5 Benefits of Blockchain Technology for Businesses

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StrategyDriven Risk Management Article | 5 Benefits of Blockchain Technology for Businesses

Many people are using the world blockchain these days. So much so that the phrase has become a buzzword. Currently, ASX blockchain companies are providing these services to users.

Finance and business executives often joke that the word blockchain placed at the end of the company name is enough to increase the share price of any entity at least twofold.

Jokes apart, it is a fact that more than 50% of companies are using – or planning to use – the blockchain technology, which gives a boost to the relatively nascent market.

Before we discuss its business benefits, we should first find out what blockchain really means, and what value it has to offer.

Blockchain Technology Defined

Blockchain technology is simply defined as a list of records known as blocks linked through cryptography. Each block contains transaction data and a time stamp.

It was first introduced for circumventing the traditional banks and financial institutions and satisfy their fears regarding unregulated money, making its way into the mainstream.

Blockchain technology authenticates and enforces financial transactions. Every aspect of the transaction, from creation to settlement, is carried out in real-time.

Businesses can use this technology for making and receiving payments, store data on clouds, or executing agreements.

In the article below, we will discuss some benefits of blockchain technology for businesses.

1. Money Transfer and Payments

This is perhaps the most widely known use of blockchain. With the help of this technology, businesses can carry out payments and transfers. Blockchain offers a secure and safe transfer of money anywhere in the world with a very low fee.

There are no intermediaries involved in blockchain transactions which usually charge high commissions, and also cause slowdowns in the process.

A business that has clients or employees in different parts of the world can carry out instant crypto-currency transfer in a cost-effective manner.

There are some organizations, including Abra and Bitage, who are spearheading the blockchain money transfer phenomenon.

2. Supply Chain Management

Most people in business abhor paperwork. They think that it stalls their speed and decreases their efficiency. When the matter is urgent, paperwork becomes a burden.

For businesses that are involved in supply chain management, logistics, or shipping, blockchain allows opportunities to bypass delays created due to excessive paperwork, and track all the shipments in real-time.

3. Transparency of transactions

Blockchain technology has allowed transaction histories to be more transparent. The reason is that it is a distributed ledger.

The same documentation is shared with all the participants involved in the transaction. There are no separate copies for each user.

Every participant in the transaction must agree on the documents, which will not become valid until there is a consensus. If a single change is needed in any document, it will mean changing all the existing and subsequent records after obtaining confirmation from all participants.

This system of affirmations and confirmations maintains the accuracy and transparency of the data. This also means that the data on the blockchain is more accurate than similar data shared through papers.

Blockchain can be understood with the help of Google Docs. There is a document that is available to many people who can make changes and save them. The same document is available to every user. However, there is just one difference. No single user can delete previous entries made in the document. They can only make additions.

4. Safety and Security

Blockchain technology is way more secure than the traditional systems of record keeping. First of all, every transaction must be agreed and affirmed by all participants before it is properly recorded.

Secondly, once approval is received from all participants, the transaction is encrypted, and then connected with the preceding transactions.

Thirdly, the information encrypted through this process is not stored in a single computer. Rather, it makes its way into a network of computers belonging to participants involved in these transactions. The availability of the same data on many computers across different geographical locations renders it impossible for hackers to attack all of them simultaneously.

The sanctity and security of data are imperative to every organization, whether it is healthcare services, banks, financial institutions, or government entities. Blockchain technology offers a novel way of sharing information without the fear that it will be compromised in any way. The risk of unauthorized access or activity or willful fraud is almost non-existent through blockchain.

5. Better management of inventory

Blockchain technology offers a complete and concise record of every monetary transaction that takes place in your business.

It also offers the opportunity to connect with every other part that you are dealing with, whether it is your supplier, clients, warehouse, or a retailer.

Everyone who is part of the network has the same data available to them. Since the information is similar to everyone, there is little room for confusion regarding the transactions that took place at each end. This leads to much better management of inventory as compared to the traditional method where every participant has their own set of documents that are reconciled with the rest at the end of any given period.

It will be useful to note here that the world’s largest shipping company, Maersk, is currently using blockchain technology for handling its workflows. The company started using blockchain after it found out that a simple shipment involved hundreds of interactions between different people across the globe, hindering speed and efficiency.

With the help of blockchain, the company is able to keep and process that data of its thousands of containers scattered all over the globe with ease and efficiency.

The Final Word

Initially, blockchain was envisaged as a technology that would support the Bitcoin. However, as time passed, experts suggested that it may have many more advantages. Currently, it is being discussed that blockchain may fundamentally alter the internet itself.

Gradually, with time, blockchain tore the boundaries of money-related transactions and became a distributed ledger phenomenon.

Presently, the demand for blockchain in businesses has been increasing exponentially. The demand for blockchain is expected to shoot up by more than 75% by 2022.

 

Why It’s Important To Install Security Alarms for Companies

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StrategyDriven Risk Management Article |Security Alarms|Why It's Important To Install Security Alarms for CompaniesManaging a company is an arduous task. From prospecting, working with clients, to leading financial aspects of the business, it seems like the challenges are never-ending.

As a business owner, you must ensure that you are doing everything right for the company to run smoothly. The problem is that most business owners become too engulfed by the issues of the company that they forget to work on another equally-important element – the security of the company.

A security system like security alarms is something that every company should have not only to prevent robberies and thefts but also to save money and time. Of course, the last thing you would want is for your company to end up in jeopardy.

Installation of security alarms is already a widespread practice among homeowners, and it would also be a profitable investment for businesses.

If you still have doubts about reaching out to an alarm monitoring company and unsure if it is going to be beneficial to your business, take a look at the following reasons why it is essential to install security alarms for companies.

It Protects Your Company Building From Fire.

Security alarms are not only all about preventing illegal intrusions and theft. This system can also be an added layer of protection against fire. Modern security alarms now have early warning features to alert business owners about potential fire outbreaks.

A dedicated team of professionals monitors the security system to ensure that the right people in the company will immediately know about sources of heat and smoke. Heat and smoke detectors have become a popular element of a fire prevention technique.

A security alarm system will also notify the authorities so that they can respond to a building fire in no time. Prompt response from the authorities is essential since time is the most significant factor in any emergency. Immediate action from the monitoring team, the company, and the authorities could identify the difference between the safety of the company employees and the destruction of the building.

StrategyDriven Risk Management Article |Security Alarms|Why It's Important To Install Security Alarms for CompaniesIt Receives Real-Time Updates About The Company Security Situation.

Due to the continuous development of technology, business security has never been more affordable, sensitive, and specific. Modern security alarms can now send updates to business owners through their mobile phones, enabling them to keep an eye on the security situation of their business at the comfort of their homes.

Real-time updates also mean peace of mind for business owners, even if they are away on a trip for a business meeting or extended vacations.

A multifaceted security alarm system now has complex coding systems and varying access levels, enabling business owners to secure private business information. These features take away the worry about external or internal burglary from the business owner. It’s because they are working with experts to ensure extra protection and safety of their company.

It Keeps Your Valuable Company Assets Safe.

Investing in a security alarm system for a few hundred dollars will save you lots of money in the long run. A security system deters thieves from breaking into your company building just by the thought that you have a security alarm in place.

Having security guards is not enough since thieves have become more sophisticated these days in terms of their methods for breaking into a building, and they can get past the guards quickly. Not to mention the fact that thieves have also improved their weaponry and can take down a small security force, like a piece of cake.

With a security alarm installed in your company, the relevant authorities get notified, and police can immediately help out in neutralizing the thieves. This is why company owners, as well as those who maintain commercial buildings for rent as their business, should get a security alarm system installed as soon as possible.

It Prevents Unethical Employees From Stealing Company Cash.

Have you ever wondered why your company is suffering despite hitting your target sales each month? If so, then you can assume that an internal burglary is happening in your business, and someone from your employees is the culprit.

You can prevent this kind of scenario in your company with the help of a security alarm. The security system enables you to monitor the behavior and activities of your employees. It makes sure that they are not taking out money from the company illegally.

It Lets You Focus More On Running Your Business.

While the security of your company is essential, you cannot afford to spend all your time worrying about it and forget about the other things that matter in your business.

Having a security alarm system installed in your company building gives you the peace of mind knowing that your business is protected and safe. This way, you can focus more on what you do best – running, and growing your business.

Conclusion

A security alarm system is a necessity for companies nowadays, and there is no doubt about it. It is one of the best decisions a business owner can make in the face of a rising rate of crimes related to robbery and burglary. A security alarm is one of the security priorities for the growth of your business.

Environmental Impact

Though the above steps are useful in moving towards an eco-friendly future, it’s important that you always consider the environmental impact of any work that you carry out. For example, if you were planning on constructing more commercial buildings – your focus should not only be on obtaining land but instead should focus on obtaining the right kind of land. For example, you may need to carry out ecological surveys ahead of time if the construction of your next commercial property could interfere with animals or wildlife. This is due to the fact that many animals, such as bats, are classified as a protected species – meaning certain steps must be taken ahead of time to maximize their safety.

Therefore, it is within your best interest to work with companies that provide bat surveys for professional ecologists, as this means they can perform routine surveys to figure out whether any bats are living in the area in which you intend to build upon. Working with these companies means that you can continue with your construction without damaging animal life – thus clearly demonstrating your commitment to a greener planet.

How to Manage Risk with Captive Insurance Companies

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StrategyDriven Risk Management Article |captive insurance companies|How to Manage Risk with Captive Insurance CompaniesInsurance is a complicated, yet important, aspect of any company. It’s what lets companies behave confidently, assured that if they face damages as a result of taking poor risks, they’ll be able to cope. Yet, not all businesses can be covered by traditional insurance companies.

For them, there are captive insurance companies that cover businesses that traditional insurances find too risky. And captive insurance companies manage to do this in a simple, yet effective, way. The business owns the insurance company itself and relies on itself to cover any damage it may endure while operating.

Only large companies can afford to use captive insurance companies, since having one requires having enough money to dole out insurance. For the most part, captive insurance companies are a way to prove that you have the money to make risky plays. And that’s not all they can do for a company.

To learn how captive insurance companies helped large businesses, keep reading below!

Captive Insurance Companies Put You in Charge of Risk

No matter what kind of business you’re in, your company will have to take on a level of risk. Doing business requires that you behave in ways that can cost you more money than you make, and there needs to be some way to recoup your losses. Most of the time, traditional insurance helps you do this.

Yet, there are some kinds of companies that traditional insurance companies don’t cover. These are large companies in risky industries that insurance companies simply can’t afford to cover. Luckily, companies this large usually have enough cash on hand to invest in captive insurance.

When a company invests in a captive insurance company, it is free to behave however it wants. It doesn’t need to follow a policy created by a traditional insurance company. Instead, it creates its own policies and controls how much risk it can take on.

Ensure You’re Allowed to Use Captive Insurance

Not all industries can use captive insurance since they create the possibility to reduce the amount of oversight in companies. Captive insurance companies create the risk that wealthy business owners will create shady tax havens for themselves. They may store money in captive insurance companies to avoid having to pay tax on it.

Using one can land you in severe legal trouble, and you may need to spend more than you save using them. So, talk to a lawyer and make sure your captive insurance company is set up correctly. It helps avoid risk, and that’s what business is all about!

Captive Insurance May Not Be For Everyone

Captive insurance companies are complex businesses that don’t exist outside of larger corporations. When a company gets big enough, it can eventually use a captive insurance company to take on new kinds of risks. Yet, for average business owners, they may not be worth the cost.

Average business owners can keep reading our website instead, to learn how to make the best decisions for their company. We understand the kinds of risks you’re used to taking, and we’ll guide you through it no matter what!

Why Acquiring Background Checks – and Waiting for the Result – is Imperative for Helping Keep your Workplace Safe

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StrategyDriven Risk Management Article |Background Check|Why Acquiring Background Checks – and Waiting for the Result – is Imperative for Helping Keep your Workplace SafeWhether you are a small business or a corporate giant, the need for placing security as a priority for your employees goes without saying. The very first step employers should take in providing a safe work environment is to screen all possible new hires through a quality background check. By “quality” I mean “thorough.”

Yet, as a security expert (and a former Public Officer / Detective specializing in violence prevention), I often see employers who are more interested in the speed and cost of a background check rather than the quality.
However, I would go so far as to say that employers can’t afford NOT to run a thorough background check. The threat of workplace violence is a continuing problem that will not be blunted by cheap and incomplete (or inaccurate) background checks.

Due to the frantic world we live in, too many employers and HR professionals believe that a comprehensive criminal record check can be completed instantly. But unfortunately, it cannot.

To buy into the INSTANT or “FAST FOOD” variety of background checks will not create a safe environment that every employer and employee needs and desires.

When You Use a Quality Background Check You MUST Wait for the Results before Hiring

It is an HR manager’s dream: the perfect candidate walks into an interview with a superb resume, terrific qualifications, and great interview responses. It’s a “no-brainer” that this is the right person for the job. Yet the dream can easily turn into a nightmare when the candidate is offered the job position BEFORE HR gets the results back from the background check.

The new hire starts work, and things are progressing well until a week later when HR receives the individual’s background check. Reality hits. Besides many red flags, there are also prior convictions that leave the employer no other choice but to promptly fire the employee.

In this case, the new hire is terminated and must be escorted off the company property. It is a scenario that no business wants on its hands. Besides being an awkward situation, it puts the work environment of other employees in a compromised position rather than one of safety.

The Takeaway

Background checks are important in detailing an individual’s history and play a big role in narrowing candidates. Depending on the type of background check, it can take some time for the results to return to the HR team.
Although waiting for a check to clear may seem like an inconvenience, it can’t compare to the problems created by an ill-informed job offer. The screening process should not be overlooked or rushed.

It is far better to invest the time needed to secure a comprehensive background check and wait for the results before offering a job candidate the employment position. By doing so, you show your fellow employees that providing a secure work environment is your greatest priority.

About the Author

StrategyDriven Expert Contributor | Mike McCartyMike McCarty is Founder & CEO of Safe Hiring Solutions with thousands of clients such as Liberty Mutual Insurance, Kiwanis International, Big Brothers Big Sisters, Boys and Girls Clubs, and more. Mike has more than 25 years of violence prevention experience that includes being a violent crime detective with the Metro Nashville Police Department, and a violence prevention consultant to organizations such as the U.S. Department of Homeland Security, U.S. Department of Defense, U.S. Department of Justice, National Sheriff’s Association and the Federal Law Enforcement Training Center.

4 Reasons You Should Think Twice Before Trusting a Free VPN Provider

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StrategyDriven Risk Management Article |VPN|4 Reasons You Should Think Twice Before Trusting a Free VPN ProviderThere are some free deals you come across that seem to be a real no-brainer and well worth taking advantage of but there are also plenty of scenarios where get something for free may not be the best option for a number of good reasons.

For example, there is a fundamental difference between cheap VPNs and a free alternative that comes with strings attached.

Here are some things to look out for and some reasons to think carefully before being tempted by the offer of a free VPN deal.

When the numbers don’t add up

There is an understandable boom in the VPN market at the moment and it is easy to appreciate why so many people are looking to use a virtual private network when you consider all the security issues attached to going online.

You will clearly want to protect your personal data from hackers and may also want to enjoy the freedom to access and browse sites with the degree of anonymity that comes with connecting via a VPN.

You are putting your trust in your chosen VPN provider to have adequate resources and protocols in place to provide a decent level of security. However, investing in the right hardware doesn’t come cheap and that can often mean a free VPN provider takes shortcuts, making them potentially unsafe to use.

A free VPN could infect your device

If you were tempted to download a free VPN for your Android device, for instance, some estimates suggest that as many as a third of free Android VPN contain malware.

All of a sudden your free VPN deal doesn’t look so good when you are subjected to a ransomware attack and have to spend money resolving the issue.

You are a sitting target for advertisers

Clearly, free VPN providers need to earn money somehow and the preferred route is often to let you have access to the network in return for watching some adverts and being subjected to pop-ups.

There have also been allegations of unacceptable privacy violations through the use of trackers that allow your provider to sell marketing data to a third party.

There might be times when you might be prepared to watch a few annoying ads to get something for free but if a free VPN offers this sort of deal you might want to think twice.

Problems watching your favorite shows

One of the reasons you might decide to use a VPN is because it gives you the chance to stream content that you might otherwise not have any access to if geographical constraints apply.

Being able to watch your favorite Netflix box set wherever you are in the world should be an option when you connect via a VPN but you might discover that a free VPN provider could be taking some of your bandwidth from you.

If you don’t mind interruptions to your viewing caused by buffering issues in return for a free VPN deal you are in the minority.

A lack of bandwidth is definitely a plausible reason why you might want to avoid using a free VPN service. When you also consider the potential security issues and the prospect of being subjected to loads of pop-ups, it doesn’t make the offer as appealing as you first thought.