A business that is unable to adapt to the changes in global and local financial landscapes will not be able to survive for long. One of the key areas that business owners need to look at is how blockchain implementation will affect their company.
With so many changes happening in the way people do business, you cannot rely on the same ideals and principles that worked for the company 10 years ago. The world is turning more and more toward blockchain, meaning you should have a plan for how you will address this from 2023 onwards.
Blockchain is no longer restricted to online crypto markets, NFTs, and crypto sports betting platforms. It has infiltrated many industries, and forward-thinking countries, such as the Philippines, are taking steps to make sure they are ready for the next big thing in terms of the industrial revolution.
Blockchain Has a Big Role to Play in the Future
Industries can no longer deny that blockchain is here to stay. Even the recent crypto crash was not enough to destroy blockchain, which is a sign of its resilience in the face of global catastrophe.
Interest in cryptocurrency wallets and blockchain projects is once again becoming popular, which means by the time the end of 2023 arrives, some industries may be completely unrecognizable.
A huge part of the appeal of incorporating blockchain into a business is the greater efficiency it brings. Many believe that the 2018 global recession may have been avoided, or at least better managed, had more companies been using blockchain at that time. Banks, for example, would have had a better idea of the financial health of some of the companies on their books.
To avoid repeating the same mistakes that cost the world before, industries have to be willing to make some changes and consider accepting blockchain as a major player in the world’s financial future.
Filipino Industries That Maybe Affected by Blockchain
In the Philippines, a lot has already been done by the country’s central bank and other financial institutions to support the use of blockchain in various industries. The following are some of the industries that have been affected by the incorporation of blockchain technologies:
- Accounting
One of the biggest issues in the accounting industry is that of transparency. A huge amount of time is often spent by accountants trying to verify transactions and conduct audits for various businesses.
The inherent transparency of blockchain makes it the more efficient way of dealing with this issue. However, it will also lead to greater reliance on crypto assets, which, in many cases, may not meet the accounting standards of the Philippines.
As such, while the inclusion of blockchain in the accounting industry may ease the burden placed on accountants, a lot still needs to be done to make sure the industry is ready to seamlessly integrate with blockchain technologies.
- Healthcare
The healthcare system in the Philippines is shared between public and private institutions, with the latter taking up most of the burden of the country’s healthcare needs. One of the biggest concerns when it comes to healthcare is the protection of patients’ records.
If a patient’s medical records are accessed by unauthorized people, they can be altered or sold, which can have serious consequences for the patient. Since blockchain is renowned for its high level of security, it can be used to safeguard a patient’s medical records.
- Supply Chain
Around the world, many are using blockchain to bring about greater efficiency in their supply chain models and, essentially, rewrite existing company policies, models, and structures.
The need to verify payment has always been a huge bottleneck in the fluidity of conducting online transactions. This can lead to massive delays, especially when transactions coincide with weekends or public holidays.
However, verifying blockchain transactions is very fast and is not affected by holidays or banking hours. This makes doing business much easier, even when the transaction is between companies in different time zones.
- Justice System
One of the ways that blockchain is affecting the legal system of the Philippines is through the use of smart contracts. A smart contract is a set of rules or terms that can be easily activated at any time. These are commonly used in the real estate industry.
When the buyer and seller agree to use a smart contract, there is no need to hire a legal team to oversee the transaction. This saves both parties from having to pay legal fees and gives them a more efficient way to renew contracts.
- Government
As a sign of its unwavering support for the crypto industry, the Philippines’ government has focused on adapting blockchain technology. The inherent security and transparency of blockchain technology make it a good candidate for use in the country’s voting system.
The Philippines has been considering using blockchain technology to enable its residents in the diaspora to vote during elections. By using blockchain, votes can be counted quicker, and each vote can be traced to a single ID number, reducing the incidents of voter fraud that plague many democratic nations.
As the Philippines has a huge part of its citizens working overseas, this initiative would have a huge impact on the outcome of future elections.
- Manufacturing
Another industry that can benefit hugely from the use of blockchain technologies is the manufacturing sector. When used correctly, Filipino manufacturers will be able to better track transactions, streamline their supply chains, and have improved visibility of their manufacturing operations.
- Sports Betting and Online Gaming
Lastly, the world of sports betting and online gambling has never been the same since the arrival of blockchain technology. The industry has seen a lot of growth in various sectors, such as online casino games. As blockchain technology continues to grow, more and more people in the Philippines will be able to access online casinos and enjoy their favorite games from the comfort of their own homes.
Final Thought
There is no telling how big an impact blockchain will have on the various industries in the Philippines. However, for now, there seems to be an industrial revolution happening, with many industries realizing how blockchain technology could be the key to staying one step ahead of their competitors.
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