Source: Medium.com

Impact of Cryptocurrencies on the IT Industry

When cryptocurrencies first started out, their market had a net worth of a few dollars back in 2009. Fast forward almost a decade later and the same cryptocurrency market is valued at several trillion dollars now. Cryptocurrencies have seen phenomenal growth over the last few years and they have had an impact on almost all industries and sectors in the market.

This growth has attracted millions of investors around the world to invest in cryptocurrency and if you wish to join one of them then you can click on this go url to do so. That being said, there is one industrial sector in particular that has had the most impact from the growth of the cryptocurrency market and that sector is none other than the IT sector.

The IT industry has played a crucial role in cryptocurrency’s success since the technology presented by the IT industry indirectly helped the cryptocurrency market build blockchain networks to base its cryptocurrencies on. Now the crypto market, in turn, is helping the IT sector flourish by itself with its blockchain networks that helps the industry make bountiful steps towards technological advancements.

It has already started making a large impact on the industry but there are several people out there who are still unaware about this impact. To facilitate people like these and clear any confusion away about the impact crypto has had on the IT industry, we will be listing several different ways through which the crypto market is affecting the IT industry and what benefits the market is bringing along with it.

Source: bernardmarr.com

How exactly are cryptocurrencies affecting the IT industry and in what ways?

There are several ways cryptocurrencies and their blockchain technology have completely revolutionized the way the IT industry works. These aspects are –

Better management with the help of blockchain technology

Blockchain technology, if utilized properly, has the ability to transform the various aspects of how a business is organized and how it is managed. With blockchain in the picture, companies will be able to eliminate all unnecessary costs for their procedures and facilitate their employees and clients with more resources than before.

The blockchain technology can be used to manufacture better products and improve pre-existing services by enhancing their quality and reducing the costs needed for providing them. This will increase the net value of a company and attract more stakeholders to invest in it.

Source: BTCLoans.com

Enhanced recruiting process

The traditional methods for hiring talented individuals required a lot of intermediaries in the process which not only lengthened the duration of the whole procedure but also involved unnecessary complications to it. Blockchain technology can prevent this from occurring by introducing a separate digital network created solely for the purpose of recruitment of capable individuals for the company.

Within a few seconds, an employer can get any information he would need about an employee through an extremely secure online database platform. This also reduces the chances of potential employees lying on their resume since all their information can be instantly verified and checked for any discrepancies. What’s more is that this data cannot be touched or tampered with from the employer’s side nor the employee’s side so both parties can be assured of obtaining reliable and transparent information.

An improved marketing scheme

The best thing about the blockchain network is that it records information about all the businesses and individuals that are necessary for your business which includes your clients too. If you are looking for a way to contact and be more collaborative with your clients on an individual basis, the blockchain network and the platforms it supports can easily allow you to do so.

This enhances various aspects in a marketing and sales scenario and provides crucial benefits to any company that is looking for a better audience growth. The best thing about blockchain marketing is that the individuals can themselves control what data can be accessed by the company and which data cannot, ensuring their right to privacy, which, in turn, allows you to monitor clients that actually support your company.

Source: Medium.com

More options for raising capital for the company

Since blockchain is a network entirely created for cryptocurrencies, it is now possible that a company can raise capital for its structure using various virtual currencies. There are various companies who are more than willing to invest in businesses that are willing to accept Bitcoin and various other cryptocurrencies in their framework.

Aside from that, using the blockchain network can also allow companies to tokenize their stocks and put them on the market for average investors to avail from. This allows even individual investors to buy stocks from your company and be its stakeholders, thus increasing more capital for you.

What are the benefits of having cryptocurrency in the IT industry?

There are various benefits, apart from the ones stated above, for having cryptocurrency in the IT industry. These benefits are –

  • Durability – Cryptocurrencies are considered to be the currencies of the future and they are here to stay no matter what crypto-critics say about them. Thus, it only makes sense that the IT industry integrate the blockchain network into their own framework sooner than later where it would be too late for that.
  • Better access – The most important factor that differs cryptocurrencies from fiat currencies is that cryptocurrencies are virtual while fiat are physical. Thus, when you need to make transactions, you can simply carry as much bitcoin as you want with you on your preferred device. This eliminates the need of lugging around physical cash, bank trips and also any intermediaries that may pop up between transactions.
  • Privacy – Another amazing thing about the blockchain technology is that it allows customers all the privacy and anonymity they will ever need. This allows clients to make more transactions fully knowing that their identity will be closely guarded as secret by the business they are dealing with. In the modern world where privacy has become a myth, the blockchain technology can allow the IT industry to provide their clients with their own store of privacy.
Source: HackerNoon.com

Conclusion

The cryptocurrency market has had an extensive impact on the IT industry and is introducing several reforms that can change the face of the industry forever. We hope this article was insightful for you and if it was, please consider following our website for regular updates as it will help us out immensely.

About Margharita Evanom

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