Bitcoin vs. blockchain

In a world where people are continually buzzing about bitcoin, it can be difficult to suss out all of the ways in which blockchain technology can revolutionize business processes. Although bitcoin is the blockchain term with which most people are familiar, there are actually a whole host of blockchain applications that can make aspects of business easier to facilitate. In the future, this technology will be infused into all aspects of our lives; the sooner businesspeople learn about its various uses, the more relevant they will be to their respective companies.

Chief Financial Officers should listen to people on both sides

When it comes to the blockchain, employees who work on the financial end should familiarize themselves with both the benefits and disadvantages of incorporating blockchain into their work environment. Also, it is crucial to avoid being too bearish—or too bullish. With firms such as Goldman Sachs charging ahead with their own blockchain departments, it seems a certainty that blockchain technology will remain a part of our financial lives for the foreseeable future. Many banks are setting up cryptocurrency desks to help clients who want to invest. However, some big investors remain extremely wary. Charlie Munger, who is Warren Buffett’s business partner at Berkshire Hathaway has decried bitcoin, even going as far as to call the cryptocurrency “evil.” Savvy financial officers will take these views into account and adjust their projections accordingly.

Blockchain applications at work

When businesses are just starting to experiment with how they can use blockchain to improve relationships with clients, financial experts urge them to start small initially. After all, it may take some time for vendors and clients to adapt to the new system. However, the multiple uses of blockchain are truly impressive. With some countries even exploring how to use blockchain for voting, it is inevitable that it will be used a great deal in different business sectors. Financial officers who educate themselves on blockchain will stand head and shoulders above other employees when applying for jobs.

Regardless of one’s personal opinion on blockchain and its associated technologies, it is imperative we do not resist such a change. Although experts agree that some companies will be slower than others to incorporate the technology, there seems to be a consensus that it is the way of the future. In this environment, those who do not adapt will be left behind in the dust, no matter how solid or profitable their business model may be.