional hierarchical management organisation with supertemps outside of the company. 

Looking back, a Dual-Operating-System company was an idea put forth by Professor John P. Kotter from Harvard Business School. This however had quite a number of flaws in them as well such as the issue of payroll dynamics. Non-standardised employees would require a huge HR team to handle the prevailing issues that will crop up.

Bitcoin comes into the picture as it is a system that is built for leaderless entities. Issuance of wallets are able to be done without the need for permissions, easily automated while giving the freedom for people to pay in whatever amount anywhere.

This cuts the time of having to go through hierarchical structure and a particular system of verification for the avoidance of abuse of technology. Money transmission is able to be carried out faster, in any currencies, to which to which could definitely increase productivity. 

Source: https://www.coindesk.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

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