Digital transformation, as the term suggests is a total shift from the traditional form of operating businesses through the means of digitalization. Technological advancements and recent techniques are paving way for our economy to make a switch from conventional to a modern framework. This means completely changing the basic structure based on which our businesses work by letting go of the old processes and accepting the new ones. Digital transformation is all about experimenting with technology for a better future, even if that means a complete divergence from the way your business has worked till now.
Transforming your business digitally requires a redo, where it’s not just the actions that need to change, but the thinking, too. Doing away with rudimentary thinking of running a business is the first step towards digitalization. Second, comes structural changes that demand
Digital Transformation and Blockchain
The entire course of digital transformation becomes unchallenging and swift with the help of different technological processes like blockchain. Blockchain was initially evolved as a structure to support bitcoins, but its advantages
Consumers and their expectations from a business have changed the way businesses formerly worked. Businesses nowadays need to follow a more consumer-centric approach to take their business forward in such a competitive era. And since consumers have gone digital, businesses too need to make a switch from analogue to digital. As Greg Verdino says “Digital transformation closes the gap between what digital customers already expect and what analog businesses actually deliver.” Blockchain becomes a great aide here, as it provides immediate assistance in resolving
problems relating to digital transactions.
Another help that blockchain provides is by affirming security and privacy online to both businesses and consumers. With the
Digital transformation cannot do without blockchain in the long run, but we need to keep in mind a few facts about blockchain too. First and foremost, blockchain is still in its evolving stage, so there are many unknowns that we might deal with in the future. There are questions that need answers and doubts that would require clearance. There are no standard rules and regulations, policies both national and international still have to be made, and thus it becomes significant to implement blockchain technology with utmost care.
While there is a long way for blockchain to evolve fully, even at this stage, it is proving to be crucial for digital transformation. The security benefits of blockchain have given an edge to