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Around a year ago in April 2014, Dr. Primavera De Filippi spoke at the Berkman Center for Internet & Society at Harvard University about the potential impact of Blockchain technology – specifically, Ethereum – on the world. In her presentation “Ethereum: Freenet or Skynet,” Primavera discussed potential advancements stemming from digital transaction ledgers and smart contracts on business, law, and how we work in general.
“Blockchain” is the technology upon which Bitcoin is based, but it has many other potential applications beyond digital cryptocurrencies. In short, Blockchain is a digital and decentralized transaction ledger secured by varying degrees of complexity in cryptographic code. The advent of Blockchain has been compared to the dawn of the Internet, with far-reaching and revolutionary implications on our world.
While there are those that (rightly) question the anticipated real impact of Blockchain technology, along with the timing and extent of the impact, it has become obvious that technological advancements, in general, are developing at a rapid pace.
What are some changes to business already seen from general tech developments?
Many large and small companies have already leveraged advanced software applications – once too expensive for small businesses – and have found innovative ways to implement their tech tools and resources. Utilizing these resources, an enormous amount of data can quickly be gathered and assessed in customizable reports, for example, enabling smarter business decisions that take into account potential financial and compliance issues.
In our recent Global Business News session at AIG in Dallas, Glenn and I spoke on “The Competitive Advantage of Compliance” – how to gain a competitive edge in global business by re-thinking compliance. We gathered data based on two years of Luminary’s consultations for global businesses, analyzed the data to determine key characteristics, and applied this data into advanced reports (via Peregrine’s Immiguru), enabling us to provide new insights to help companies proactively make smarter and faster business decisions.
During our session, we gave a live demonstration of what we believe is a better way to apply data and technology resources towards complex business inquiries, addressing not only the specific realm of global immigration, but also strategic talent management and business expansion into global markets.
Other consulting firms and businesses are doing this as well – using technology to gather, analyze, and integrate data, with an approach that advances the bottom line.
How might Blockchain technology fit into global business?
Upcoming technology developments will push us all to re-think our added value and discover new ways to effectively use tech and data to advance business drivers.
Looking at Blockchain technology, we see plenty potential for new applications and advancements in global business, global mobility of workforces, and integration of compliance measures such as immigration and tax.
As more governments are leveraging state-of-the-art technology to track and limit immigration, increasingly share information across agencies, increase corporate compliance, and generate more revenue from immigration compliance, we believe that the current way of providing corporate global immigration services will become obsolete within the coming years. It is exciting to apply our knowledge and expertise towards development of these technological advancements, and harnessing tech and data to formulate smarter and faster business strategies.
We foresee the ability to solve many problems and are excited to explore how we can contribute towards finding these solutions.
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