Aman is a Global Assurance Trainee at KNAV International LTD. He is passionate about business and technology as well as the different policies and initiatives taken by the Indian Government. He drafts policies and suggests key areas for development purposes to his local government through their portals on web and mobile. Aman holds a Bachelor of Commerce from the University of Mumbai and is also pursuing the Chartered Accountancy final exam.
In the accounting world we have had two approaches to write accounts: Passing single entries or just making notes of what transactions we did and with whom. But it never really helped us as it did not show the other side of transaction and never gave a full picture of the financial position of an entity. Then came the double entry system of book keeping and accounting which solved all the problems that the single-entry system had. It showed us two sides of the transaction i.e Debit and Credit, which revolutionized the accounting world forever.
Today, all industries across the globe are running to achieve a remarkable customer experience to gain market share and increase their engagement.
Since the month of January 2018, we have seen the crypto currency market literally fall from a valuation of $700 billion to $297 billion as on April 2018, which is a direct hit of 58%. Do you think it is just because of the speculation that drove the market in the first place? Or is it because of some governments putting a ban on the usage of crypto currency? With more than 22,000 crypto businesses and blockchain as their base, why is it still that we are seeing the investors having a bloodbath? Frankly, the reason is very simple, and I think mostly everyone would agree to it.
Today, one thing that is common among-st all the mid-level and high-end organization is that, all of them boast of having ‘best practices’, ‘industry expertise’ and ‘sophisticated processes’ in whichever business they might be involved in. You can even find this mentality within most professionals. They believe that being an expert in one field is the key to success and specialization creates a mark in the society.
Once you enter the world of blockchain, you are bound to hear words like hashes, codes, decentralized, peer to peer and smart contracts. In a previous article about blockchain, I had referred to smart contracts as the code/design of your blockchain business that you will initiate via the Ethereum network. Starting a blockchain business without making your own standalone coin like Bitcoin or Ethereum on a blockchain network would require Smart Contracts. Smart Contracts empower you to design your own business, create your own crypto currency token and have a market place on the blockchain network.
Until now, we have read about this ground-breaking technology called ‘Blockchain’ and smart contracts that has the potential to disrupt industries across the globe. Recently, companies like Kodak and Reliance as well as countries such as Venezuela and the UAE have put up their plans to introduce crypto currencies in their respective companies/countries. Kodak witnessed a 220% surge in it's share price! Seeing the early adoptions and implementations, it is very natural for us to think of implementing Blockchain into our businesses.