Does your corporate training help employees to understand cutting-edge technologies that could change their day-to-day lives? Education around blockchain for business could be valuable to many companies. Furthermore, the adoption of blockchain technology is becoming increasingly apparent in almost every industry. Thus, to prepare for this new paradigm of finance and technology, many corporate training schemes discuss the benefits of Web3 and blockchain for business. So, if you want your team to become blockchain certified, read on!
In this article, we’re going to explore the benefits of blockchain for business and corporate training. We’ll discuss how blockchain can optimize business practices sector-wide. Plus, we’ll dive into some of the real-world use cases for blockchain in the workplace.
Moralis Academy is the ultimate Web3 and blockchain education suite online. We help thousands of students of all experience levels to become blockchain certified. Check out the Blockchain & Bitcoin 101 course at Moralis Academy to help you and your team gain a firm understanding of blockchain and the foundations of Web3. Join our community and start your blockchain journey today with Moralis Academy! Also, save our “Who is Satoshi Nakamoto” and “Crypto Terminology” articles for further reading!
Blockchain for Business: Corporate Training
Blockchain and Web3 technologies are revolutionizing business practices sector-wide. The introduction of trustless protocols and decentralized technologies cuts costs and makes business practices more secure and efficient. Several major institutions are seeking corporate training in blockchain and Web3 to prepare employees for the next generation of technology and finance.
Nobody likes to be behind the curve. Furthermore, Web3 and blockchain are positioned to disrupt several industries and integrate into various aspects of everyday life. By introducing corporate training for blockchain and Web3, your business will be able to stay up to date with the most cutting-edge technologies and business practices. Do you want to make your business or team blockchain ready? Head on to our blockchain for business page and get your team certified.
Public vs Private Blockchains
Public blockchains such as Bitcoin and Ethereum are decentralized and transparent. They have no single point of failure like centralized computer networks. Furthermore, nobody can alter information held in a public blockchain. Plus, anyone can use a block explorer to trace the history of a transaction and match it with a wallet address.
However, private blockchains work slightly differently. They are permissioned networks that have customizable features. A small network can oversee the security of a private blockchain, which is not the case with public chains. Also, private blockchains can help to preserve some of the sensitive data held by companies while offering efficient methods for structuring and storing data. That said, several hybrid blockchain solutions combine some of the best elements of public and private blockchains to cater to business and enterprise needs.
What Can Blockchain Do to Your Business?
Blockchain for business is more accessible than ever before. Almost every sector can benefit from the many advantages that blockchain provides. Regardless of what industry you work in, there are several reasons to consider teaching your employees about blockchain and Web3. Below, we dive into some of the biggest reasons to teach your team about blockchain technology and why you should integrate it into your business practices.
Transactions that occur on public blockchains are transparent, meaning that anyone can see them. Also, blockchains provide an immutable distributed ledger. This means that nobody can manipulate transactions once they have been recorded. Records need not be difficult to locate and validate. Moreover, blockchain technology enables all participants to observe precisely what is happening on-chain in real-time.
An increase in data theft and online security breaches means that databases are constantly under threat from attackers and hackers looking to find a back door. While there are several ways to protect your databases from such attacks, implementing blockchain could be a complete game-changer.
As more personal information is stored online and in siloed servers, the threat of identity fraud and hacks is higher than ever. However, the data structures found in blockchain-based systems are significantly more difficult to exploit. Furthermore, most reputable public blockchains require a great deal of computational power and electricity to attack. As such, the financial risk of attempting to attack blockchain networks is a considerable deterrent.
Although some blockchains are more secure than others, the technology uses advanced encryption methods to secure all kinds of data. Moreover, because there is no single point of failure, distributed ledgers benefit from incredibly high security and data immutability. As such, storing tokenized versions of electronic documents on the blockchain could save your company time, money, and a lot of headaches.
Smart contracts are self-executing automated agreements between two or more parties. They enable complex transactions to take place that are subject to the outcomes of particular events. You can program a smart contract to execute trustless transactions between parties that have never met, without the need for a central authority or any external enforcement. Smart contracts can be thought of as programmable money. Accordingly, you can program a smart contract to carry out all kinds of transactions.
For example, you could automate bonuses according to performance using smart contracts. Let’s say that an employee needs to meet ten key performance indicators (KPIs) to get the maximum bonus. You could program a smart contract to automatically review KPIs on-chain and distribute bonuses according to performance. If an employee meets all ten KPIs, they will get 100% of the bonus. If an employee meets half of the KPIs, you can program the smart contract to adjust the bonus accordingly. This is just one example of how smart contracts can automate business practices. Moreover, this type of trustless automation can save a great deal of time and energy for your business and your employees.
Rather than relying on a single gatekeeper, public blockchains are decentralized. This means that no intermediaries are needed for operations to proceed. No middlemen can intercept transactions on a public blockchain. Plus, an entire network of nodes must reach a consensus about the validity of each transaction before it can be appended to the blockchain. Moreover, decentralization removes any single point of failure.
Decentralized dispute and conflict resolutions could enhance working relationships and resolve problems more efficiently. If you operate a non-profit organization or a community-governed venture, a decentralized autonomous organization (DAO) could streamline the collaborative decision-making process. DAOs allow stakeholders or community members to vote on decisions to change protocols. As such, operating a DAO model enhances transparency.
Cross-border payments are notoriously slow and expensive. Many blockchain payments services offer near-instant transactions from anywhere in the world with minimal fees. Banks and legacy payments providers are racing to adopt crypto services. As such, fast, secure, and cost-effective payments on the blockchain are changing how we transact.
Blockchain for Business – Which Industries Benefit from Blockchain?
The scope for blockchain adoption is unprecedented. Trustless Web3 technologies are apparent in almost every sector. Also, these technologies are serving businesses in ways that were thought to be impossible just a few months ago.
Even if it may not be abundantly clear how blockchain could improve your business, being ready to embrace new developments in finance and technology could set you and your business up for success in the future. Below, we take a look at some of the most prominent industries to benefit from blockchain and Web3 technologies.
Shipping physical goods from one country to another is logistically complex and requires multiple channels of communication. Blockchain plays an essential role in supply chain management by enabling manufacturers and distributors to share sensitive data in a trustless way.
Legacy databases lack the interoperability and interconnectivity that blockchain-based systems offer. Furthermore, blockchain plays an essential role throughout every step of the supply chain to ensure that products and materials can be accounted for. Not only does this prevent wastage and unnecessary costs, but it can also reduce counterfeiting and minimize harm to consumers.
AI and IoT
Two key components of blockchain-based supply chain management systems are artificial intelligence (AI) and the internet of things (IoT). Blockchain is an essential component for AI practitioners. A decentralized, immutable database ensures that bad actors cannot tamper with sensitive data. Also, every interaction with the blockchain is recordable, enabling AI practitioners to see what happens and when it happens.
Also, IoT smart devices connect to blockchains to relay data points about the weather, traffic, temperature, and more. Blockchain allows these devices to create a robust framework of real-time data to prevent delays, avoid accidents, and find the most efficient routes for supply chains and other vehicles.
Legacy payments providers, fintech firms, and banks are all scrabbling to integrate crypto services into their product offerings. However, many aspects of traditional payment methods could become a thing of the past if the innovation in the crypto space continues to develop at such a rapid pace.
If you manage or work for a business that takes payments, it may be worth considering the various options available for taking crypto payments. Crypto payments providers enable businesses to take payments from all over the world with minimal fees. Furthermore, crypto payments are often instant. Accordingly, you don’t need to wait several days for funds to clear.
Cloud storage has become commonplace for businesses and individuals alike. Uploading files to the cloud is practical and facilitates collaboration across borders. However, when data live on siloed, centralized servers, it is susceptible to attack. A single point of failure can cause data leaks, hacks, and manipulation.
However, blockchain addresses this by providing a decentralized solution for data storage. Furthermore, blockchain data storage can provide the best protection for your data. By distributing data across a network of decentralized nodes, it is resistant to censorship. In addition, your data is not at risk of being lost in the event of a flood or natural disaster. Accordingly, introducing blockchain-based storage solutions could prevent a number of headaches if your servers were to become compromised or damaged in any way.
Computer Programming and Software Development
If you’re a computer programmer or software developer, your skills will almost certainly be transferable to blockchain programming. Blockchain programming is one of the most in-demand skills by employers across the board. Furthermore, an increasing number of development teams are integrating Web3 functionalities into their apps and software.
Anybody from a programming background has a head start in blockchain programming. Plus, the ability to integrate existing systems with Web3 technologies could give you the edge over your competitors. However, anyone can become a blockchain developer, regardless of experience. All it takes is the right tools and the right attitude! Check out the Web3 dApp Programming course at Moralis Academy to learn how to create rich and engaging decentralized applications (dApps).
Why Teach Employees About Blockchain and Web3?
If your company wants to incorporate trustless protocols and Web3 features, you’re going to need at least one person to understand how blockchain technology works. However, introducing Web3 technologies via corporate training and workshops prepares your employees for innovation.
Understanding the core values of blockchain puts you and your team at an unfair advantage when disruptive technologies enter the market. Plus, building blockchain infrastructures in-house enables you to reinvest money into your business rather than outsourcing and paying recurring costs to a third party.
Corporate Training – Blockchain for Business: Summary
By introducing Web3 and blockchain for business and corporate training, your company will be ready to embrace innovation. The development in the Web3 space is accelerating faster than ever, with exciting new use cases and applications emerging from new sectors frequently. Whether you want to integrate blockchain into your existing systems or replace old systems completely, having a knowledgeable team to help you through this transition will be invaluable.
Moralis Academy is the number one Web3 and blockchain education suite online. Our students enjoy expert-guided video tutorials covering every area of the industry. Plus, we provide you with all of the tools you need to build exciting Web3 technologies. If you want to learn how to manage a team of blockchain developers, check out the Blockchain Business Masterclass course at Moralis Academy.
Also, check out our “Proof of Ownership Explained” and “Importance of Web3.js” articles to learn more about the foundations of blockchain and Web3. Begin your blockchain education with Moralis Academy!